If you dream of retiring in an exotic location, you’re not alone. If you like most Americans, you dream of the day when you leave your office for the last time and embark on the next chapter of your life; retirement. Living in Italy may seem like a pipe dream, especially if you’ve never even traveled abroad. However, being able to bask under the Tuscan Sun is easier than you think. If want to retire in Italy but aren’t sure if it’s right for you, here are ways to seal the deal.
If you already have your heart set on Italy, you might know the visa requirements. To live in Italy longer than the traditional 90-day tourist visa, you need a visa. There are a few visas you can choose from including elective residency. Elective residency means you want to live in Italy without having to work. However, you need to demonstrate that you have sufficient funds to do so.
Getting Your Funds in Order
Moving to the next chapter in your life does come with its own financial responsibilities, which is why it’s important to take advantage of all sources of available income to improve your nest egg without the day job income you’ve been accustomed to. A life settlement can help with that. A life settlement is similar to selling a life insurance policy, but with a twist. Instead of selling the policy back to the insurance company for a fraction of its value, a third-party buy it instead. The policy itself remains active and you can receive a rather large payout for it, but the price can’t exceed the overall value. In exchange, the person who buys the life policy is responsible for the premium payments. They are also entitled to the benefits should the original policyholder die. It’s important to think carefully before going through with a life settlement, but it can lead to more wealth in retirement and reduce any financial worries.
When moving to a foreign country, the first thing you need to do is immerse yourself in the culture. Wherever you’re coming from, it’s not going to be like living in your old home. Italy, for example, has a very laid-back culture. There are many holidays celebrated in Italy, like Ferragosto and Epifania. Speaking of immersing yourself into the Italian culture, it is also important you learn the language. While there are those who speak English, you can’t expect every person to accommodate you. Showing your proficiency in the language makes it easier for you to get around and helps you integrate faster.
Food and Drink
When Italy is brought up, many people immediately turn their attention to the food. That’s because Italy is known for its amazing cuisine. Everything you see in the restaurants and bakeries are all fresh and out the oven. While some products are imported, the majority are grown locally.
Living la dolce vita means living a relaxed lifestyle that’s easy on your wallet. While there are areas in Italy that are just as expensive on the US, the overall cost of living is considerably less. Renting an apartment outside the city center run between $500 to $800 euros. In some places in the South, like Calabria or Sicily, you can rent one-bedrooms for as low as $400 a month. Keep in mind that this does depend on the city and size of your new place.