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Planning for Retirement in Another Country

Are you considering retirement in another country? You’re certainly not alone.

A few years ago, American retirees were flocking south to Mexico, lured by cheap housing and a lower cost of living. The recession and the Mexican drug wars stemmed that tide for awhile, but now more Americans than ever are retiring overseas for the lower cost of living, access to comparable health care and a slower pace of life.

While the cost of living in many countries is lower than the U.S., there are several factors to consider when making a decision whether to retire overseas, including:

Healthcare – it stands to reason that some of the countries with the lowest cost of living also have sub-standard healthcare. As Americans, we are used to good quality healthcare, even if it is expensive. Also, Medicare coverage does not extend beyond the U.S. borders, so you may need to return to the U.S. for healthcare or plan to spend more out of pocket in your adopted country.

Taxes – if you move to another country, you still have to file a U.S. tax return. If you work in that country and make less than $102,100 in 2017, you won’t have to pay taxes, thanks to the Foreign Earned Income Tax Credit. However, pensions are taxable no matter where you live.

Money Management – in many countries it is very difficult for a U.S. citizen to open a local bank account. In addition, most foreign banks cannot accept deposits in U.S. dollars, so gaining access to your Social Security or other direct deposit funds may require wire transfers from a U.S. account, which can be costly. Your U.S. income could also suffer due to fluctuations in the exchange rate.

The Dorcey Law Firm, PLC, focuses on retirement planning and asset protection for Florida residents. Contact our Fort Myers law firm for your free consultation.

Categories: Retirement Planning
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The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169