For many Canadians, the idea of retiring abroad after a long working career is an exciting possibility. Whether it’s the warmer weather, a lower cost of living or pure adventure you’re in search of, a move abroad could help you find exactly what you are looking for. But before you decide to act on that dream, you need to do your homework to make sure the experience will live up to all you’ve imagined.
Here are some important things to keep in mind:
Your HOOPP pension. If you’re a HOOPP member who decides to make the big leap and spend your retirement years abroad, you can rest easy knowing that you can continue to count on your pension. You can conveniently receive your monthly pension from us by direct deposit. What do you need to do? Just make sure to keep your contact, banking and beneficiary information up to date. The easiest way to do that is to sign in to, or register for, HOOPP Connect – your secure member site.
Medical care. Consider your health care needs and the options available abroad. Take the time to learn about the different medical services your provincial health plan will cover. Depending on the coverage offered, you may need to think about buying private health insurance.
Government pensions. Make sure your Old Age Security (OAS) and Canada Pension Plan (CPP) payments are deposited directly into your Canadian bank account. This is a safe and convenient way to access those funds.
Taxes. If you plan on being away for extensive periods of time, you may still have to pay Canadian income taxes depending on your residency status. If you have any questions or concerns, contact the Canada Revenue Agency to discuss your situation.
Travel costs. It’s always a good idea to talk to your financial advisor about how this big step could impact your finances. You need to understand the implications to your overall financial plan and have a good appreciation on how to best manage your day-to-day expenses.
Retiring abroad can be an amazing experience. With some careful planning you can transition smoothly into your next life stage and enjoy all of the adventure that comes with it.
“If you can dream it, you can do it.” – Walt Disney
What does your dream retirement look like?
Have you retired abroad or are you currently thinking about it? We would love to hear your story. Email us at communications@hoopp.com.