If you are ever going to be able to relocate to the destination of your dreams there could surely be no better time to do so than following your retirement. After a lifetime of toil and sweat behind an office desk or out on location it does not seem an unreasonable ask. But the idyllic resort of your dreams may not be quite so appealing when practical realities are factored into the equation.
Your first consideration has to be housing. More precisely, will the cost of living at your preferred location be in any way comparable to that which you have been used to? If it is significantly more expensive and you don’t have savings to cover it then either your retirement income will need to be sufficient to make up the difference or you may need to consider taking up new employment.
Which brings us nicely to a second point which will need to be taken account of. Having worked for a lifetime the idea of having to find a job to part-fund your retirement might appear counter-intuitive. Granted such work need not be on the same full-time, full-on basis as that which you have endured over the decades, but it might be a big deciding issue all the same.
Then there are regular out-of-pocket costs such as healthcare, travel and of course taxes to be mindful of, as well as food and other essentials, and they could differ markedly from the costs you are used to paying at home.
The Determining Factor
Finally, once all these things have been taken into account will you have enough left to enjoy your hobbies and recreation? The hobbies and recreation which, quite possibly, were the determining factor in your decision to relocate in the first place?
The moral of the story has to be that whilst it is a wonderful thing to be able to follow your dream, the dream needs first to be planned and budgeted for.