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Retire abroad

by Alexandra Middleton | 14 Jan 2014

Whether it’s a small village in Tuscany that offers a complete culture shock or you’re chasing warmer weather interstate, relocating doesn’t have to be a pipe dream.

Have you ever visited a new destination and thought to yourself, I would love to live here? Whether it’s a small village in Tuscany that offers a complete culture shock or you’re chasing warmer weather interstate, relocating doesn’t have to be a pipe dream. Retirement is the perfect time to embrace new experiences that you may not have had the freedom to. 

When it comes to making the decision to retire abroad, it’s important to make sure that it’s a location where you could live long term, not just a holiday destination where you were swept up in the moment.

Travel to the destination, book some long stay accommodation and go to every effort to live as a local. Take long walks around the area, trial food from the grocer and the butcher and speak to the locals to find out what they enjoy doing.

Essentially you need to make sure that when the excitement of everything being new dies down and the daily routine kicks in, will you still be happy living there.

A huge part of this decision comes down to being away from family and friends.

A new home means you will have to get out and about to make new friends and you may find yourself homesick being away from family. While no doubt this feeling of being out of your comfort zone will only be temporary, it is important to consider before deciding to make the move.

Making the move

Once you have made the decision to move it’s time to get organising. There’s no denying that moving interstate or overseas is hard work, but the reward is worth it.

Applying for a visa

If you are retiring overseas the first call of duty is to check the visa requirements of the country you want to live in. Many countries will only approve a couple of months stay for foreigners, so you need to consider whether you are willing to relocate if it’s only for a short amount of time. If, for instance, you were looking to move somewhere in Europe, you could always make the most of the limitation and move to a new country every couple of months. What a problem to have!

Setting up bank accounts

An overseas move also requires you to open new bank accounts and apply for an international licence. While it is possible to use your Australian bank or credit cards overseas, it does come with additional charges that could build up over time. If you’re moving to a country that speaks another language, enrol in a basic language course before you move. This will save you a lot of stress and hassle when it comes to administrative tasks like setting up a bank account or finding accommodation once you arrive.

Notify organisations that you’re moving

Whether you’re moving interstate or overseas, before you move you need to notify every bank or organisation that may need to contact you. Relocating mail within Australia can be done for a reasonably low price, but can become quite costly to send overseas. To avoid unnecessary costs, elect to make your statements paperless. For any that you can’t, call on a friend or family member to receive your mail and forward on only the important communications.

Insurance

To avoid any mishaps while you’re overseas and to give yourself peace of mind it’s a good idea to take out long-term term travel insurance. The benefit of travel insurance is that medical care overseas can be expensive for foreigners, but having insurance will minimise the cost.

Packing up

The time has come to physically make your move. If you plan to move away indefinitely sell as much of your furniture and possessions as you can and use the money raised to fund your retirement. Store heirlooms and sentimental possessions with friends or family, or in storage. If however you plan to return to your original home, store all your possessions and put your home on the rental market. Again this will provide a useful income to fund your retirement.