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There are many questions to ask yourself as you head into retirement. What am I looking for? How important is security? Do I need appropriate access to medical treatment? What do I need to consider before moving abroad? And, most importantly, where exactly do I want to spend my retirement? Here we unpack how to reach that decision.
Top retirement locations
Although the perfect place to retire is indisputably subjective, the most favoured spots usually offer good weather, access to professional healthcare, and affordability. So, where are the top retirement havens around the world?
At the top of International Living’s Global Retirement Index is, (perhaps surprisingly for some), Panama. With its warm but breezy climate, idyllic location, and safe living environment, it has plenty to offer new retirees.
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Panama offers beach communities, cool mountain retreats, grassy highlands, or modern city living – there’s something for everyone. Following closely behind is Costa Rica in second place. With a similar tropical climate, reasonable medical costs, friendly locals, and overall affordability, many fall in love immediately.
Leana Nel, head of the Chas Everitt international sales and relocations division, offers an alternative. She explains her reason: ‘For those who would prefer to buy a property, and have the means to do so, Chas Everitt would recommend the retirement visas available in Cyprus and Greece, and would be happy to provide details of those to anyone interested.’
Some countries also offer affordable residency options that differ from ‘golden visa’ schemes. The most popular are ‘retirement visas’, which are aimed at people who have a certified monthly pension or annuity income sufficient to live in their chosen country. They allow applicants to continue to work remotely and they do not require applicants to buy real estate.
Nel noted that the top three choices for South Africans who want to obtain permanent residency through a ‘retirement visa’ are Mauritius, Portugal, and Panama.
Medical needs
Nel adds that whilst security is undoubtedly important everywhere, individual needs should be accommodated for.
She said: ‘Some South African retirees will insist on living in a gated estate or secure apartment complex when they move abroad. These are present in most preferred locations and provide increased peace of mind about moving to an unfamiliar country.
‘On the other hand, some retirees who are emigrating specifically do not want to live in an estate, as they feel it will hinder their integration into the local culture.’
Nel also reiterates the importance of access to medical treatment: ‘People who are retiring are naturally concerned that their health may deteriorate as they age, and that is why it is important to know that any country they choose to live in has good health care facilities.’
This includes pharmacies; accessible clinics and practitioner centres; an adequate number of well-trained doctors, dentists and specialists; and good, affordable hospitals, especially if one’s budget is limited.
‘Usually, retirees will also need new health insurance to replace their South African medical aid and any additional health provisions, so find out whether this will be affordable in another currency that may be stronger than the Rand.’
Considering family ties
Expanding on her earlier point regarding the importance of accessibility, Nel further explained: ‘It is very important to put any tax and financial affairs in proper order before leaving South Africa, and make sure money is easily accessible when living abroad.
‘In general, [it is also imperative] to think about the real cost of living in the country an individual is considering, especially if they will be living on a fixed income. It is always a good idea to travel to the country before making the decision to relocate there, and check out the prices of utilities, groceries, furniture, and other goods.
Chas Everitt always warn retirees who are planning to leave the country, while leaving family and friends in South Africa, about the implications. Nel says: ‘It is very difficult to put down new roots in another country, and even more so when family is far away.’
