An estimated 680,000 American retirees receiving Social Security checks are now living in various destinations around the world. In addition to this number, there are many other individuals in early retirement (who are not yet eligible for Social Security) who have chosen to call an international country their new home. This is also true for those living in Europe, Australia, and other places across the globe. If you are about to retire early, or have recently retired, relocating to Asia could be an excellent next step. Whether you are considering moving to Singapore, Hong Kong, Shanghai, or Beijing, there are numerous advantages to moving abroad in early retirement. Explore three top benefits that can help you decide the best place to live at this stage in your life.
Cost of living can be less expensive
Making your money stretch in early retirement is especially crucial. Since you will have more years to cover than someone who retires later on, maximizing what you have saved is even more important than it is for the average retiree. One effective way to get the most out of your savings is by living somewhere with a low cost of living. If you currently reside in a city or town that has a high cost of living, relocating to a new spot is incredibly helpful. For example, if you now live in San Francisco (with a cost of living index of 90.46), moving to somewhere such as Shanghai (that has a lower cost of living index of 49.97) can help you stretch your funds. When considering a new place to live, be sure to research and compare the costs of things such as rent/homes, dining, groceries, entertainment, and transportation.
Provides cognitive/mental health benefits
Even if you are still relatively young, the act of relocating to a new country has some serious cognitive benefits. This is even more true for those who continue to travel once they’ve moved abroad. NBC News reported that traveling (in general) can reduce the risk of developing depression, decrease anxiety and stress, boost your mood, and enhance your creativity. In addition to this, Forbes.com recently published research showing that travel can actually make you smarter.
Easier to travel to new destinations
If you are someone who enjoys traveling, moving abroad can provide more opportunities than ever before to travel to new destinations. Rather than vacationing internationally from your current city, moving to a new country places you closer to spots that you may have not previously considered. Also, by moving closer to new countries, it will be less expensive to visit places that may have previously been cost prohibitive. Aside from exploring new international locations, you will also have a chance to more extensively explore your new home country.
When retiring early, moving abroad has many practical and exciting advantages. Not only can a strategic move help you extend the life of your retirement savings, but it can also keep you healthier, happier, and more invigorated than ever before.
Sally Jackson is a professional freelance writer with many years experience across many different areas. She made the move to freelancing from a stressful corporate job and loves the work-life balance it offers her. When not at work, Sally enjoys reading, hiking, spending time with her family and travelling as much as possible.