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Retiring to Belize Requires Careful Financial Planning

Posted by Grand Baymen on Mar 19, 2014 3:53:32 PM
Grand Baymen

Belize is a good option for those who want to retire and leave the US for a sunny climate.  The local language is English, there are some stunning beaches to explore and the move can be straightforward. However, for retirees, it’s vital to carefully plan the finances and establish just what quality of life they can expect with the money they have available.

There are numerous factors to consider when moving abroad and thinking about the cost of living is a very important one.  It’s strongly advisable to rent accommodation for up to a year as an extra precaution, giving people some additional time to try out Belize.  This will also offer individuals living in Belize the chance to see just how much living costs really are, and to establish what they need their retirement income to cover.

Local transportation is a top consideration when relocating. Â Although many people are happy to take taxis and buses, the areas in which individuals are considering living might not have a good network. Â Retirees also need to remember they might not be able to walk long distances in the future, and this can affect where they choose to live and how much money they need to put aside for transport costs. Â Meanwhile, food expenses are also important. Â These can differ vastly depending on where people are located and what brands of foodstuff they want to buy. Â Eating like the locals will save money, but this means retirees would have to do without their favorite cheeses or wines, for example, from back home.

Another important cost many people forget is that of communication; telephones, internet and cable television.  Most of these options are available, but can be costly.  In many cases, Skype is one of the best options for keeping in touch with family and friends at home, but this means that a good internet connection is required.  Meanwhile, a thought must be given to entertainment too, as retirees don’t want to move only to discover they can’t afford to eat in restaurants or host parties because they are on a tight budget.

Moving to Belize can be an extremely enjoyable step to take, and many people thrive once they are surrounded by the beautiful sunny coastlines of the nation. Â However, it is vital to pay attention to their budget before moving; otherwise they could discover they are not financially equipped for a smooth transition.

Topics: Retiring in Belize

Grand Baymen

Written by Grand Baymen

The Grand Baymen Community includes three distinct but complimentary properties that cater to tourists, expats and Ambergris Caye residents alike. Baymen Garden Condominiums – A private, secure condominium community located on a four-acre parcel of property. Exotic Caye Beach Resort – An established, popular beach resort that caters to tourists and residents alike. San Pedro Fitness Club – Ambergris Caye’s premier club - with pool, tennis courts and gym.