Four million baby boomer Americans are turning 60 every year, and many more under 60 are considering creative ways to achieve an early retirement. It is clear that over time there will be more and more Americans retiring overseas. But, it is not for everyone.
The New York Times article below points out some of the more obvious pros and cons, and has some good suggestions on steps others have taken during the retiring abroad process.
http://www.agewave.com/media_files/nyt3.html
Excerpted from the article:
Retiring to an exotic locale sounds like a good plan, but many expatriates return home.They either miss the grandchildren and lifelong friends too much or find that culture shock was a bit, well, shocking. To increase the chances for success, follow this checklist:
Verify your prospective country's stance on home purchases, taxes and residency, and the state of its safety and health care. Contact consulates, because information in books and on the Internet can be outdated. Remember that real estate agents and developers may have a vested interest in your relocation.
Be sure that you will be able to find the lifestyle you seek. Do you favor museums or nature walks? Do you crave solitude or a full social life (which could prove difficult where you do not speak the language)? Are you likely to become distressed when the phone service or electricity goes down, or can you handle occasional disruptions?
Read local newspapers. Links to English-language sites are at http://www.world-newspapers.com. For advice about living in specific countries: http://www.internationalliving.com
Spend a lot of time in your desired location. Some specialists suggest moving there temporarily, perhaps for a year, so you can see if you like it year-round.
Contact the local expatriate community for answers to nuts-and-bolts questions like availability of domestic help, how to find a contractor, reliability of Internet service and the size of the tarantulas. Check on the ease of traveling back to the United States.
Medicare is not available abroad, so verify that you are eligible for your new country's domestic health care program. Private insurance is available, but it is more expensive than government care.
Have Social Security checks automatically deposited into your bank account.
Post your comments and questions about this topic to any appropriate RetireAway Discussion Forum.