(3 Minute Read)
Have you always dreamed of traveling, but never had the time? Have you wanted to live in Barcelona, Paris, or Venice but never thought you really could? In retirement, you can.
Many seniors spend their golden years abroad. They take the time to see the things that they always wanted to see, but never could. Some travel the world, others buy that home in Spain they always wanted. No matter what your dreams of living and traveling abroad are, you can make them happen if you plan right.
Think Economically
Making a big move across the world is a huge financial decision and it’s important to make a plan on how you will afford being an expatriate. Your finances have to last you through your golden years and in order to sustain a happy, healthy lifestyle you need to properly understand your budget and what kind of lifestyle that will provide for you. Do your research and tap into online expatriate communities and resources. Here’s a list of expatriate resources to get you started:
These resources and communities are great for researching the techniques and tactics that other expatriates have found useful and can help make the transition easier for you.
Sell Your Assets
In preparation for the big transition, you might consider selling some of the assets you can’t take with you. Anything that will no longer be useful for you across seas can be sold for extra living funds. Some common items include the following:
Property
While it might be a good idea to keep any rental properties you have, you can sell the properties you don’t plan to use anymore. Those properties can provide you with a nice way to fund your new life abroad.
Possessions
Vehicles, antiques, and anything else you won’t be taking with you should be sold. Obviously, there are things you just can’t part with. When it comes to those things, consider gifting them to members of your family.
Investments
Retirement is the time to tap into those investments. Talk with your financial advisor to determine the smartest moves to make to capitalize on your investments.
Life Insurance
A similar asset to your investments is your life insurance policy. A life insurance policy can be sold to provide you with some extra funds so that you can achieve your dream of being an expatriate. Some financial advisors are unaware that this is an option. If you’re interested in selling an unwanted life insurance policy, speak with your financial advisor or call us at 888-849-0887 to see if it’s the right option for you.
