Retiring Abroad - Weighing up the Pros and Cons

Summary: Many people consider retiring abroad – we’ve drawn up a list of pros and cons to make your decisions easier

Well in excess of a million Britons have already retired overseas and according to the results of recent surveys, up to 75% of Brits have a dream of one day living a life in the sun.  But the dream of retiring abroad and the practical reality of turning the dream into a manageable and enjoyable life are very different.

In this article we’ll be considering retiring abroad and weighing up the pros and the cons so that no matter where you are in your planning and preparation or just dreaming stages, you can begin to see whether moving to live overseas in retirement is an option that you would enjoy, that would benefit you and one that would give you in reality that which you are currently dreaming of.

Retiring Abroad - The Pros

The Great British weather may be the subject of a million conversations, a thousand television programs and a hundred missed days sunbathing each summer, but it is also something that many in retirement want to get away from for health and social reasons.  After all, it is a well known fact that damp or wet weather can aggravate health issues such as arthritis and that the limited sunshine hours Britain gets in the winter can bring on the winter blues in many of us. 

When you add to this the fact that bad weather leaves people homebound, you can see why retirees are often seeking sunnier climes so that they can feel healthier, happier and they can get out and about and socialise and enjoy life.

One of the most often cited reasons why people consider moving abroad in the first place is therefore the weather.  If you move to a country like Cyprus for example you can guarantee you’ll have an incredibly long and hot summer - or if you’re more adventurous and think living in Panama in retirement would suit you, then you can enjoy 365 days at the same warm temperature year in and year out!

There are locations in the world where you can guarantee you will have better weather and these locations do tend to be the most popular with retirees - Spain, France, Florida and Australia are all high on a would-be-overseas-retiree’s list of locations to consider for example.

Aside from the weather, rising crime statistics and a less than ideal immigration policy are also driving more pre-retirees to think about moving on, and the whole concept of what constitutes ‘Britishness’ seems to have radically changed and this doesn’t sit well with many who are approaching their retirement years.

Other factors to consider on our ‘pros’ list include the fact that some countries in the world offer a higher standard of living than the UK and many offer a more affordable one.  This is certainly a consideration as you will most likely be living on fixed income in retirement.

Retiring Abroad - The Cons

Moving abroad is an incredibly complex operation that requires serious planning and preparation.  This can be daunting and off-putting especially if the move requires the retiree in question to apply to immigration for residency for example.

If you do relocate away from ‘home’ you will be leaving your family and friends quite far behind you, and while this can be overcome with regular visits both ways, there will be times when an expat retiree feels lonely or homesick.

Another related ‘con’ is that you have to make new friends, build a new social network and make a real effort to get out and about and meeting people - for some this is no fun!

Learning a new language and getting to grips with a new culture when living abroad are all significant challenges - some people embrace such challenges, others are overwhelmed or put off by them.

Considering healthcare - the availability and affordability of it - are headaches for retirees.  Some locations do have exceptional facilities, but they come at a hefty price - think of Florida.  Other countries have decent and affordable basic care, but what happens if you fall seriously ill or suffer an ongoing issue that requires you have home help for example.  Will this be available?  Will this be affordable?

Okay - so we hope we have helped highlight some of the best things about living a life overseas in retirement whilst really being frank about some of the problems and issues that can put a dampener on the whole idea for some people. 

Why not now write your own ‘retiring abroad pros and cons list’ and then work through particularly the cons side of your list to see if you can find a solution to each issue; you may well find you are clearer in your mind about what you do want and what you don’t want at the end of the process - and you will then find a way to making your dream a reality.

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