Important Considerations for Retiring Abroad
Certified Financial Planner Robert M. Ryerson advises clients on long-term wealth management strategies, including identity protection and retirement planning. Robert M. Ryerson contributed to the book, What You Don’t Know about Retirement Will Hurt You!, in which he shares his expert suggestions for near-retirees in diverse circumstances, including retiring abroad.
Attracted by lower costs of living and warmer weather, more American retirees are moving abroad. The United States Department of State urges retirees to consider several factors before they make the move.
Retirees must have an in-depth understanding of local visa and residency laws. Many countries offer visas specifically for retirees, but the conditions vary and may require legal counsel.
While most US citizens can continue to receive Social Security while they live abroad, Medicare will not cover any health costs incurred outside of the United States. Retirees should have the financial means to purchase a private insurance plan or enroll in the host country’s national health plan, if eligible.
Additionally, Social Security payments are taxable in some countries. This should also be factored into all financial planning.
