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Retire Overseas?

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What are your retirement plans? Maybe take a vacation, try out a new place to live, maybe even change countries? According to Sell-up, Pack-up, and Take Off it has become an increasingly popular choice for Australians. The part fiction, part fact tale explains the growing desire of several aging Australians to live a higher quality life at a lower cost.

There are millions of Australians aging within the next three decades, that’s not a small number of people looking at potentially migrating. So why are they doing it?

Lower cost of living

Well, did you know that there is up to an 80% lower cost of living in South East Asia than there is in Australia? On top of these decreased fees, Malaysia and Thailand in particular offer specialized retiree visas. This only serves to further encourage retirees in shifting the dream (of a relaxing and exotic retirement) from Southern Europe to South East Asia.

Familiarity

What’s more, South East Asia is familiar for a lot of these aging baby boomers. With its relatively close proximity to Australia, lots of family vacations and trips to see more of the world have already included South East Asia.

A sense of culture

Another huge pull to these places is being able to immerse yourself in another culture. You can go and move near fellow Western retirees, or attempt to integrate further with the locals.

Easy to keep in touch

One of the best things about potentially moving overseas is that it’s one of the easier places to keep in touch with loved ones. We live in the era of the budget airline, making it significantly easier to travel between Australia and South East Asia, and what’s more there is plenty of free technology available.

Brush up on your Skype skills, look into getting a Facebook, and you’ll be feeling connected before you know it.

Popular locations?

So where are people relocating to?

The short answer is several places, but there are some that are more popular than others. Chiang Mai, Penang, Saigon, all of these communities make popular retirement destinations. Recently, Ubud (a Balinese community) has become popular for Western intellectuals because of its welcoming nature for intellectuals. It hosts an annual International Writer’s Festival. Each of these locations offer a host of accommodations, a sense of culture, and a place to get away to.

But what about medical coverage?

Some people considering the move have expressed concerns about medical coverage overseas. As we age, our health issues become increasingly complicated, and it’s natural to ensure you have a plan for medical emergencies.

But if you’re thinking that moving overseas means you can’t get adequate treatment, you’d be wrong. With the use of health insurance, there’s no reason you can’t get adequate treatment from a local hospital (or even cover yourself with evacuation insurance).

Conclusions

Higher quality of life, lower costs, and the ability to stay in touch with family all the while? It’s no wonder this is becoming an increasingly popular trend for retirees.