Whether this is your first time working abroad, or you have been working for a long time, you would know that your work opportunity will not be forever. Thus, it is important to prepare for the time when you have to go home to retire.
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The sooner you know what to do prior to retirement, the better your chances are to save and prepare for the time when you no longer have to work. You could also be empowered to seek other opportunities or activities that can support you even if you are back in your home country.
Start Planning for Your Retirement Now
A kababayan in Qatar shared valuable insights on how OFWs can plan for their retirement. Here are valuable tips to help you prepare in the coming years:
Financial Planning
It’s important that your finances are in order even if you are no longer working abroad. After all, you might not earn as much as you used to, so you can also start adjusting for a simpler lifestyle. You should also know where you want to retire so you research the possible cost of living that you will experience.
In the meantime, you can also start generating another source of income. For example, you can start a small business or invest in real estate. You can also look at stocks to ensure that you will always have income.
Healthcare and Insurance
As we age, it’s important to prioritize our health. It would help if you look at local health insurance plans that you can use for your medical expenses. Even if you are still abroad, you can research reputable companies and see what they offer. You can also ask recommendations from family and friends so you can get as much information as you can.
As early as now, you should take care of your health to lessen health complications when you are older. Get regular check ups while you still can. When you also look for healthcare plans, choose the one that covers any pre-existing conditions.
Living Arrangements
If you don’t own a home, now would be a perfect time to decide whether you will purchase one or not. When you retire, do you want to live in your home or would you prefer to live with relatives? Once you have decided which arrangement works, you can then start preparing to make your future stay comfortable.
Social Reintegration
Going back home means reconnecting with family and friends. After years of being separated from one another, you would be interacting with them and any new family members. Together, they can help you adjust in your new life after your long stay abroad.
To help you cope with your retirement, it would also be best to take part in social activities. You can resume the activities that you left behind. Or you can also explore new experiences to help you grow personally.
Legal Documents
Most importantly, make sure that your legal documents are in order. First, you should have updated your identification documents before you retire. If you have a driver’s license, the information should be updated. Another point to remember is, if you have changed your marital status or citizenship, your documents should reflect these changes as well.
You should have settled legal matters before coming home. You want to save yourself the hassle and expenses of flying back just to settle any pending matters. Also, ensure that your papers are complete.
With these details in place, you would have no problem retiring and coming back to your home country. The key is to plan ahead and ensure that your goals are met.
You can watch the full video of Pearly Lilian here:
Disclaimer: The information posted here is based on personal experiences that the OFW shared in the video. Please let this post serve as a guide only. If you have specific questions, you may ask the OFW by commenting on their video or on their social media account.
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