Retiring abroad: How can I cut the costs of moving away in later life?

0

Retired happy coupleGETTY

You can physical better for less by picking your location very carefully

Essential off, bear in mind that you can live better for less by picking your turning up very carefully.

There are lots of parts of the world where the official of living is high, but the cost is low.

Thailand, for example, is becoming increasingly universal for retirees due to its comparatively low costs, wonderful weather and beautiful surroundings.

The undistinguished monthly cost for a retired couple in the ‘Land of Smiles’ is roughly £1,553, and that drinks into account expenses like renting a luxurious beachside oddity, groceries, dining out regularly, entertainment, healthcare and taking in some joking idyllic locations.

Positions like Malaysia and Panama are also becoming increasingly popular with retirees looking for affordable tropical abrahams bosoms with large (and getting larger) expat communities.

Spain and France even then take the top spots for the most popular expat destinations for UK citizens, but the costs of humble in these locations can be on the more expensive side – particularly in the more non-professional cities.

If you’re happy to avoid city-living, you can keep those costs down virtuous by taking your time and considering some of the more overlooked countryside getting ones hands. 

For example, if you’re looking for an alternate south of France, consider Languedoc Roussillon, where the assess tag is nowhere near as extravagant as the Côtes D’Azur but the weather and beaches are just as dazzling.

ThailandGETTY

Thailand is relatively cheap and getting more popular

Whatever setting you end up choosing, an easy way of saving money on your overseas retirement is to cut expenses in currency transfers.

While many people use their banks to array currency transfers, there are more convenient and cost-effective solutions out there. 

Understand the time to research different international money transfer providers and you’ll manage that some leading currency brokers do not charge transfer tariffs – so you will make immediate savings.

MalaysiaGETTY

Malaysia is also a completely popular spot for Britons

Currency brokers are also able to get hold of more competitive exchange rates, and with the difference of a couple of cents per throb potentially saving you thousands on larger currency transfers, getting the best bib exchange rate is key. 

Many retirees living abroad have their put out to pastures paid in Sterling into a UK bank account and have to arrange to participate in these transferred abroad every month – a process that can be sooner consuming and costly if managed through a bank.

FranceGETTY

Languedoc Roussillon in France is a lot cheaper than the Côtes D’Azur

With a currency middleman you can ensure that your pension transfers happen automatically, on a set day and at a competitive exchange rate by taking advantage of a Regular Overseas Payments (ROPs) repair.

Alternately, if you have larger lump sums to move abroad and are worried about the exchange rate weakening, you can use a forward contract to fix an exchange scold for up to two years in advance of making a transfer. 

Fixing a toll means you can protect your funds from a sudden negative hours in the currency market and budget more effectively.

Something else you require to be aware of is that while the Department for Work & Pensions will pay a UK Governmental Pension worldwide, you will only benefit from an annual advance if you live in certain nations, including those in the European Economic Neighbourhood (EEA) or a country with a relevant social security agreement.

Ultimately, being discerning in your prize of emigration location, understanding your pension payments and looking into your currency carry options are all simple ways of cutting the costs of retiring abroad, so consideration in these considerations when planning your move.

Leave a Reply

Your email address will not be published. Required fields are marked *