Are you sick of seeing the same old concrete buildings and skyscrapers? If you fancy a change in scenery then why not consider retiring abroad? Growing in popularity, retiring abroad could entail a fresh perspective in life, allowing you to embark on activities that you were not able to do so in Singapore. Moreover, retiring abroad may also reduce your retirement expenditure should you choose to reside in a country with a lower cost of living. In this article, we highlight the 3 best places to retire at and how you can achieve this retirement dream.
(See "The Secret To Retirement Happiness")
#1 Taiwan
While Taiwan is a popular holiday destination among Singaporeans, not many may think of actually retiring there. However, this is fast changing with Taiwan quickly gaining popularity as a retirement destination.
Source: https://pixabay.com/en/buildings-taiwan-taipei-101-city-1846728/
With healthcare as one of the main concerns of retirees1, you may feel comforted with the knowledge that Taiwan has good medical and healthcare facilities.2 Additionally, the friendly locals and low cost of living further seals the deal for Taiwan as an ideal retirement destination. Moreover, retirees have the option of either retiring in the cities, countryside or even in the mountains.
However, while Singaporeans are able to enjoy 30 days of visa free entry to Taiwan, there is currently no retirement visa for Taiwan. Therefore, the way around this would be to do "visa runs' by traveling to neighbouring countries every 30 days to restart the counter for your visa free entry. Alternatively, you may also wish to return to Singapore to visit family and friends while restarting your visa counter. Flights departing from Taipei, Taoyuan airport starts from under S$300 for budget airlines with multiple flights available daily.
(See "8 Countries Singaporeans Can't Travel To Without A Visa")
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#2 New Zealand
Australia may have been the hot favourite for many Singaporean retirees in the past. However, with retirement visa applications closed to new applicants, retiring in Australia is now harder than ever before.3 While hopes of retiring in Australia may have been dashed, why not consider retiring in New Zealand instead? Drawing large amounts of similarity to Australia, New Zealand is currently ranked as the fifth best place in the world for retirees, higher than that of Australia.4
Source: https://pixabay.com/en/new-zealand-lake-mountain-landscape-679068/
With New Zealand comprising of two main islands and an estimated 600 smaller islands5, be spoilt for choice with an abundance of residential options. Choose between vibrant cities or opt for a quiet retirement, surrounded by just mountains and lakes. Furthermore, as Singaporeans are unaffected by the foreigner ban on purchase of residential properties, we are able to buy rather than rent our houses.6 This prevents us from being subjected to rent fluctuations thus offering financial security in retirement. Lastly, with three direct flights a day between Singapore to Auckland, visits home can easily be made should you ever feel homesick.
(See "The Fundamentals Of Protection Planning")
#3 Indonesia
If you wish to retire closer to home, then Indonesia is your answer to a perfect retirement destination.
Source: https://pixabay.com/en/pagoda-temple-lake-travel-3240169/
A mere one to two hours flight away, retiring in Indonesia allows you to easily head back to Singapore for visits as often as you wish. Retirement visas can also easily be obtained as long as the criteria are fulfilled.7 Additionally, Bali, the popular holiday destination for Singaporeans, has also been listed as one of the cheapest place to live in.8 As such, should you choose to retire there, this low cost of living would allow you to stretch your retirement budget.
(See "3 Reasons To Avoid An Early Retirement")
How you can achieve this
You may wish to retire abroad for various reasons such as the potentially lower costs of living, a change in scenery or to fulfil a lifelong dream of living abroad. However, whatever the reasons may be, you should be able to retire without having to constantly worry about your finances. To achieve this, it is important that you start planning in advance for your retirement.
By using annuities, you are guaranteed a fixed retirement income thus ensuring that you will have financial security in your golden years. With annuity plans allowing for a premium payment term of up to 20 years, starting earlier could lessen your financial burden by allowing you to spread your payable premiums over a longer period of time. Upon your desired retirement age, pay-outs will commence. This allows you to receive extra income in your retirement to supplement your existing savings and thus allows you to retire worry-free.
(See "Want To Retire In Your 50s? Here's The Timeline To Follow")
Annuities are suitable for:
- Retirement planning
- Income security in retirement with a lifetime of income guaranteed
- Tool to supplement CPF Life and any retirement savings
Annuities are not suitable for:
- Death coverage
Click on the "Get Started' button below to find out how you can achieve financial independence and indulge in a comfortable retirement.
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2Source: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3960712/
3Source: https://www.homeaffairs.gov.au/trav/visi/visi/investor-or-retirement-visas
4Source: https://www.im.natixis.com/us/resources/2018-global-retirement-index-report
5Source: http://worldpopulationreview.com/countries/new-zealand-population/cities/
7Source: https://www.bali.com/retirement-visa.html
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