I’m a Retired Expat: Here Are 4 Tips to Successfully Retire Abroad
Figuring out how to retire abroad can be a mess, but it’s the dream of so many people. Over 450,000 Social Security recipients live outside of the United States. In a 2024 Monmouth poll, Americans are more interested in settling abroad than fifty years ago.
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While it seems overwhelming at first, there are four easy steps you can take to make the process easier, straight from retiring abroad experts Edd and Cynthia Staton.
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Make a Wish List
Sometimes figuring out where to move in retirement can be daunting and overwhelming, especially when considering moving outside of the country you currently reside in. It’s important to write down all of the dealbreakers of living in an area.
Climate, access to healthcare, cost of living, city size — all things that would make or break an area of consideration for you, helping you make an informed decision based on your desires.
“We planned on not having a car and [wanted] some good public transportation,” Cynthia said in a recent Live Richer Podcast interview.
Staying in touch with family is at the top of the list for many retirees.
“Our family lives on the East Coast of the United States,” Cynthia said. “We wanted to be able to come back regularly to visit our family.”
Go On a Scouting Trip
The Statons recommend figuring out what on your list is your top priority and then scoping out areas based on that priority. Once you have a couple of places in mind, go visit and try to spend as much time as possible there. “Don’t just depend on the internet research,” Edd said. “You have to show up.”
Staying for a while in an area can give you a sense of what the day-to-day looks like. The time spent there helps determine if the area aligns with your list.
“You can stay in almost any country for 90 days on a tourist visa,” Cynthia said. “If you want a temperate climate like we have, we’re at 8,400 feet. You may come and check it out and realize you don’t do well at high altitudes.”
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Create a Budget
A wishlist will give you a base of what to look for, but the next step is looking at how much that will cost. Rent, groceries, transportation, healthcare — all factors should be considered.
“That tells you, ‘All right, we’re going to eliminate these locations, but all these other locations are within our budget’,” Edd said.
This process helps to narrow down affordable places to live. Depending on what’s on the wishlist, utilities could eat up a huge part of the budget.
“If you live in a warm climate, you’re going to want air conditioning,” Cynthia said. “Well, you’re going to have to pay for that.”
Using a car means paying for insurance and gas, but walkable towns are less expensive.
“The good news is that there is a lot of information online, including our website, about all sorts of places and how much it costs and that sort of thing,” Cynthia said.
Talk to a Local Attorney
While on the scouting trip, meet with local immigration attorneys to investigate what’s needed to become a permanent resident. Depending on the country, citizenship might be necessary, but that’s what immigration attorneys are for.
“We always recommend to use an attorney that specializes [in this] in the country where you’re going,” Edd said. “But when you’re talking about legal issues, it’s best to have somebody that’s your ally.”
A local attorney will know the ins and outs of the immigration process in that country. The Statons recommend reaching out to ex-pats living there as well.
“There are tons of these groups on Facebook,” Cynthia said. “You really can’t be shy about getting help from people that are already living there.”
At the end of the day, some people and resources help make the search and transition easier. The process doesn’t need to be overwhelming; take one step at a time and always ask for help.
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This article originally appeared on GOBankingRates.com: I’m a Retired Expat: Here Are 4 Tips to Successfully Retire Abroad