It is never too early to start planning for retirement, especially if one is considering spending their golden years abroad. The world is brimming with breathtaking destinations for retirees to choose from, and those who start setting up their foundation in the country of their choice early are the ones who get to enjoy every second of it.
When it comes to retirement planning, there are a few critical factors to consider for each destination, these are:
Standard Of Living
Spending free time in any country is much more enjoyable when it boasts a high living standard, obviously, as a retiree won’t have to worry about the basics that can make their stay enjoyable or miserable.
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Finding a country with robust healthcare, great infrastructure, healthy cuisine, abundant activities, and top-tier services, such as speedy internet and simple banking, allows retirees to make the most of their free time without having to constantly fix this or that.
The Climate
This factor is evidently a preference, as some people like the cold while others abhor it. However, at the end of the day finding a place with a mild climate that allows a person to take advantage of every day without having to worry about moving about in the rain or getting snowed in is a major issue to consider when choosing a retirement destination.
Places with a tempered climate boasting a varied landscape, from beaches to mountains, can prove to be extremely fun and easy to manage.
The Caribbean Islands have a tropical climate so you’ll find sunny weather all year round.
Taxes
Different retirees have different sources of income; some maintain investments that yield passive returns, while others rely heavily on pension funds. But whatever the case may be, they all have one thing in common; they don’t want to spend their money on taxes.
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Finding a tax-friendly nation allows retirees to maximize their income and spend it on stuff that matters, rather than just paying half of what they make in taxes.
Living Costs
No matter how much money a retiree makes, it is only sensible they find a place that provides them with the best value for their money. A country with a relatively low cost of living that boasts top-tier services and products allows retirees to spend more lavishly while maintaining a high standard of living.
Ease Of Access
Another important thing to consider is how simple obtaining a residence permit in any given country is. Some nations have a straightforward path to residency, while others require more active business involvement.
Finding a country with a simple route to residency or even citizenship can make the entire planning process and the actual time spent in the country much easier and much more enjoyable.
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Another important factor to consider is how easy it is to physically get to the country, as how many flights are present? Does it have its own airport? Or does it rely on neighbouring countries? Finding a place that is easy to get to ensures retirees can move about easily and even host their family members without extensive planning and travel.
At Savory & Partners we aim to make the specifics of each destination simple and comprehensible to help you decide your future plans. All you need to do is contact us today to book a consultation with one of our experts.
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