After working in The City for 30 years, the attraction of retiring on a beach somewhere tropical is almost unavoidable. I can imagine few better ways to spend my days in retirement than peacefully taking in the surroundings of a beautiful lake, beach or mountainside. But, whilst the cost of living on the continent and beyond might be cheaper, there are still some things to consider.
- Currency movements – if your earnings in retirement are denominated in pound sterling, any movements could affect your purchasing power abroad.
- Medical care – the level of medical care in some countries might not be as advanced as in the UK so you should consider the costs of private health insurance.
- Taxes – unfortunately taxes don’t stop at Dover so you need to be aware of the applicable tax rates in your destination of choice.
- Family visits – whilst the weather and scenery may be beautiful, your family might still be in the UK so factor in the costs of any visits.
Is retiring abroad easy on the wallet? Your pension could go further should you retire overseas - if you do it right