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INSIDE THIS ISSUE From the Desk of Bob PAGE 1 Why ‘Onward’ Teaches Amazing Lessons PAGE 1 Skin Care Is Like a 3-Course Meal PAGE 2 3 Cooking Hacks to Eat Better PAGE 3 Take a Break PAGE 3 Mini No-Bake Key Lime Pies PAGE 3 Is an International Retirement Right for You? PAGE 4
SAY ‘CIAO!’ TO TRADITIONAL RETIREMENT Things to Know Before Spending Your Golden Years Abroad
Review your wants versus your needs. Who doesn’t love a tropical vacation, but do you really want to live there permanently? Tropical spots also include hurricanes, bugs, humidity, and lots of sand and water. Rather than packing up and moving to a new country outright, spend a few months in the place you want to call your new home. If you can live with the good and the bad, it’s the spot for you! If not, try somewhere else until it feels right.
Retirement is what you make it, and the possibilities are endless. For many Americans, that has meant selling their possessions, packing up what they have left, and moving abroad. In some cases, an international retirement can be more affordable and provide better health care options. Plus, the opportunity to explore a new region is enticing. Others worry about being away from family, navigating foreign rules, and dealing with language and cultural barriers. If these obstacles don’t scare you away, an international retirement may work. Here’s how to prepare for it.
Monitor your comfort level.
It’s difficult to ask your neighbor for flour when you don’t speak the same language. While it’s true that many countries have numerous English speakers, you may run into situations where communication or customs are difficult. You should learn the basics of your new country’s language and be prepared to be more independent. Until you find a community in your locale, you may not have the same support you have back in the states. As with all your plans for retirement, consult with a professional to determine if an international retirement is right for you. And if it is, then bon voyage!
Consider the monetary challenges. In many cases, retiring abroad can be preferable due to lower costs of living and affordable health care. Plus, you can receive and deposit Social Security overseas. However, there are a few hurdles. For instance, you could end up paying taxes to the U.S. and your new country, which means a double tax. You will also have to transition to a completely digital banking system and understand how your new residence may impact your American-based assets.
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