Money Talks Podcast: What to consider before retiring overseas

Here’s an extract from the talk: &nbsp,

Andrea Heng: &nbsp,
Okay, so I have friends who have moved overseas ( and ) living there. They did n’t do it as a retirement project, but they did it when they were younger. But please walk me through the distinctions between living and retiring abroad. Are the ideas the equal? &nbsp,

Joie Lim: &nbsp,
No, I think ( they are ) very different. There’s a big distinction between living and retiring elsewhere. Therefore, both the reasons for leaving and returning to other countries are fundamentally different. A lot of young Singaporeans might choose to live and work overseas for reasons like exposure, ( seeking ) adventure, experience or even career progression.

So these are generally temporary and there’s a defined return program, whereas for pensions, the time frame is frequently long-term and it’s endless. It might be as a result of lower life costs… A client and I have a client who wants to live in a place where the temperature is more livable ( in the ) long term because of global warming. Or if our kids migrate, we might choose to ( be ) near them.

So the motivations (are ) different to start of. The amount of planning needed is also unique. Because when we are (young and ) living abroad, we are able to function. Because we can also make money, less organizing is needed. &nbsp, If you do n’t like it, you can come home. &nbsp, We you travel to somewhere else.