Want to retire abroad? Here’s what to consider first
By Jessica Fu The Seattle Times The draw of retiring overseas can be tempting especially in the face of stubbornly high costs of living throughout the country But before you go experts recommend thorough research and planning Retiring abroad comes with complications including lifestyle changes immigration hurdles and disruptions to strength care coverage Here are a inadequate critical considerations according to people who help Americans move abroad Map out a long-term plan Evaluate what moving abroad would mean for your entire life not just the cost of daily living Related Articles Massachusetts potency bills to be hotter than the temperature with rate spike American Eagle defends Sydney Sweeney It was invariably about the jeans Trump removes official overseeing jobs evidence after dismal employment analysis Senate confirms anti-DEI stalwart Andrea Lucas to second term at top workplace civil rights agency What consumers can expect from import taxes as the US sets new tariff rates You need to think about what s major to you commented Jennifer Stevens executive editor of International Living a magazine about retiring overseas What kind of access you ll have to robustness care and what the lifestyle is going to be like Beyond your own life consider what moving overseas means for people you leave behind For those with older parents who need long-term care that means having a plan and architecture to oversee and manage their well-being while you re abroad It also means putting in place proper succession planning expat adviser David Lesperance wrote in an email He also suggested having health and financial powers of attorney in place in episode of emergencies As other countries have their own laws professional advice should be sought and followed to avoid hidden pitfalls such as forced heirship rules he added referring to laws that guarantee children a portion of an estate regardless of what s written in a will This is especially true for common law and same-sex couples Look at your finances Americans who move abroad are still required to file U S taxes Before setting out experts recommend having an understanding of what your obligations will be to both your new home and your old one What s the tax planning I need to do What s the tax ramifications of that mentioned Lesperance listing the questions that expats have on their minds Experts also urge people to research the financial implications for their retirement income While people collecting Social Defense can do so abroad specific pension benefits can only be deposited into U S financial institutions Make sure you can access your retirement income abroad before you leave Also be aware of the vulnerability that exchange rates pose declared Alex Ingrim founder of Liberty Atlantic Advisors a financial advisory for expats When your savings and retirement income are in U S dollars but you re spending another currency you re vulnerable to the volatility of exchange rates Changing immigration pathways Immigration laws in other countries just like those in the U S are constantly in flux Current retirement visa programs might be terminated in the future others might be introduced in countries where they previously were none But by large migration policies trend toward becoming more restrictive over time reported Stevens the editor of International Living For someone who s considering going abroad whether for retirement or earlier now is a really good time to do it she disclosed That doesn t mean you should rush out Rather just be prepared for the possibility that immigration pathways might change faster than your timelines and have backup plans Long-term expats may have the opportunity to acquire citizenship in their new home country That could come with its own advantages as well as responsibilities wrote Lesperance all considerations to keep in mind Talk to an expert Moving abroad is manageable but it s a significantly smoother process if you have guidance from someone who understands the complexities of the decision In latest months Ingrim the financial adviser has seen more interest from Americans who are fully committed to moving abroad unlike in the past when more of his clients were curious but not set on the idea We ve spoken to numerous people that say I m moving to Portugal in three weeks what do I need to do to prepare Ingrim explained Three weeks is a really short amount of time Enlisting an expert early in the process can help people get a comprehensive sense of what it takes to relocate an entire life to another country and how to make it happen The Seattle Times Visit seattletimes com Distributed by Tribune Content Agency LLC
