The number of retirees emigrating to spend their twilight years in foreign climes has increased substantially over the last decade. Many are lured by a warmer climate, lower costs of living and a strong sense of adventure. Providing you can cut the ties with friends and family back home, retiring to Turkey is a rewarding experience; your pension will go much further, you can release the equity in your house back home and invest in low cost property here and the climate and relaxed lifestyle will contribute to your overall well being far more than had you stayed behind in a gloomier climate.
Considering Options
No doubt you decided to choose Turkey as your retirement destination because you have holidayed here in the past. Whether you know the country well or not, you should test drive living here with an extended stay before you commit to live here permanently. If your family ties are strong then you may decide to live in Turkey on a semi-permanent basis, spending for example the winter months here and returning home to continue your family life. If you move with your spouse or partner you need to be sure that both of you are happy with the decision to move and that you both agree on an ideal location to suit both of your requirements. Again an extended stay will give you the perfect insight into whether a permanent life in Turkey really is going to work for both of you. One point to consider early on is how you would cope if your partner were to die or become seriously ill whilst living in Turkey. As with all things in life you need to have a fixed plan for all unforeseen circumstances.
Considering Finances
Whilst the cost of living in Turkey is significantly lower than in the USA or UK you need to think about how you would manage if your pension was hit by low exchange rates or increases in inflation. Many pensioners who retired to countries within the EU were recently hit by a drop in exchange rates resulting for some in a loss of up to 33% of their pensions. You also need to consider additional expenses like the cost of flights home. You need to work out how much money you need to live on whilst you test drive a life in Turkey and you also need to put some money by for emergencies like medical care. You will be able to continue to claim your UK state pension regardless of the fact that you now reside permanently in Turkey, but you will not qualify for the winter heating allowance or disability living allowance because Turkey is not part of the EU or EEA. You can ask for a UK state pension forecast by applying online or asking at your nearest job centre. If you decide to keep your property in your home country you may decide to rent it out to earn extra income. You can do this by employing management agents to act on your behalf but you need to get some independent advice about how this will affect your tax liability.
Optimising Your Free Time
Given that you are retiring to Turkey it is worth learning something about the language. You may think you are too old to learn, but this is untrue. A good understanding of Turkish will help you to settle and integrate into your local community thus reducing feelings of isolation and loneliness. You may also want to settle in an area with a strong expat community, particularly one where there is a bar or club offering entertainment. This will help you to expand your circle of friends. Your retirement years offer the perfect opportunity to take up a new hobby, indulge in an existing one or to fulfill a life’s dream. It is wise to keep a good level of exercise either by swimming, walking or a sport like golf and in Turkey you have the perfect opportunity to do all of these things.
Health Care Concerns
The Turkish state healthcare system offers professional care and treatment but the surroundings may not be what you are used to. Private healthcare centres however do offer plush environments and you need to look into the cost of a good private medical policy. Most retirees are in excellent health nowadays, but the inevitable path of time will mean that by the time you reach your 80’s you will not be as spritely as you were in your 70’s. Whilst it is not a subject that many want to confront or talk about, it is wise to plan for your death by making a will, which not only states how your assets should be divided but also details of any funeral arrangements you wish. If you do have certain healthcare needs then it is worth considering this unique option; the village of Duaci, two km from the coastal resort of Antalya is now home to Turkey’s first five-star hotel and health centre aimed solely at providing facilities for the elderly. Ayka Vital Park is owned and managed by a physical therapy and rehabilitation expert and a cardiologist. The hotel cost 15 million Euros to build and can cater for over 250 people. It is expected that most of the hotel users will be Northern Europeans. The facilities are excellent with medical treatment on site, nurse call buttons in every room and bathroom, 24-hour surveillance and the opportunity for relatives to track the status of their loved one via the internet. There are plenty of age appropriate activities on site and guests can use the hotel for a holiday, extended stay or permanent use.
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