Last updated on Aug 23, 2024

What do you do if you're considering a second career abroad as a retiree?

Embarking on a second career abroad as a retiree can be an exciting and enriching experience. It offers an opportunity to engage with new cultures, learn from diverse perspectives, and contribute your lifetime of skills and knowledge in a fresh context. However, it requires careful consideration and preparation to ensure a successful transition. Cultural competency, the ability to understand, communicate with, and effectively interact with people across cultures, is paramount in this journey. You'll need to navigate not just the practical aspects of working in a different country, but also the nuances of its social and professional etiquette.

1 Assess Fit

Before packing your bags for an international career, it's crucial to evaluate how well your skills and experience align with opportunities abroad. Consider the demand for your profession in your target country and whether any additional certifications or qualifications are required. It's also wise to reflect on your adaptability to new environments and willingness to learn a new language if necessary. This self-assessment will help you gauge your readiness for such a significant change and lay the groundwork for a successful second career.

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David Rogers [CPA]

Financial Modelling Manager @ NEOM | CPA, Construction Management
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professional fit is likely covered through initial application, interview, and offer. it is super important to assess personality, team if available, family dynamic - are you leaving or relocating with family. Is accommodation, catering, commute, all company provided, or any elements you’ll need to source and secure with minimal or limited company support. are all qualifications certified at offer stage, and what in country applications remain after arrival - think drivers licence or residency/working visa requirements - and what guidance or assistance can your new employer provide.

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2 Learn Culture

Cultural competency is key when considering a second career abroad. Take time to immerse yourself in the culture of the country where you plan to work. This involves understanding local customs, social norms, and business practices. You can start by reading books, watching films, and following news outlets from that country. Additionally, connecting with expatriates who have made similar transitions can provide valuable insights into the cultural landscape and help you avoid common pitfalls.

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David Rogers [CPA]

Financial Modelling Manager @ NEOM | CPA, Construction Management
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utilise any existing contacts, especially, of course, anyone with in country, or direct experience with your prospective employer - source and review any social media commentary to gain a broad overview of the major advantages, and any potential pitfalls - take a mid-view of all comments / certainly familiarise yourself with societal norms, and any likely activities, social, cultural opportunities you may engage with through any expected downtime

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3 Legal Matters

Navigating the legal aspects of working abroad is a critical step. You must understand the visa requirements for working retirees in your destination country. Some countries may offer specific visas for retirees who wish to work, while others might have more stringent regulations. It's important to consult with legal professionals or embassies to ensure that you have the correct documentation and understand the tax implications of working abroad. Proper legal preparation will prevent any unwelcome surprises and ensure your second career starts smoothly.

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David Rogers [CPA]

Financial Modelling Manager @ NEOM | CPA, Construction Management
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this is covered through your application, interview, offer, acceptance, and on-boarding. there will be guidance and direction provided by your new employer, possibly directly with a local resource to step you through the process required, especially for visa, residency, internal & external travel, driving requirements. You may need to check if your visa will be multi entry/exit or if you will require a separate application and (possibly) company approval for each instance

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4 Financial Planning

Financial planning is essential when embarking on a second career abroad. Consider the cost of living in your chosen country and how it compares to your retirement income. You may need to adjust your budget to accommodate for differences in expenses such as housing, healthcare, and transportation. It's also prudent to understand the currency exchange rates and banking systems, as well as how your employment abroad will affect your retirement benefits. A solid financial plan will provide peace of mind and stability as you start your new career.

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David Rogers [CPA]

Financial Modelling Manager @ NEOM | CPA, Construction Management
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financial planning and knowledge of exchange rates, especially stability & movement, is likely to form a significant part of your decision to accept your new overseas role. Understand the currency you will be paid in (is this pegged to USD or other) What commitments remain in your home country, including family, residence, loans etc - what is the process to transfer money - does advice suggest bank to bank is feasible - or you need to utilise a 3rd party. does your company assist setting up banking in country and/or before arrival? can you be paid directly into an overseas account if there are any delays in country?

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5 Network Building

Building a professional network in a new country is a cornerstone of starting a second career abroad. Start by leveraging your existing contacts who might have connections in your destination country. Joining professional associations, attending industry events, and participating in local community activities can also help you meet potential employers or collaborators. Remember that networking in a new culture may require different approaches, so be open to learning and adapting your strategies.

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David Rogers [CPA]

Financial Modelling Manager @ NEOM | CPA, Construction Management
(edited)
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There is typically onboarding organised on arrival, where you will learn more about your team, processes, housekeeping, access to clubs, organisations, social activities / recommendations. If you have contacts in country or working with the company, of course this can ease your transition, everyone is (kind of) in the same boat, self sufficient and self directed

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6 Health Considerations

Lastly, your health is paramount when considering working abroad. Research the healthcare system of your destination country, including the availability of services and whether your current health insurance will provide coverage or if you'll need a local plan. Additionally, consider any necessary vaccinations and the accessibility of any regular medications you may need. Ensuring that you can maintain your health while working will contribute significantly to the success and enjoyment of your second career abroad.

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What do you do if you're considering a second career abroad as a retiree?

1

2

3

4

5

6

1 Assess Fit

2 Learn Culture

3 Legal Matters

4 Financial Planning

5 Network Building

6 Health Considerations

Cultural Competency

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What do you do if you're considering a second career abroad as a retiree?

1

2

3

4

5

6

1 Assess Fit

2 Learn Culture

3 Legal Matters

4 Financial Planning

5 Network Building

6 Health Considerations

Cultural Competency

Rate this article

Thanks for your feedback

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