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Moving abroad after retirement? What you need to consider

More and more of us are deciding to seek sunnier shores for our retirement years, as we wish to make the most of life and perhaps learn something new about living in a foreign country. With the most popular destinations including Portugal, Australia and Malta, we’re desperate for warmer climates and easier living once our working lives are over. However, before you jump on that plane to look for property, here’s a breakdown of the most important things you need to do:

Consider your state pension

If you move to a country that holds a reciprocal agreement with the UK, your state pension will continue to be paid. However, if the country you are moving to does not hold this agreement your pension will be frozen—there are a number of countries who do not have this agreement, including Canada and Australia, two of the most popular destinations for retirees.

Check the cost of living

No one wants to leave their home country and discover that they can’t afford to pay for a full shop while living abroad due to the higher cost of living. Most locations in the EU are relatively cheap when it comes to food and petrol but head further to the U.S. or Australia and you might be surprised by just how much more expensive things can be.

Have healthcare in order

As you age, you’re more likely to require the services of a healthcare professional, which is why it’s so important you have some sort of healthcare in order when moving abroad. Portugal is a popular location for those retiring abroad—more than likely because there’s plenty of golf!—but it’s important to note that you won’t benefit from the free care the NHS provides.

Expect to pay full price for prescription medicine but also bear in mind that you will be entitled to register with a healthcare centre locally and receive state healthcare. Ensure you have health insurance when you move abroad, as well as carrying a valid European Health Insurance card with you at all times.

Choose where to keep money

You may have to take out two bank accounts when retiring abroad to ensure you have access to your money, leaving one in the UK and opening another in your chosen country. However, moving money between these accounts can cost a great deal in conversion charges, so be sure to seek out a company that specialises in this to manage transfers for you. Here’s a breakdown of the rates and best ones out there.

What about communication?

It’s important when living abroad that you maintain communication with friends and family back home, so consider this before you leave. If you aren’t the best with technology you might need some help learning how to use Skype before you go, and ensure you have an internet provider set up for when you arrive in your new home.

Alternatively, Facebook is great for this so if you can simply message people back home that might be enough for your move—as well as encouraging them to fly over and visit when they can!