What to consider before retiring overseas

Spending your golden years in a country with a slower pace of life or cooler climate may seem enticing, but it also requires careful financial planning.
Joie Lim, Group Financial Services Director and private wealth consultant at Prudential, shares both financial and non-financial factors to consider. 
Here’s an excerpt from the conversation: 
Andrea Heng: 
Okay, so I have friends who have moved overseas (and) living there. Not as a retirement project but they’ve done it in their younger years. So walk me through the differences here between living and retiring overseas. Are the considerations the same? Joie Lim: 
No, I think (they are) very different. There’s a huge difference between living and retiring overseas. So first and foremost, the motivation and the reasons for leaving and retiring overseas are entirely 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 usually temporary and there’s a defined return plan, whereas for retirement, the time frame is usually long-term and it’s indefinite. It could be for reasons like lower cost of living … I have a client who invest their funds in New Zealand because of global warming, and they want to live in a country where the temperature is more livable (in the) long term. Or if our kids migrate, we might choose to (be) near them.
So the motivations (are) different to start of. The amount of planning required is also different. Because when we are (young and) living overseas, we are able to work. Less upfront planning is required because we can still earn an income. If you don’t like it, you can come home. We can relocate to somewhere else.
Andrea:
That’s right, because people need you to work. 
Joie:
Yes, you are actively contributing to the economy, versus a retirement visa where you need to have more investment requirements.
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