34% of Americans are looking to retire overseas: Should you?
Investopedia is a well-regarded publication and is considered a very reputable resource for financial planning and investment management. I link to articles there all the time when I write.
I was pretty stoked when somebody reached out to me to contribute to one of their articles. They were seeking an advisor with expertise in international retirement planning.
Their research has shown that 34% of Americans are considering retiring abroad, with Gen Z being the most open to this option.
And so, they were looking to understand the trend, the why, the challenges, and how to prepare for this kind of transition, among other questions.
I’m very comfortable moving from one culture to another and from one country to another. My family is quite international, so this is what we consider life to be. But I know it’s not everybody who can do this.
Are You Looking To Move Overseas?
So if you are looking to move overseas for retirement, your preparation will depend on how far back you are starting. What group do you fall into?
Group 1: Those who visited once, probably stayed at an all-inclusive resort or a beach hotel, and fell in love with the country that way.
Group 2: Those who lived abroad for extended periods, for example, on international work assignments.
Group 3: Immigrants like me, who have lived in the US for a long time, and now want to return home or move to another country.
What Do You Need To Consider To Retire Overseas?
The cost of living.
The retirement visa and its requirements.
Taxation – The IRS will still want to tax you, and there is a possibility you may have to pay taxes in your new country.
- Cost of healthcare.
Being able to get social security.
- The language etc
For more details, please refer to the article, originally published on Investopedia.
Surprising Trend: One in Three Americans Eyeing Cheaper Retirement Overseas. Should You?
Other Resources
This has become a very popular topic, and I’ve been busy sharing my knowledge on the same.
Retirement Answer Man:
Retire Without Borders: An Expat Primer
Dr Preston Cherry:
From Our Podcast: The International Money Cafe Podcast.
Guided By The Stars No More: A Roadmap For Retiring Abroad: Part 1
Guided By The Stars No More: A Roadmap For Retiring Abroad: Part 2
I expect we’ll continue to see more of this type of request.
The goal is to be prepared, have all the necessary facts on hand, and make informed decisions.
Are You Curious About Your Finances If Looking To Move Overseas?
Why Professional Guidance Is Key
The US tax code is complex, and it’s even more so when you add another country into the mix.
But don’t let this fear stop you from exploring what could be an awesome opportunity for you – the chance to see another part of this world.
I’ve walked the journey with others before you, I understand the fear, the concern, but also the opportunities available. Often, it’s not knowing what you don’t know.
I’m happy to partner with you on your situation at any time.
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Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for the purchase or sale of any security, investment advisory services, or legal advice. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Jane Mepham and all rights are reserved. Read the full disclaimer here.