A growing number of international citizens are contemplating the concept of taking early retirement, escaping the hectic monotony of the daily grind and retiring abroad in a low cost location to make the most of their retirement savings.

If you’d like to live overseas to escape the high costs of living associated with countries such as American and Britain for example, this is a guide to planning your retirement abroad so that you don’t run out of money, you don’t run out of friends and you never lose your adventurous spirit.

When contemplating retirement the majority of us seem pre-programmed to only consider the far reaching financial implications of never bringing in an income again! But the fact of the matter is that there are many more things to consider if planning on retiring abroad, not to mention the fact that many retirees overseas pick up odd jobs and part time positions advising and assisting other expatriates with their lives and businesses anyway!

However, as the financial implications of retirement are uppermost in our minds let’s tackle that subject first: –

By retiring overseas in a low cost country such as Mexico, North Cyprus or Belize for example, retirement money simply goes far further. Taxes on property and income are far lower in many overseas countries, property prices are amazingly affordable in plenty of emerging destinations, and the abundance and quality of fresh produce in many sun-blessed and affordable retreats means that day to day living costs are quite simply reduced.

There are considerations that those moving to less well developed but cheaper countries should bear in mind though – such as affording a decent level of health care cover – but in a country such as Northern Cyprus for example the cost of receiving quality medical treatment is so low that an insurance policy’s excess is usually higher than the amount having to be paid out anyway!

It’s important to research a preferred destination to discover the true cost of living there as well as the likely realities of daily life, and researching all options and alternatives is an absolute must for those planning an overseas retirement before making a firm commitment to retire abroad to any particular affordable haven.

Other than the financial implications there are a number of social considerations that those planning on retiring abroad should think long and hard about. By moving physically away from friends and family, homesickness and longing for familiarity can be intensified which can make it harder to settle in abroad. This feeling of displacement is entirely natural and will be experienced to a lesser or greater extent by all those who move abroad – but it is a feeling that can be overcome by making an effort to meet new friends and establish new bonds with people – which means that sociable types who find it easy to make friends and acquaintances will find it far easier to retire abroad.

Those with a tolerance for alternative cultures and values will also find it easier to settle in an unfamiliar country where things are quite simply ‘done differently’! Those who are resistant to change and who plan on living abroad in an expatriate community where they hope to be surrounded by familiarity will still have to encounter local people and accept local values, therefore such people should really think seriously about whether they can adapt to a totally new way of life. If they feel they cannot then they will be wasting precious resources moving abroad only to discover that they hate it and have to return home!

This brings me on to my final point – having a Plan B! Sometimes people retire abroad and for one reason or another they cannot settle and wish to move on or move ‘back home’, alternatively some unlucky people are forced to return home as a result of a change in circumstances. Therefore it is always important to have at least the rudimentary workings of an exit strategy or a plan B in mind. If possible squirrel away a little money so that if the worst comes to the worst you always have a way out or a way back home – even though statistics show that the majority of those who retire abroad in an affordable and sun kissed location love every minute of their life and never want to change it!

Retirement is the point where a person stops employment completely. A person may also semi-retire and keep some sort of retirement job, out of choice rather than necessity.

To some, this is the end of the road of years of heading off to work each day. To others, it is a fresh start in life, the excitement of new things each day on their time and terms.

Some have meticulously financially planned for retirement. Many others find themselves at retirement age with little or no plans, and savings to match. The amount of money that the experts suggest will be necessary to retire comfortably is ridiculous!

If you are at retirement age you are probably saturated with retirement information including financial planning, pension plans, social security, retirement communities, medical expenses, insurance, and other choices to be made.

As you read this article, we are at a point in time where some choices are being made for us. Let me give you just one. It is no longer possible to retire in the US, UK, or many Western Countries because of the high cost of living. The cost of living in the USA goes higher each day, groceries, gasoline, medical bills, dental bills, home repair bills, and the list goes on. Unfortunately, many who have worked a lifetime are not really enjoying their Golden Years but are just barely getting by.

