Important Advice For Those Moving Abroad In Retirement

There has been a large and truly significant rise in the numbers of British retirees moving abroad in the past 5 years and it has probably got more to do with fiscal fundamentals than anything else at all. The rising cost of living in the UK is a massive contributory factor - but it is really only becoming a significant factor now. Prior to this, the fact that the cost of living in many overseas destinations is more affordable and that countries like Cyprus tax pensioners far less than the UK has resulted in greater numbers of retirees seeking a haven abroad.Now that inflation is spiralling and the very real cost of existing day to day has reached levels at which working people are finding things difficult to deal with, just imagine how tough things are for pensioners living on a fixed income. In this article we will endeavour to impart some important advice for those moving abroad in retirement who are going in search of a more affordable life overseas.Retirees are well aware that locations such as Turkey offer them a best of all worlds solution to their financial issues. For a start, property in Turkey is affordable, then the cost of living can be a fraction of that in the UK if pensioners shop wisely and live relatively carefully, and finally, the fact that Turkey is now more affordably accessible also makes it the ultimate choice for many. However, almost anywhere is more affordable than the UK at the moment! Although, having said that, the strong euro effect is having something of a knock on effect for retirees living in euro zone countries on a fixed income. Previously popular hotspots such as Cyprus, Spain and France all offered a more affordable cost of living day to day, but the euro has made things more expensive almost over night. Mind you, even our closest ‘foreign' neighbour France still affords many Brits a cheaper cost of living. When you take into account everything from annual property related taxes to utility bills, the vast majority of popular retiree boltholes are cheaper than the UK. As a retiree you just need to make sure you look at all costs and do a like for like comparison before you take the plunge and relocate.The one thing that those moving abroad need to be aware of is that if they still want to shop like they did in the UK and buy British brands at the supermarket, they may well find their monthly food bill is much higher than it was in the UK. To retire abroad successfully is to adopt a different mindset if you want the move to work to your maximum advantage. Therefore, those who save the most and make the most financial gains learn to live as the locals do.Recent scares in France and now Spain have left many would-be expats worrying about affording healthcare in retirement. However, it's worth pointing out that in both cases those who are or may be affected by the proposed restrictions on foreigners' healthcare entitlements are pre-retirees. Across many European countries Britons in retirement should have access to free healthcare - but it is worthwhile checking with the likes of SAGA and the British Embassy in the given nation to get their advice on the matter. For others it's wise to look into the cost of health insurance. In countries such as Cyprus, North Cyprus and Turkey healthcare is very affordable even for those who go private, but to ensure one can afford any and all care and treatment potentially necessary, it really is worth looking into health insurance if you are unsure about the level of care you will be entitled to in your preferred destination of choice. If you move to live abroad and cut all ties with the UK, don't automatically assume you can always fall back on the good old NHS.