Portugal routinely tops the list of foreign destinations for retirees, such as International Living’s list of the world’s best places to retire, while Western Hemisphere countries Mexico and Panama are usually not far behind. For many Americans, the appeal of a foreign destination is obvious – living a new adventure, enjoying new types of food and stretching their dollar – but is it really the best option for early retirees?
If you’ve retired early, here are some key things to know about moving abroad, including both the good and bad sides of retiring overseas.
Over the past few years, the idea of early retirement has been riding a wave, whether that’s due to the COVID pandemic, the desire for more autonomy or just the ever-recurring dream of quitting the “rat race” and living life on your own terms. Members of the FIRE movement – short for financial independence, retire early – have been the most vocal proponents of saving and investing aggressively so that they can do what they really dream of doing with their lives.
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For quite a few, that dream means retiring abroad because of the freedom it affords them. While retiring overseas certainly can bring a lot of advantages, it has drawbacks, too. (This Bankrate investment calculator can help you figure out how you could make FIRE a reality for you.)
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