Is retiring overseas on a budget becoming almost impossible?

Is a low-cost retirement now an impossible dream for many would-be expats?

Whilst the cost of living varies hugely from country to country, it’s always been possible for would-be expats to choose an overseas location which promises not only a better quality of life but also a more affordable existence without compromising on accommodation and lifestyle. For decades, certain locations offered the expat dream at less than the cost of life in the home country, persuading large numbers to sell up and relocate without regret. Even the expectation of inflation along the way held no threats, as the chosen haven’s prices had a long climb before they hit the levels of those back at home.

Wherever expats hang their hats, change is inevitable, but the recent focus on foreigners’ cash at the same time as a less than enthusiastic welcome to long-stayers is now causing would-be expats to think more carefully before booking the removal vans and cargo flights. It seems that successful slogans are still raising expat expectations to a higher level than that provided by the majority of countries concerned.

One especially controversial expense now surfacing across the expat world is the continuing increase in healthcare costs as well as of private healthcare insurance. Across Asia and the Gulf States, the numbers of private hospitals are soaring, and charges in the majority are creeping up towards those in the USA and the better European providers. In Thailand, even the inexpensive public hospitals have been told to charge foreigners twice their normal fees.

Services and expertise may be adequate, but costs are soaring and, for certain long-stay visas, private health insurance is now mandatory in most favourite destinations including Thailand. As yet, the country’s cost of living is manageable for many retirees but, as in several other formerly popular destinations, currency fluctuations can wreck even the best-constructed monthly budget. More than ever, a careful examination of the pros and cons of preferred expat hubs anywhere in the world is the best way forward for would-be expats, whether working or retiring.