1. The expatWant to move to Belize after you retire? Then you have some serious planning to do. Ken Moraif, a senior advisor at Plano, Texas-based wealth management and investment firm Money Matters, says that you'll need to consider both the financial and lifestyle ramifications of such a retirement.
Moraif points to clients who planned to sell their home and move to Belize. It seemed to make sense: The clients loved vacationing there, so why not live in the sunny paradise on a full-time basis? Moraif advised the clients to rent a home in the city for six months before they retired. The clients soon found that living in Belize wasn't quite as nice as vacationing there.
"They were too far from their families," Moraif says. "They also realized that they wouldn't have enough to do every day. So they decided to change that plan."
Living in a foreign land can sound fun, and for many retirees it is. But it's wise for potential expats to consider how far they'll be from their families, the nearest airport and adequate medical services before they make the move.