Where to retire?
First question on someone’s mind when they consider retiring – Where to retire? The recession impact for most has reduced our retirement portfolio by at least 30 to 50 percent of their value in the past fifteen months. This realization may also defer our retirements but it doesn’t need to. The fear of outliving existing retirement assets is real. All hope is not necessarily lost. You may still be able to retire and live a comfortable lifestyle if you re-evaluate your retirement or 2nd life plans, in particular, where to retire. In many cases the roof over our heads, taxes, and family obligations forms the bulk of our expenses.
Extensive research is needed for you to make your decisions on Where to retire. This is not a simple decision to be taken lightly. We strongly suggest you talk to friends who have made the transition. Usually they can share a lot more with you. Next, consult a Retirement specialist like Retirement Homes in Bulgaria. It is always best to narrow down your research between retiring in your home country or abroad. Factors are very different governing your decisions.
Factors to consider in deciding Where to Retire:
1. Language barrier – many of us are reluctant to learn a new language thus this will limit our choice in destinations. Actually once you live in a place it’s easier to pickup a new language, therefore, learning a new language is not all that scary or difficult.
2. Weather - it is important as you grow older whether you will enjoy extreme change in weather or milder ones or sunshine all year round. Personally one prefers 4 distinct change of season.
3. Accessibility - definitely as you will have family and friends ties back home you’ll want them to come visit you as well as you to get to them without fuss.
4. Affordability - of housing, taxation of Income and retirement benefits. Sales tax rates at state and local level, property taxes – the lower the better or none would make it even more attractive.
5. Crime rates – of that intended destinations. Smaller towns like Varna are lower in crime rates.
6. Health care facilities standards – you don’t need the best but you need essentials.
7. Most important of all – LIFESTYLE – don’t forget you are looking to live a different life, a balanced life, a more meaningful life, a life that you desire after your years of slogging at your 9-to-5 job.
If you yearn to spend your days on beautiful beaches with white soft sands and warm, rustling winds, then you would head toVarna – a place that is famed for its lovely beaches and sunny weather.
And maybe you’re fond of farm land style living, with fruits, flowers and vegetable orchards and clean, clear fresh air all round you.
If you want to spend more time exploring museums, art galleries and cultural centers, then living in Varna or the suburbs would be the preferred choice.
In most cases when we make this transition in life of choosing where to retire we often head for smaller towns or country living. Cleaner air, lower taxes even growing our own foods and cultivating an atmosphere of helping our neighbor instead of ignoring them as we did in the big cities.
Personally if you are planning to move abroad our advice is to go visit that destination if you have never been there before. Stay at least for a month – rent a home, explore your surroundings, feel the culture, do a little more research on the ground before making your final decision.
Remember this is not an irrevocable decision – if you made one and discovered it was wrong, you can always change. You have the power to make those changes.
Financial planning should begin by looking at both necessities and desired lifestyle. First, you calculate your fixed, non-discretionary living costs, including such as mortgage or rent payments, taxes and health care costs.
For most people, household income declines after retirement. But for a variety of reasons, such as lower living costs and string family support, lower income does not necessarily translate into hardship. Nearly half of retirees manage to maintain their standard of living after leaving workforce and the same proportion of working people expects the same. However, a large proportion of retirees are unable to continue living as they had before retirement: 38% of retirees report lower living standards after retirement. Only 15% report higher standard of living. Seemingly cognizant of the experience of their elders, 36% of working people anticipate lower living standards after they retire.
Working people are particularly pessimistic in Central Europe and Japan. Half or more expect lower living standards upon retirement in the Czech Republic, Japan, Hungary, Slovakia, Poland and Portugal. Asians, in contrast, are notably optimistic. Less than one-fourth of workers anticipate a decline in their standard of living once they retire in five Asian countries: Thailand, India, China, Malaysia, and the Phillipines.
Quality of life
Living standards contribute to perceived quality of life. However, just as there are countless individual ways to achieve a satisfying retirement, there are countless personal criteria that figure in to quality of life during retirement, from bowing out of the daily rat race to engaging in a host of personal projects. Overall, the quality of peoples’ lives generally remains the same or improves after retirement. Survey-wide, 71% of retirees report constant of higher quality of life, with 73% of working people anticipating the same after they leave the workforce. Southeast Asians are particularly optimistic, especially working Thais, Chinese and Malaysians. Hope is less prevalent in central Europe, where four-in-ten working people anticipate a decline in their quality of life after they leave the workforce.
Lower retirement income does not mean lower living standards or quality of life.