In addition to the when you’re going to
retire, where is a big issue. And you know you may have taken vacations over the
years to different places in the U.S. even overseas, and you’re like wow! This
would be the most fantastic place to retire and then there are those lists that
come out all through the year about best places to retire, lowest cost places to
retire, lowest taxes for retirees but the thing is you’ve got to really look at
this in ways beyond just somebody’s list or
something that really excited you when you took a vacay somewhere.
And what’s so important for you to do is think of all the factors starting with
personal, family. If you go move somewhere else and you’re 500, 1,000 miles away from your kids or other family members, depending on your family
dynamics that may be a great thing, but for many of us that’s not the greatest thing
because as much as you might think you’re going to enjoy life, it could be
isolating or lonely. You also have to consider healthcare. How you’re going
to handle that, how good is healthcare you’re going to be and are you going to
be able to establish a network of friends in your new destination. There’s
a big difference between vacationing somewhere and living somewhere. So my
first rule is when you are considering another place, rent first, rent and rent
for six months, a year, two years and it means I disrupt your life twice because
if you do decide, you really want to be there,
I’ve wasted time and caused you to get the moving vans twice as you go from
being where you’ve been living, to a renter, to a permanent residence. But if
it turns out, “Hey why did I think I wanted to live there,” you’re not all in
owning a home that now you’ve gotta get rid of.
Speaking of owning a home, more and more Americans are looking at living in
Central America or other places overseas because the cost of living is so much
lower. So the healthcare thing I mentioned, wow.
Pay attention to that when you’re thinking of living in another country.
Make sure if you do decide you’re going to live in another country, you
absolutely do that rental thing first and maybe ongoing instead of owning a
place. And you’ve got to make sure that you’re going to have health coverage that
might involve buying a separate policy that will cover you when you’re living
somewhere outside the United States. It’s great to consider living somewhere else
and maybe it’s always been what your heart has desired, but make sure that
your head and your heart end up in the same place and you do that with time in
another destination with a test drive of an area rather than just saying, “I’m in.”
You’ll be much happier if you do it that way.