Following on from the discussion we had on the Mornings with Joanne Malin Show on BBC West Midlands today, it’s apparent that there is so much for would-be retirees to think about when planning their retirement abroad. It’s relatively easy to forget some of the minor considerations people have to have in mind when your day to day business is helping people relocate, because it’s all too often the major aspects of the move that people want to focus on.
However, if you want a successful retirement abroad, there are certain specific aspects of the relocation process that you need to think about above and beyond the location and getting a visa to reside there for example. Therefore, in this report we’re going to be looking at seven ways you can secure yourself a successful retirement abroad – after you have the likes of a location and a home covered.
We can all work out the bigger picture and make sure we have a place to live and a pension to live on…but what about successfully integrating and getting all the elements in place to ensure we’re happy abroad in retirement? Read on to learn about some of the lesser considered aspects of retiring abroad, and why they are actually critically important if you want to succeed where others sometimes fail.
One – Don’t Believe The Hype
“The people are so friendly,” “there’s no problem with crime, that’s just what you hear on the news,” “everyone speaks English,” “anyone can buy property here and houses are so cheap…” These and a thousand more variations on the ‘hype’ theme have been heard before by the Shelter Offshore team from those planning a retirement abroad who have their rose tinted spectacles firmly in place.
Nowhere on this earth is a paradise on earth (!) – and countries such as South Africa, (heavily featured on this morning’s radio show), are beautiful on one level and downright dangerous and ugly on another. Whilst other more greatly explored and embraced nations for expats such as Spain, France and Cyprus may not have the levels of personal security issues and corruption that countries like South Africa have, they have elements that are less well promoted that are equally as damaging to one’s opinion of the country.
Personally I have lived in 4 very well known and respected European nations and I have been the victim of corruption in each – I have been blatantly asked to bribe officials in 2 of the countries, and expected to hand over money for ‘bureaucratic favours’ in all 4. In other words, nowhere is perfect. What’s more, you shouldn’t trust anyone as far as you can throw them!
Do not follow professional or even unofficial advice from anyone until you have checked out the individual’s credentials and qualifications for offering you their opinion – and know that anyone trying to sell you anything from a property to their own dream of ‘a place in the sun’ has a vested interest in getting you on board and onside. Don’t be naïve!
Two – Integration is Essential
You may think that if you move to an expat dominated housing estate in Spain or Cyprus that you won’t ever have to learn Spanish or Greek, (or Turkish), and that will make the move so much easier for you. “I can’t be bothered to learn a foreign language” we Britons so confidently say – knowing full well that we’re fortunate enough to be in a position where English is the international business language, and in most places in the developed world you will find someone with some semblance of understanding of the language…
But if you ever want to make a new country home, you will need to learn the language to a sufficient level that you can integrate – otherwise you will always be a foreigner in a foreign land and you will always be an outsider and you will always be at risk of feeling lonely.
Loneliness is next to penury when it comes to the reasons why expatriates fail to make a new life abroad. Don’t set yourself up to fail – learn the language and make an effort to integrate into your new community if you ever want to feel truly at home abroad.
Three – Plan to Keep in Touch
When you’re caught up in the excitement of your move abroad, the new life you will be living and the wonderful quality of life you will get to enjoy every single day, it is all to easy to forget about those you’re leaving behind.
They won’t feel your excitement, they may feel envy, concern, feelings of fear and even abandonment depending on who we’re talking about and the relationship you have with them. So, at this time in your life it is very important to factor in those who are important to you, and think a little about their needs too.
What’s more, once you move abroad and reality bites – you realise that actually, life ‘ain’t’ so different after all and you miss your family and friends – you will want to see them, be in touch with them, catch up with them and reintegrate them into your new life. So, before you go, actively plan how you are going to keep in touch. Schedule phone calls or Skype chats with your grandchildren once a week where you can read them a bedtime story perhaps. Regularly write to your friends and update them on how you’re doing – don’t forget to ask your family how they are doing, and invite people to stay, booking them up in advance for dates they can commit to.
