Key Quality of Life Factors for Expat Retirees
Retiring in a country other than one's home country, often chosen to improve quality of life, reduce living costs or for adventure. It involves managing foreign residency, taxes & healthcare in a new, often lower-cost location, while relying on international income sources like pensions, savings or investments.
Key Aspects of Expat Retirement
- Cost of Living & Lifestyle: Many retirees move to countries like Thailand for a lower cost of living, where monthly expenses might range from EUR 2'000 to EUR 3'000 for a better lifestyle than at home
- Financial Planning: Retiring abroad involves navigating complex tax rules, currency fluctuations & market risks
- Visas & Logistics: It requires obtaining specific, long-term or non-lucrative visas that allow legal residence without working
- Community: Many expats join established, welcoming foreign communities that offer social support & amenities
Common reasons to retire abroad
- Lower Expenses: Accessing a better quality of life for a lower cost
- Better Climate: Moving to warmer, tropical locations
- Adventure/Culture: Seeking a new, exciting environment in later life
Risks to consider
- Currency fluctuations: Income in one currency may not stretch as far if the local currency strengthens
- Healthcare access: Planning for private, out-of-pocket or local insurance coverage
- Isolation: Moving far from family & friends
Using the following link you can access this sandbox SIPOC model in the ProcessHorizon web app and adapt it to your needs (easy customizing) and export or print the automagically created visual AllinOne SIPOC map as a PDF document or share it with your peers: https://app.processhorizon.com/enterprises/df6yFC7XK5jtciTJGkCWWWUq/frontend