Retire abroad checklist: 18 months to move day

Deciding to retire abroad is a major life change that brings with it a sense of excitement and perhaps a touch of stress. I remember when my Uncle Bill was contemplating his own move to the Philippines; he described it as equal parts thrilled and positively petrified. Feel familiar? Well, that’s exactly why a solid retire abroad checklist is your best friend.

Quick Summary

• Start planning 18 months in advance for a stress-free move.
• Research and budget are your top priorities early on.
• Focus on healthcare, residency, and financial planning.
• Connect with expat communities in your destination country.

18 Months Before Move: Dream, Research, and Budget

At this stage, you're likely swimming in options—oceanside strolls in Portugal or city life in Medellín, Colombia? Pinning down your destination is the first step. Dive into researching the cost of living comparisons between your favorite countries. For instance, the cost of living in Cebu, Philippines, might pleasantly surprise you, with a monthly budget as low as $1,500.

After choosing your sunny paradise, plan your budget. Remember, this isn’t just about rent but also healthcare, which varies drastically. Check out our guide on healthcare in the Philippines for a fabulous example.

15 Months: Financial and Legal Prep

With your choice made, it's time to align your financials and legal documents. Visit with a financial planner to ensure your savings and income streams, such as social security, can comfortably support your new life. This guide to receiving social security abroad can clear up any red tape concerns.

Next, tackle the legal side of things. Dive into the visa requirements for your choice country. For instance, Panama offers a Pensionado Visa for retirees with a lifetime pension that exceeds $1,000 a month. Start gathering required documents and be prepared for a few hoops to jump through. It’s all part of the adventure!

12 Months: Visit and Experience

If possible, spend a few weeks in your chosen location. Nothing beats a firsthand experience. Uncle Bill felt the same warm breeze over his skin and knew the Philippines was "it" for him. Note the weather, sample the food, and check out neighborhoods. You might also attend local expat events to glean advice from those already living your dream.

9 Months: Healthcare and Insurance

It turns out, healthcare can be less expensive and more accessible abroad. Countries like Portugal and Malaysia boast excellent healthcare systems. But, before boxing up your winter clothes, ensure your insurance abroad covers major and minor medical issues. Our posts on Panama offer solid insights into what awaits you in terms of healthcare availability and coverage abroad.

6 Months: Housing and Services

Six months out? You’re halfway there! Begin finalizing your living arrangements. Do you prefer renting initially or diving straight into homeownership? Many expats rent first to get a feel of the neighborhood and local culture. In places like Thailand, renting can cost as low as $500 a month for a comfy apartment in a good district.

Don’t forget to consider services like internet providers and banking needs. Opening an international bank account can ease transitions and save on foreign exchange fees.

3 Months: The Logistics and Packing Saga

Time to start downsizing. Believe it or not, everything you own might not fit in your new condo overlooking the Algarve coast. Decide what’s precious to you. Furniture might be cheaper to buy locally. But those family photos? Priceless. Set up arrangements with a reliable moving company and keep it light.

Also, ensure you transfer or cancel any stateside services, and don't overlook setting up a mail forwarding service for any surprise letters.

1 Month: Final Goodbye and Last Checks

In the final countdown, make your goodbyes meaningful. Losing touch with family and friends tops the list of emotional challenges for many expats. Have a send-off party and gather those hugs and well-wishes.

Make those last-minute checks: are your documents secure, your finances transferred, and your immediate accommodation confirmed? One more look at your expat checklist ensures nothing’s forgotten.

Arrival and Beyond

Once you’ve landed, immerse yourself with patience and open-mindedness. The initial period might feel like a whirlwind, new culture, new customs—but it’s all part of the exciting journey. Joining a local expat group can ease the transition, offering support and sometimes even lifelong friendships.

Finally, like my Uncle Bill said as he waded into the tropical waters of Cebu, “It’s never too late to discover where you truly belong.”

Best wishes on this incredible journey of embracing life as an expatriate!