subject: Benefits In Retiring Overseas [print this page] While some seniors plan to move to another state and downsize their retirement lifestyle to be able to make their nest eggs last, there can be more financial benefits in retiring overseas. You may be able to live in another state where income taxes, property taxes, and estate taxes (for example), are very low, but have you considered how affordable it can be to live in another country with your expected retirement savings? Living abroad for retirement can even give you an improved quality of life for much less money.
You can dramatically lower living costs in retirement overseas, although you cannot be entirely sure of how much you will be able to save. For one thing, personal and financial situations vary from senior to senior, and so do lifestyle goals after you quit your day job. However, it is highly likely for you to live a fulfilling and comfortable life in a number of safe and beautiful locations at around $1,200 monthly, or even less (with that amount being the average monthly payment a retiree receives from Social Security). What this basically means is that you can live well abroad, solely on Social Security benefits. Imagine how you could live it up with other sources of retirement income such as your investment portfolio and retirement account balances.
Thinking about the benefits of retiring overseas? Rehashing your financial strategies should be in order. For example, you need to compare similar locations if you want to identify how much it will cost you to live in another country. When choosing between two areas, do not calculate the cost of living in or near coastal areas to the expenses associated with a tiny, land-locked county or town. You will be able to get a better grasp of how much you will save by comparing the costs of living in Key West to the shores of Belize, for example. After you have crunched the numbers, you will understand why an increasing number of retirees are opting to move to foreign countries and relatively exotic locations. If you want to have more adventure when you retire, think about going to Malaysia or other developed countries in Asia, where monthly retirement expenses could be just around six to seven hundred dollars overall.
Downsizing your retirement lifestyle is not always the solution to stretching your meager nest egg. With some research and planning, you can live well on less and make your nest egg last in another country. As for the surplus cash you are bound to save (one of the main benefits in retiring overseas), what you do with it is entirely up to you.
