The Dark Side of Retiring Abroad

Retiring in Low-Cost Countries May Not Be As Glorious As It Seems

First Published Date: December 29, 2014

It’s hard not to come across those alluring and glorious ads, websites, and stories about retiring in a low-cost country. The promise of living in a heavenly beach resort bungalow or ocean-view condo for $1000 per month is hard to pass on. However, things may not as glamorous as promised. Before you board a plane to a tropical paradise to catch your dream, consider all the ins and outs of living in a foreign country. Today, I will mention a few of them.

Security – This is my number one concern. These low-cost countries where heaven is promised for $1000 or even less a month are still 3rd world countries. Security and law enforcement are nowhere near comparable to countries like Canada, USA, Australia, and so on. If you keep an eye on news, you will often come across those where foreign retirees in these countries were killed in their ocean-view bungalows by intruders during a robbery. Are you willing to take your chances and live somewhere where corruption is widespread and security is non-existent?

Friends and Family – Living in a foreign country means you are losing your network of relatives and friends and also the support you receive from them. Yes, you can communicate via Internet or phone, or even possibly visit them once every few years – but it’s not the same when you have your friends and family available for you 24/7.

Health Care – Access to universal health care is a must-have during retirement years. Even if you are able to buy healthcare in these low-cost countries, it will not be nowhere near in quality and technological advancement as your home country. Also, if your are from a country like Canada where health care is free, you will have to spend a lot of money for health care in your new host country, and as you get older health care spending will grow larger.

These are only a few I mentioned above. There are much more, as retiring abroad adds layers of complexity to every aspect of life. Before deciding on moving abroad, do your homework and make educated decisions to live a happy life, whether at home or in a foreign country.