More people are choosing to move to other countries when they retire. Whether you are thinking of doing the same or want to find a second home you can enjoy in your golden years, there are considerations you need to make.
Create a Retirement Budget
You have undoubtedly read the advertisements claiming that you can retire in another country for far less than what you would in the United States. Although this might be true in some countries, it is important that you create your own retirement budget. When creating your budget, take into account factors that can influence your financial health, such as inflation. You also need to factor in how quickly the financial landscape of a country can change. You need to ensure that regardless of what happens in the country in which you choose to live, you can weather the storm.
Assess Your Healthcare Options
Healthcare systems in other countries can differ greatly from the system in the United States. Since you plan to either move to another country or spend a great deal of time in one, it is important that you know what to expect from the system. For instance, in Ecuador, citizens and legal residents can receive coverage under a national plan for $70 per month, as of January 2014. Since the plan is only available to legal residents and citizens, you need to be aware of what steps you need to take to qualify.
Know the Housing Market
Obviously, you need a roof over your head when you make your move to the country of your choice. House hunting in another country can differ dramatically from doing so at home. What you can reasonably afford in the United States might be less or more in another country. For instance, Ecuador is considered to be one of the best housing markets in the world for retirees. The housing market has been stable for years, and you could get a reasonably priced home there that would not deplete your retirement fund.
Moving to another country to retire is not such as unusual concept anymore. If you are interested in moving, take the time to do your research and find the best place for you. Consult with a real estate agent in the country in which you want to move to get a more detailed assessment of the area and what else you need to know before making the big move. If you're specifically interested in Ecuador, contact Montanita Estates.