So, you’ve made the decision to leave it all behind and spend the rest of your days abroad. Retiring in another country can be the most adventurous and rewarding experience you can have.

Cynthia and Edd Staton, authors of the famous book series, Mission: Rescue Your Retirement: How Moving Abroad Saved Our Assets, told CNBC in an interview that they made the choice to spend their retirement in Ecuador because of how dire the circumstances surrounding the economy was during the financial crisis in 2008. They chose a more luxurious life elsewhere than taking their chances in the US at that time. Since then, they’ve been living their dream.

Now, because of the outbreak and its devastation on the economy, retiring abroad is looking more appealing. But since you’re probably stuck at home right now, it’s better to spend this time reading up on the two most important things you need to know before making the big move.

Make Peace with your Finances

It may be frightening right now, but getting a clear picture of what your finances will look like is a very important early step in planning your move. Take an afternoon to list down all your assets and possible sources of income in the future. Do you have investments? How much will you be getting in social security? How much is your car worth right now? If you have a partner to go with you, ask them to do the same.

If you’re putting your house up for sale, there are a couple of options for you to consider. You can go the traditional route and hire a realtor. This person will advise you on details about the sale and will make the necessary arrangements with potential buyers.

If you think that’s too long of a process, there’s another that sells your home faster. Some companies don’t require realtors, commissions, or even repairs. They buy houses in Fort Worth, Texas for cash.

Choose Wisely

 

Now that you have your finances in order, the next step is to study where you want to spend your retirement. You’ll be doing a lot of research about this topic because this choice will literally affect the rest of your life.

Determining the initial cost and the cost of living in another country will often let you know which countries are accessible to you and your budget. Consider the deposit for your new home. Plane tickets may be costly, too. Will you get a car when you get there? How much will you need to spend every month on bills and groceries? You’ll need answers to these and more to narrow down your choices.

Visas and residency permits are also a big consideration. Do you need to apply for these ahead of time? How long will they take to process? Set a timeline depending on your targets and see if your choices fit.

The language barrier should also be a factor. It may be easy to get to one place and you may be able to afford a comfortable life there, but if no one speaks your language, you’ll still have a difficult time adjusting. If you’re inclined, you can learn the basics before you make the move. Or you can always choose countries where English is spoken.

Religious and cultural rules may be an issue. Make sure you study up on the practices and norms in the countries you’re considering. See if there will be conflicts with your lifestyle and living situation.

Once you have these two settled, everything else should be easy. Good luck on your new life!

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