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
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