There is a better way! It is possible to have luxury living in retirement for pennies – not just “getting by” on your retirement pension. There are places that are more affordable, and have a quality standard of living. It is simply a matter of knowing how and where.

Asia is the most exciting continent on earth, and Thailand is an excellent country of choice. There is something for everyone, depending on your likes and requirements, large cities like Bangkok, small rural villages, beach resort areas, charming islands, lakes, cool mountains, good weather, great food, and friendly people. Thailand is filled with beautiful exotic locations where you can live on a shoestring and not have to sacrifice anything.

Let the entire country of Thailand be your “retirement community”. You will have affordable housing, modern shopping centers, banking and ATM facilities, fine restaurants, entertainment, good public transportation, movie complexes, health spas, fitness centers, social clubs, golf courses, and an incredible amount of sporting activities. Language is not a problem, but learning a little basic Thai is both fun and useful. And what about healthcare? Thailand is one of the leading countries for “Medical Tourism”, because the Thai medical profession is one of the most advanced in the region. Major hospitals are internationally accredited, and reasonably priced! For those who want to semi-retire, you can earn extra income in Thailand with an Internet business like affiliate marketing, stocks or forex trading, or even teach English part time.

Why not retire in a country where senior citizens are respected. I am a senior citizen living in Thailand. Someone always gives me a seat on a crowded bus or the subway. When I go to the bank, I’m always escorted to the front of the line by a bank official. People are always helping me. It’s great to live in a country where older people are looked upon with esteem and consideration.

The bottom line is that you can retire in Thailand and live a more relaxed, happier life on less money. This retirement paradise is real. As you read this, many people, just like you, are already experiencing this lifestyle. Why not join them? Each day is precious and we should be enjoying life to its fullest. The best is yet to come.

With an increasing number of people scheduled to begin retirement in the next few years, it is important to begin thinking about the subject. Even if you’re not near the age of retirement yet, it’s a good idea to begin thinking about how you plan to fund your retirement as soon as possible. The sooner you begin to plan for retirement the more you can be sure your retirement won’t be plagued by money issues.

So, how much money do you need for retirement? A lot of that answer, of course, depends on what plans you have for retirement. If you plan to travel, want to purchase a RV or you have similar specific plans, you will naturally need more money in order to fund your retirement. Above and beyond those expenses; however, it is important to think about your day to day essential needs.

For example, consider whether you will still owe any debt payments when you choose to retire. Of course, many of use would like to think that we’ll be out of debt by then but in reality you may still owe on a vehicle or credit card or even a house. Be sure to calculate those costs into the amount you need for retirement.

You’ll also need enough money to cover such costs as utilities, auto and home insurance, groceries and other miscellaneous expenses we all must pay on a month to month basis.

Healthcare will be an extremely important aspect of your retirement. Naturally, as we grow older our healthcare needs increase and that means spending more money. If you fail to fund your retirement in a sufficient manner, even one serious health problem could wipe out your retirement fund and you might find yourself facing the rest of your retirement with serious money problems. Just for your healthcare costs alone it’s a good idea to plan on budgeting at least $15,000 per year for every year of your retirement.

You also need to consider whether there will be expenses when you first retire that you’ll still need to cover such as support for aging parents (with life expectancy figures today, it’s definitely a possibility) as well as college education expenses for kids.

In addition, don’t forget miscellaneous costs which may pop up that we tend to forget. These costs include home repair costs, such as replacing a roof, purchasing another vehicle, etc.

After adding up all of the costs you’ll need to cover during retirement, don’t forget to take into consideration the effects of inflation. Figure on costs today rising an average of about 4% a year for every year you have left until retirement and then some.

Finally, don’t forget to give serious thought to how long you may need to fund your retirement. Quite surprisingly, many people tend to underestimate how long they’ll live and as a result run out of money. Don’t let that happen to you. The best rule of thumb is to assume you’ll live to at least age 90 and calculate for that.