Retire Abroad

According to the Social Security Administration, the number of retirees who drew Social Security outside the U.S. jumped 40% from 2007 to 2017. While the COVID-19 pandemic has put the brakes on Americans’ plans to more aboard, once the crisis is over there’s likely to be an explosion of retirees choosing to live outside the U.S. part of the year or permanently. While it’s fun to dream about spending your retirement years in Europe or in a tropical paradise, there are many issues you need to think about before making such a life-changing decision. Your Medicare plan may or may not provide coverage in foreign countries, so it might be necessary to purchase supplementary medical insurance. Even if the nation you’re considering offers free or low-cost government-subsidized healthcare, you may not be eligible for it as a non-citizen. And the quality of physicians and facilities in that country may be inferior to those in the U.S. If you plan to earn income while living aboard, you may have to pay taxes to both your adopted country and to the U.S. Banks and financial institutions in developing nations may charge higher fees and have lax standards for protecting against fraud. In terms of protecting your financial interests in the U.S., most countries now allow ex-pats to have dual citizenship, although it could take several years for you to become a citizen in your adopted home. And, if the nation you’re emigrating to requires you to give up your U.S. citizenship, you’ll be taxed on the value of the remaining assets in your estate. That’s why if you’re still committed to retiring abroad after the pandemic subsides, it’s critical to thoroughly research the financial, healthcare, and lifestyle pros and cons of the countries you’re considering. And even if you find what seems to be the perfect location, consider renting first before you make a permanent investment in your new home.

Om Podcasten

Whatever life after 50 looks like to you, thinking about money in retirement shouldn’t keep you up at night. We’re all dealing with the big questions about money and aging: How much you can really spend, how to invest your life savings without risking it all in the stock market, and should you sell your home and downsize? Then there’s the biggest unknown: how much health care you’ll need, and whether your savings and insurance is enough to cover the costs. This is personal. These topics may not be easy to talk about with your own family. That’s why nationally known personal finance experts Terry Savage, Richard Eisenberg, and Pam Krueger and are here to open up the dialogue so you can learn how to define your retirement and deal with your money on your own terms. These three friends think, write, and speak about these issues. And now they’re joining forces to give you the benefit of their experience, wisdom and advice in their new podcast, Friends Talk Money. Each week Richard, Pam and Terry will discuss a different piece of the retirement pie. Everything from Social Security and Medicare to investing and cash flow management is on the table, with practical, common-sense advice on how to deal with these and other challenges. But don’t expect cut-and-dried answers. These friends have strong opinions, and aren’t afraid to debate the pros and cons of their friends’ recommendations. But what you will walk away after each episode is a greater awareness of the retirement planning issues you’ll need to address with the help of your family, friends and financial advisor.