Preparing for Moving Overseas
When is the right time to pull the trigger? Taking that giant leap to overseas retirement can be devastating if you're not ready.
"Oh, I'm ready!"
Hold on. You may be ready, but are you prepared? The difference between being ready and being prepared can make the difference between a wonderful experience and a disaster.
What may help is to look at some common triggers that motivated potential expats to make the move..
- Retirement from your position or profession
- A divorce, or other psychologically traumatic even or situation
- Romance or love affair in a foreign land
- Severe financial reversal or loss of job
Of the reasons listed above, which person do you believe has done the best planning and preparation? Yes, I vote for # 1 as well. But just because someone has retired, doesn't mean they have done their preparation correctly.
Getting a pension check and investment payments is only part of the equation.
The current global financial meltdown is a good example of what can catch even savvy investors unaware. Then one has to consider living their most health challenged years without access to their medical insurance plans.
So what's the checklist for preparing oneself for a successful move to paradise?
- Have you done your financial planning?
- Have you considered expat health insurance?
- Where and how will you do your offshore banking?
- Not all brokerage houses allow offshore stock trading.