I Moved Abroad When I Retired, and I Regret It

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While it’s true that most people don’t abruptly decide to up and move overseas, it’s equally true that even careful consideration might not bring every important aspect to light. I decided to move abroad when I retired. I thought of it as a fresh start, or perhaps just a new chapter – the chance to experience a foreign land for longer than a week’s vacation during the summer. While I don’t want to necessarily dissuade everyone from chasing their retirement dream, some additional research showed I wasn’t alone in regret.

Despite the overwhelmingly positive attitude towards moving overseas, I want to share why people move abroad and why I regret moving abroad.

Why Move Abroad?

As CNN explains, a lot of this growing trend of retiring abroad comes down to lower living costs compared to the U.S., availability of social services and ease of on-foot travel. Add an itch to get away after the pandemic left older folks stuck at home for years. Retiring in the U.S. is expensive, and it’s been on an upward trend for years. Read on to understand the potential negatives.

It Gets Tricky 

While the lower cost of living is great on paper, it unfortunately doesn’t tell the whole story. Moving abroad means there’s a good chance that English will not be the first language of everyone around you. I found it was one thing to learn a new language for fun, and another for it to be necessary to navigate a foreign land. There is also the issue of currency. You may end up with lower liquid assets versus USD, depending on where you look. Plus, you’ll also have to acclimate to a different economy, which can throw you in a loop and make for a difficult period of adjustment. That doesn’t just mean groceries, you’ll also have to familiarize yourself with different tax rules, bank accounts and even how your investments are affected, as stated by CNN. When it comes to health care, Medicare generally doesn’t apply to care received outside the U.S. – youwill also need to purchase an international policy or a specific hospital insurance plan, or pay out of pocket, as explained by U.S. Bank. Turns out, it was a lot to navigate.

Distance

A particular source of regret for me was the separation from my family. Even if you’re retiring overseas with your partner, you’re inevitably putting more space, time and money between you and your kids or other loved ones. Holiday get-togethers will now require more expensive flights and time commitment. Even if you’re not accustomed to seeing your family often, once you add on the long distance and a new culture, you may feel homesick in a way you couldn’t have predicted beforehand. 

Reason

Retirement is often thought of as when you can do things for yourself, the things you had to put on hold due to family. In the end, regret is more likely to occur if your heart isn’t truly on the move – like if you decide to retire abroad to save money. “Isolating” yourself from your family probably isn’t worth it, especially considering all the other things you’ll have to get used to. I know for me, the distance is my greatest regret.

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