Retiring Abroad

Retiring Abroad

Introduction

As people begin to get older they start planning for their retirement mostly people wish to move overseas once they get retired. UK nationals can move to any country within the European Economic Area (EEA), however they may also move to a country outside EEA but for that they will have to visit British Embassy for further information (www.investopedia.com). People who are about to get retired they plan to move abroad and analyze a number of factors that may include examining the recreational facilities that will be available however they often fail to evaluate the financial prospects of moving overseas after retirement. While planning to move abroad after retirement they need to ensure to get thorough understanding about the saving and investment prospects in the country that they will move and also they will have to evaluate tax policies of the country which may also include taxes on pension (www.mchb.co.uk).

Many of the adventurous baby boomers would dream to move abroad in areas such as mountaintop village or to a tropical island. A large number of people that have retired have moved abroad to another country and the number of retiree moving overseas is increasing over the period of time. Most of them must be moving to a foreign country with the desire to live their lifelong dream however some may move with the aim to look for better investment opportunities (www.mchb.co.uk). They will be looking for ways to stretch the value of their nest eggs. Retiring abroad is not easy job it requires a lot of planning and evaluation. Many of the people who have retired and moved abroad have later returned to back to their country (Madrid, 2003). Many of the countries entice wealthy Britishers through different attractive magazines to make their country look as a better destination for retirement however it is critical to analyze that these countries might not provide effective opportunities for investments and pension plan that will be beneficial for the people who have reached retirement age (Kaplan, 2003).

People need to evaluate various aspects of retiring abroad, it is crucial to have financial planning. It is also important to make certain that the person moving overseas after retirement has a strong financial position which means he should be able to access all his money while living in foreign country (Steel, 2011). There are several financial issues involved while planning to move abroad after retirement. Taxation policy is a crucial factor that needs to be determined when deciding to move abroad. Simultaneously other factors that a retiree should analyze are the cost of living and investment opportunities and so on (Kaplan, 2003).

Discussion

Often the decision to move abroad after retirement is not considered to be an effective one as people fail to analyze the impact of financial factors while planning their life after retirement a living in an adventurous destination that the person has long dreamed of is often not enough there are other financial factors that are significant to examine when deciding ...