Be prepared, if you can, to perhaps subsidise flights for children and grandchildren so that they can enjoy some time away with you, and even think about flying back and collecting the grandchildren so they can come and stay with you alone for some quality time in the summer holidays.
Four – Ageing Can Bring Challenges
Even as you move from your thirties to your forties or from your forties to your fifties you notice that your body creeks and groans a little more than it did when you were a bit younger. You perhaps require more fillings or even a visit to a doctor every once in a while to treat this ailment or that condition. Challenges to our health come with age – there is no getting around it…
So, when you move abroad, giddy with the love affair you have for your new nation, and feeling twenty one again because of all the passion you have for your new life and the excitement you feel for your new lifestyle…stop and remember that at some point, somewhere down the line you are going to need some medical support.
It may just be that you break a tooth or slip and break a leg – it could be that you develop a serious heart condition or cancer. Maybe you will need significant treatment, or perhaps you will need home help or long-term care. Who knows – however, you have to have a realistic view that you will at some point need to test out the healthcare system in your new nation.
So – make sure the country you’re moving to has a good healthcare system in place, and make sure you can afford access to everything you could possibly need. Don’t leave it until it’s too late to find out!
Five – Know Your Rights
The gentleman who was also on the Joanne Malin show today has his heart set on retiring to South Africa, he commented on how cheap properties were in the nation – and I agree, a property in South Africa is very affordable in relative terms, compared to the equivalent in the UK.
However – did you know that buying and owning a property in South Africa does not guarantee you the right to reside in the nation? It’s true. You have to have a resident’s visa to be allowed to live in the country. So, theoretically, you could buy a beautiful house – and not be able to live in it for more than one month at a time on a visitor’s visa.
Did you know that in countries such as Northern Cyprus where you’re only allowed a residency visa if you can prove you can sustain yourself financially speaking, your right to reside could be taken away any year if the amount you have in your bank account each month falls below the required amount to allow you to remain ‘in country.’ And the required amount could change at any time…
Were you aware that foreign policy can change all the time – in Argentina there has been a noticeable increase in racial tension experienced by many British expatriates ever since a ‘small row’ erupted about the potential for oil discovery in the sea between Argentina and the British owned Falkland Islands. If this tension increased, foreign policy locally could force Britons from their homes in the nation.
What are your rights to reside and remain a resident in the country you want to move to? What is the political situation in the country like at the moment, how could that change and how could change adversely affect you?
Six – Currencies Fluctuate
As any British retiree living in the eurozone on a British denominated pension knows all too well, currencies fluctuate and the value can go down so far that you find it hard to afford to live. Whilst no one can predict the future for the economic markets and for currencies, you have to be very realistic about the cost of living abroad. You could discover that somewhere affordable today has massive inflation tomorrow and this means you can no longer afford to live day to day.
For retirees, perhaps the best advice is to not over extend yourselves in terms of any property based finance, and to keep an eye on your monthly expenditure so that you always have a nest egg or a lump sum put by to keep you out of trouble if the currency you buy your groceries in suddenly becomes more expensive to buy with the pounds you receive your pension in.
Seven – Fashions Change So Don’t Follow Them!
Until three years ago the buzz across Shelter Offshore and many other sites on the Internet for that matter was ‘property abroad.’ It was massive business as the likes of the UK and Ireland boomed and everyone was pushed into believing that they needed an investment property or holiday home abroad if they were to be anyone.
Now that side of things is enjoying a quiet lull as no one has an appetite to over extend themselves overseas – whilst at the same time everyone is seemingly fascinated with retiring abroad. That’s all well and good, but it is a trend and whilst it is one that will always continue to some degree, it doesn’t mean the current fashion for leaving the UK no matter what as soon as you hit 65 is necessarily right for you.
You may instead prefer to winter abroad and live as an ordinary resident in the UK for the rest of the year. You may find that downsizing in the UK, moving to a more rural location or perhaps relocating to Wales from England or Scotland for Ireland is enough of a move for you.
Follow YOUR heart and YOUR dream and no one else’s. And finally – if your dream really is to move abroad in retirement, don’t let anything deter you, but put all the sensible planning in place to make your move a success. Good luck!
