A key aspect for any retirement plan is your financial situation. It’s time to take a long, hard look at your finances in order to come up with the best possible Caribbean retirement or semi-retirement strategy. The Caribbean has always been a wonderful place for the wealthy, but it is also becoming the preferred destination for seniors of more moderate means. The wide selection of lifestyles and real estate choices – from affordable to super luxury – are luring retirees of all income levels. Also, as telecommuting and freelance internet-based jobs become more prevalent, the Caribbean islands may make a great home-base for semi-retirement.

What does all of this mean? One, if you are looking for luxury, the Caribbean has it. Sometimes at prices that are substantially less than those in your home country. Two, moderate Caribbean living is also widely available. Affordable villas and condos, as well as dining and activities, can be easily found.

For those who have done little retirement planning and only a small amount of savings… don’t panic! Rental properties are available and, if you choose your destination carefully, you can avoid automobile-related expenses, shop cheaply and have access to basic affordable medical care.

Financial Pros can be an invaluable help in coming up with a Caribbean retirement plan. Be sure to take advantage of their expertise.

Here are a few general considerations:

• Begin your financial retirement planning as early as possible.
• Determine the value of all of your assets and decide which ones you will keep and which you should sell. For many, their home is their largest asset. How will you handle this property? Is it better to sell, rent the property or refinance? This, of course depends on your overall strategy, but it is time to start thinking about the advantages and disadvantages of each option.
• Calculate your current income from all sources, as well as how this income stream will change over time and how it would be impacted by different decisions regarding your assets and your career decisions.
• While private pensions are typically not affected by retirement or living abroad, a government pension may be. Check your particular situation and be sure you have the facts straight.
• Use RIC as a tool to find a Caribbean retirement location that both suits your lifestyle and is within your means.
• Thoroughly research the available real estate in your preferred retirement location.
• You will need to set up a bank account in your new home country. Selecting one that facilitates international transactions is imperative.
• Taxes: The USA taxes worldwide income, while many other countries do not. Check to see how your tax situation may change. Talk with an expert.

Remember, it is important to plan ahead, get detailed and accurate information on your particular situation and be realistic about your budget. This will prevent stress and aggravation in the future.