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Resources for Seniors Interested In Retiring Abroad
By Jim Miller
Whatever
your reasons for wanting to retire abroad – a desire for adventure,
a lower cost of living, a better climate – you need to do your
homework and learn everything you can about the country you’re
interested in because there are many unknowns. Here are some tips
and resources to help you get started.
Researching Tools
You can find lots of information and articles on the countries and cities you’re
interested in retiring to at websites like International
Living,
Escape Artist and AngloINFO.
International Living even offers a short quiz you can take and help you discover
your ideal
overseas retirement location.
There are also some great books on this topic like “How to Retire Overseas:
Everything You Need to Know to Live Well (for Less) Abroad” by Kathleen
Peddicord, and “Retirement Without Borders” by Barry Golson. These
books and others like it are available in book stores nationwide or online at
amazon.com. Or, check with your local public library.
Another good tip is to talk or network with some expatriates who have already
made the move you’re thinking about making. They can give you tips and
suggestions, as well as the advantages and disadvantages and day-to-day reality
of living in a particular country. Some popular sites to finding expat resources
are expatexchange.com and expatforum.com. Here are some other areas you need
to investigate.
Cost of living: Retiring abroad used to be seen as a surefire way to live beyond
your means, and for some countries it still is. But the U.S. dollar isn’t
what it used to be, so your money may not stretch as far as you think. See numbeo.comand xpatulator.com for a country-by-country cost of living comparison.
Safety and stability: The U.S. State Department offers background notes or fact
sheets on 200 countries (see state.gov/r/pa/ei/bgn) providing information about
the land, people, history, government, political conditions, economy and foreign
relations.
Weather: Use worldclimate.com to get weather information on just about every
significant city in the world.
Taxes: No matter what foreign country you decide to retire in, as long as you’re
a U.S. citizen you still have to pay U.S. taxes. For details see the IRS publication
54, “Tax Guide for U.S. Citizens and Resident Aliens Abroad,” at
irs.gov/pub/irs-pdf/p54.pdf, or call 800-829-3676 and ask them to mail you a
copy.
Health care: Medicare does not cover retirees outside the U.S., so you’ll
need to contact the embassy or consulate (see usembassy.state.gov) of your destination
country to see how you can be covered as a foreign resident. Many countries provide
government-sponsored health care that’s inexpensive, accessible and just
as good as what you get in the states, or you may want to buy a policy. Outfits
like the Association of Americans Resident Overseas (aaro.org), April Medibroker
(medibroker.com) and Bupa International (bupa-intl.com) offer or broker affordable
health plans.
Social Security: This is the one area you don’t need to worry about. You
can receive your monthly Social Security benefits almost anywhere you live around
the world. Your benefits can be deposited into your bank account either in the
U.S. or in your new home country — there are some exceptions. To learn
more, see ssa.gov/pubs/10137.pdf.
Test run: Once you settle on a destination, be sure you visit multiple times
during different seasons to see whether you can envision yourself living there
and not just exploring the place as a tourist. If you like what you see but aren’t
sure where to live, rent before you buy to be certain you’re happy with
your choice.
This page and its contents ©2013
Metropolitan News Company, Inc.
