There’s a move among some retirees in moving to another country for their retirement years. While this sounds exciting, there are some considerations that you need to address before taking this action. Besides the obvious things like living in a new culture and possibly having to learn a new language these issues should be considered:
The Power of the Dollar. How far will your money go? This is based on not only the economy of the country in which you are considering moving but also that of the USA. The fluctuations of the dollar will cause your buying power to rise and fall (hopefully not too far down). You will need to estimate your retirement income from Social Security, your retirement funds and savings to see how far it will go. Investigate the cost of living in the country in which you have an interest.
Medical Care. What would happen to you in the event of a medical emergency? Or what would you do if you were in need of serious surgery? This might not be a serious issue if the country has good medical facilities and overall care. It is not uncommon to find doctors and other medical staff who have been trained in the USA, now living and practicing in other nations. So, the medical care might be very good. Or, it might not be. Still, this is an issue you need to evaluate.
Home Sweet Home. What are your options for home ownership? Some countries allow it, and others do not. Even if you are allowed, you must move slowly and cautiously. Take a good deal of time before you make this move. That way you will become familiar with your surroundings and the best places to live.
Tax Advantages. You should make an appointment with a tax consultant who already has clients who live overseas. Take a list of questions to ask and be prepared for some eye-opening answers. Just because you live overseas does not mean that you will be rid of the IRS.
Family Ties. Think about how this move will affect your family. Living abroad makes it more difficult to get with family members. Special times together are generally limited to vacations and only the most important holidays. What might this do to your family relationships?
Once the glamour is off of the idea of living in some exotic location, you will be better prepared to make a decision. A decision which, frankly, can have wide-ranging consequences, and might not be easy to un-do in the event of severe “buyers’ remorse.”
If you are searching for more information, here are some helpful websites:
Happy searching!
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