What you should know about retiring abroad
You’ve done the hard yards and it’s only fair that when you’re ready to settle down and enjoy your retirement that you should be able to go anywhere, right? Well, there’s certainly a few things to consider if you’re thinking about taking that step. Here’s some thought-starters from global money transfer experts OFX:
Do your research
There’s a lot of logistics in overseas travel, let alone if you’re planning to move abroad. It would be of benefit to do some research beforehand. For example, think about where you’d want to live versus costs of living and practicality. You might have loved the hustle and bustle of the big cities in your 20s, but you might be looking for something quieter now.
Try before you buy
On that note, investigate renting a place in your desired location to ‘test-run’ whether you would want to live there for an extended period. Maybe you love the photos, but the environment just isn’t the right fit. A temporary visit provides the flexibility to get comfortable and figure out what works best for you.
The hidden costs of health
As we get older, we may find ourselves needing more medical care than we did as younger adults. It’s worth looking into how your healthcare would be covered if you were to move abroad. In the UK for example, if you are moving abroad on a permanent basis, you’ll no longer be automatically entitled to medical treatment under normal NHS rules. The good news is that most countries still offer decent medical care for expats, so it’s worth chatting to your GP to notify them of your move and discuss your best course of action.
Moving your pension
Similarly, if you’re in the UK and you’d like to move your pension abroad, you’ll need to make sure that you transfer the money into a qualifying recognised overseas pensions scheme, or there will be a tax charge.
Alternatively, you can ask a provider like OFX to pay your pension into a UK bank account and then transfer the money into your foreign bank account. It’s important in this case to check what the bank charges and exchange rates will be. In this case, head back to step one and do some research into how to get the best rates from a foreign exchange specialist. Our global currency experts are available 24/7 and ready to talk when you are. Get in touch here
Along with this, it’s important to be prepared and ready for changes to how pensions may be paid in light of Brexit negotiations. This could potentially be a very real issue for expat retirees in the future.
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