Want Your Savings to Go Further? Consider Retiring Abroad.

A well-planned international move can help you get the most out of your Social Security benefits and other savings. Just be prepared to give up some typical comforts.

Are you worried about the grim outlook for future retirees in the United States? Do you have concerns that your savings, coupled with Social Security, won't be enough to live comfortably? If so, you're not alone.

As TIME's Donna Rosato writes, more and more Americans each year are deciding to take the show on the road and retire overseas. An estimated 4% of baby boomers are expected to at least consider drawing their Social Security benefits abroad. About 550,000 Americans do so now.

Rosato's article features a plethora of resources for curious pre-retirees. The most important advice when choosing to live abroad is to plan carefully. You need to weigh options and examine priorities when choosing a destination. For example, while medical costs will be lower living in a city like Quito in Ecuador, the quality of care drops precipitously once you exit city limits.

You also need to educate yourself with regard to what taxes you still need to pay. Living and working abroad doesn't preclude you from having to check in with the IRS. Finally, remember that living outside the U.S. means sacrificing some of the cultural comforts you may take for granted. This may seem like a superficial bit of advice, but there are plenty of stories of folks who only realized how much they miss sushi, Girl Scout Cookies, free ice, etc. after they had resettled. This is why a test-run in your chosen destination is a good idea. You want to make sure you're happy living without certain brands and products before you make it your new home.

Have you considered retiring abroad? Are you currently a retired ex-pat? Let us know your thoughts. And be sure to read Rosato's article (linked below) for more.

Read more at TIME

Photo credit: EpicStockMedia / Shutterstock

Trusting your instincts is lazy: Poker pro Liv Boeree on Big Think Edge

International poker champion Liv Boeree teaches decision-making for Big Think Edge.

Big Think Edge
  • Learn to make decisions with the clarity of a World Series Poker Champion.
  • Liv Boeree teaches analytical thinking for Big Think Edge.
  • Subscribe to Big Think Edge before we launch on March 30 to get 20% off monthly and annual memberships.
Keep reading Show less

Your romantic partner is probably less intelligent than you think, suggests new study

Our egotism and self-confidence can sometimes spill-over to our loved ones.

Mind & Brain

It's now well known that many of us over-estimate our own brainpower. In one study, more than 90 per cent of US college professors famously claimed to be better than average at teaching, for instance – which would be highly unlikely. Our egos blind us to our own flaws.

Keep reading Show less

Here's when machines will take your job, as predicted by A.I. gurus

An MIT study predicts when artificial intelligence will take over for humans in different occupations.

Photo credit: YOSHIKAZU TSUNO / AFP / Getty Images
Surprising Science

While technology develops at exponential speed, transforming how we go about our everyday tasks and extending our lives, it also offers much to worry about. In particular, many top minds think that automation will cost humans their employment, with up to 47% of all jobs gone in the next 25 years. And chances are, this number could be even higher and the massive job loss will come earlier.

Keep reading Show less

Are you an overbuyer or an underbuyer?

One way to limit clutter is by being mindful of your spending.

  • Overbuyers are people who love to buy — they stockpile things as a result. These are individuals who are prone to run out of space in trying to store their stuff and they may even lose track of what — and how much of what — they have.
  • One way overbuyers can limit their waste, both money and space wise, is by storing items at the store, and then buy them when they really need them.
  • Underbuyers tend to go to extraordinary lengths to not buy things. They save money and do fewer errands, however, they often make do with shabby personal items. They may also, when they finally decide to go out to buy a product, go without entirely because the item may no longer be available.