Five Things to do for Your Retirement Plan
You require financial security during retirement more than ever before. However, studies suggest that less than half of Americans are prepared for their retirement life, and even lesser have ever spoken to retirement consultants to plan their old age.
According to estimates, one needs approximately 70 to 90 percent of their income to maintain their lifestyle during retirement. Luckily, with a low housing cost and tax exemptions, moving to the Caribbean is often considered a sensible decision for retirees.
So what do you need to do if you plan to retire and settle in the Caribbean? Well, here’s a basic guide to planning a comfortable retirement with specifics to help you find the perfect home in one of the 23 Caribbean countries.
Ideally, one should start saving at 45 years of age to retire after 60. However, if you have not done so already, you can opt for a 10-year retirement saving plan to save 15 percent of your gross annual income. And no matter what happens, do not touch your retirement fund at all!
Pick a Location
Depending on your current lifestyle and preferred choice of retirement life, find a location in the Caribbean that you love the most. While St. Maarten is known to have one of the lowest crime rates globally, Belize offers a 29% lower cost of living than the US. So make a pick according to your needs and preferences.
Plan for Medical Coverage
Since Medicare does not offer coverage to Americans living outside of the US, you can either opt for a medical insurance plan to obtain private healthcare services or have substantial funds to fly out to Mexico or the US for your medical needs.
Set Your Goals
Retirement goals consist of various things you can or want to do in your retirement life. You can either start a business in St. Maarten, or set up an off-shore company in Anguilla right away. Whatever you picture yourself doing when you retire, start working towards it. Moreover, some Caribbean countries like Belize require you to put in funds to benefit from their retirement funds. Speak to your consultant and look into every aspect of it.
Get Professional Help
Get in touch with a retirement consultant to get started with the process. A retirement consultant in the Caribbean can walk you through the legality of the process and help you in acquiring a residency permit, setting up a bank account, and buying property.
If you are looking for a retirement consultant in the Caribbean that offers you transparent services with dedication, reach out to us at BrightPath Caribbean. We have helped thousands of clients immigrate to the Caribbean and start businesses, acquire residence and even earn citizenship. Schedule a free Zoom consultation with us today to begin the process.