Looking to retire early abroad but struggling to find suitable locations? I created the Destination Decision Tool to help refine the list of possible retirement spots. Ok, ok, it’s an excel with some criteria on it, but it’s a solid guide to get you started.
Whether you want a serene coastal retreat or a vibrant city, this tool streamlines your search, helping you wade through the seemingly endless possibilities to find a few goodies that you can really dig into. Now let’s get after it.
Example below for reference but you can create your own so it suits you perfectly 🙂
Destination Decision Tool
So to start, we need some criteria, a few locations and a scoring system to rank our locations.
Scoring Key:
- 3: Excellent
- 2: Good
- 1: Fair
- 0: Poor/Non-existent
Potential Locations:
- Valencia, Spain
- Bangkok, Thailand
- Wherever you like
Museums in Valencia are magical places, even from the outside.
Explanation of Key Areas:
- Cost of Living: Measures the affordability of essential expenses such as housing, groceries, utilities, and transportation.
- Healthcare Quality: Evaluates the accessibility, quality, and cost-effectiveness of healthcare services including hospitals, clinics, and medical facilities.
- Safety and Security: Assesses the level of personal safety, crime rates, political stability, and emergency services available in a city or country.
- Visa and Residency: Reviews the ease of obtaining long-term visas or residency permits, including requirements, restrictions, and processes.
- Quality of Life: Considers factors such as climate, cultural attractions, recreational opportunities, and overall environment that contribute to well-being.
- Infrastructure and Connectivity: Evaluates the quality and reliability of essential infrastructure such as transportation, utilities, Internet connectivity, and public services.
- Tax Implications: Examines the tax rates, regulations, exemptions, and double taxation agreements applicable to retirees’ income, investments, and assets.
- Language and Cultural Fit: Assesses the prevalence of English speakers, cultural integration, language barriers, and availability of expatriate communities.
- Expat Community: Considers the size, diversity, and activities of the expat community within a location, including support networks and social opportunities.
Remember that these are all subjective and dynamic. Use and change these to suit you and your needs. “Know thy self.”
How to Use the Tool?
- Research Each Key Area: Utilise tools, websites, and local resources to gather information on each key area. – More to follow on the best sites to find this info, so stay tuned for that future article.
- Assign Scores: Evaluate and assign a score from 0 to 3 based on the researched information for each key area.
- Calculate Total Scores: Sum up the scores for each location to derive a total score, indicating overall suitability for retirement based on your preferences and needs.
- Compare Locations: Compare total scores and individual area scores to identify strengths and weaknesses of each location, aiding in making an informed decision for retirement abroad.
Lisbon rooftops pouring on the charm for our last night – Mama Shelter
Final Considerations
It’s important to tailor this matrix to your personal preferences and priorities. Adjust the weight of each key area based on what matters most to you in a retirement destination. Use this tool as a guide to conduct thorough research and determine which location best meets your retirement goals and lifestyle preferences. Basically, this is just here to give you a structured approach to identifying what’s important to you and then ranking possible locations based on your specific needs. So yeah…an excel sheet lol. So get your own access
Stay Tuned!
Stay tuned for a future article where I will compile a toolbox full of websites and tools that you can use to conduct in-depth research into each key area of this matrix. These resources will help you gather comprehensive information and make well-informed decisions when choosing your ideal retirement destination.
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Many thanks.
Andy
Newark Airport – Waiting for a flight 🙂
July 2024