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5 Factors To Consider Before Retirement

When you’ve got years and years of your life spent working a 9 to 5 job, there were undoubtedly times you would have wished to finally lay down the labor cap and peacefully retire in peace and silence. Come to your retirement age, and you’re probably thinking about whether to stay in the comfort of your home or find a new place to live the rest of your life. 

According to a study by Pew Research Center, 46 percent of older adults live with their partners, and 27 percent live alone. This puts into perspective how older adults can have the freedom of choosing a place to retire, either alone or with their partners. 

However, choosing the best place to retire isn’t a simple matter of where. There are certain conditions—financial, cultural, and social—that you must consider before settling down in your new dream retirement city to ensure that the rest of your life is spent comfortably.

5 Factors To Consider Before Retirement…

Whether you have racked up retirement savings, or relying on Social Security for your post-retirement plans, here are 5 factors to consider when choosing the best place to retire.

❖ Cost of living

If retiring is the ultimate dream, you’re probably looking for places to retire comfortably and affordably. 

Even with retirement plans and benefits like Social Security and Medicare in place, these aren’t just as comparable as the salary you receive when you’re still working. 

“For this reason, choosing a place where the cost of living is reasonable and within your desired spending range is crucial!!!”

In perspective, housing is the most significant post-retirement expense people older than 65 face in the U.S., and those in retired households rack up $40,938 in average annual spending, according to the U.S. Bureau of Labor Statistics. Retiring in Portugal, on the other hand, only costs you, at most, an average of $2,500 per month. 

❖ Health and burial insurance 

The health and costs of holding a funeral can be very costly, no matter where you are. If you already have health and burial insurance, try to ensure that the place you’re settling down honors your health insurance and burial insurance to avoid unnecessary burdens for you and your family.

If you don’t have these, research the health and burial insurance policies that best suit your needs on your target destinations.

❖ City population 

For some, city population matters when deciding a place to retire to. People who have lived in the busy metro may want to retire in a calm and silent place—away from the hustle and bustle of a vast population.

❖ Culture

The world is full of a vast collection of different nationalities and cultures. Deciding to settle down and retire in an entirely different nation may pose some cultural challenges you must adapt to.

If you are considering migrating and retiring to a foreign Country, then you may need to learn many of the customs practiced by the people that are an essential part of their culture, as well as the language before moving there. 

❖ Family 

You may find retiring in a different country difficult if you have close ties with family members, like your children or siblings. It is essential to discuss with the family your retirement plans—most especially senior living options.

If your immediate family members are hesitant to be responsible for you as you age, it is essential to consider the existence of assisted living facilities when choosing your retirement place.

I’ll be more than happy to share my experience with you, after almost 23 years living in Portugal.

I’ll also walk you through Portugal using Google Maps, show you the best Cities or communities and neighborhoods that match your ideal lifestyle and budget, and go over the moving and buying process as well as the best Visa process to establish residency and ultimately Citizenship

If you have not made up your mind that Portugal is the home for you, and want to learn all about Portugal’s rich culture, tantalizing gastronomy, exquisite wine culture, real estate opportunities, and the latest updates in the ever-evolving real estate landscape, then visit the Infinite Solutions BLOG, register and be the first to receive by e-mail any new posts. Join us on this exciting journey to discover your future home sweet home!!!

As a seasoned realtor with 23 years of firsthand experience living in Portugal, I am here to guide you through every step. From virtual tours using Google Maps to identifying the ideal cities, communities, and neighborhoods that match your lifestyle and budget, I’ll make your transition smooth and informed

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