Jessica Who, Seattle Times
The appeal of retiring abroad is particularly appealing, facing a stubbornly high cost of living.
But before you go, experts recommend thorough research and planning. Resigning abroad is accompanied by complications such as lifestyle changes, immigration hurdles and health insurance disruptions.
According to people who help Americans move abroad, here are some important considerations.
Make a long-term plan
It assesses not only the cost of daily life, but also what moving abroad means to your life.
“You need to think about what’s important to you,” said Jennifer Stevens, executive editor of International Living, an international retirement magazine. “What access does healthcare need and how will your lifestyle be?”
Beyond your own life, think about what it means to move abroad for those you leave behind.
For those with older parents who need long-term care, it means you have a plan and network to oversee and manage their well-being while you’re abroad.
That also means implementing appropriate inheritance plans, Expat advisor David Lesperance wrote in an email. He also suggested that the medical and financial powers of the power of attorney are in place in the event of an emergency.
Other countries have their own laws, so they need to seek professional advice and follow up to avoid hidden pitfalls such as the rules of forced heirs,” he added.
Look at your finances
Americans traveling abroad must file US taxes. Before you leave, the experts recommend that you understand what your obligation is for both your new home and your old home.
“What is the tax plan I need to do? What is that tax?” Lesperance said it lists the questions Expas has in his heart.
Experts also encourage people to study the financial impact on retirement income. People who collect Social Security can make it overseas, but some pension benefits can only be deposited with US financial institutions. Before you retire, make sure you have access to your retirement income overseas.
Also note the risks pose by exchange rates, says Alex Ingrim, founder of Liberty Atlantic Advisors, Expats’ financial advisory. If your savings and retirement income are in US dollars, but you are spending another currency, you are vulnerable to exchange rate volatility.
Changes in immigration routes
Immigration laws in other countries are constantly in flux, just like the people of the United States. Your current retirement visa program may end in the future. Others may be featured in a country where no one was previously. But large-scale transition policies tend to become restrictive over time, said Stevens, editor of International Life.
“For those considering going abroad, whether they’ve retired or early on, this is a really good time to do that,” she said.
That doesn’t mean you should hurry. Rather, prepare for the possibility that the immigration route will change faster than the timeline and there may be a backup plan.
Long-term foreigners may have the opportunity to acquire citizenship in their new home country. It has its own advantages, not just responsibility, but Lesperance writes. All considerations to keep in mind.
Talk to an expert
It is possible to move abroad, but if you have guidance from someone who understands the complexity of a decision, it is a very smooth process.
Over the past few months, Ingrim, a financial advisor, has attracted more attention from Americans who are completely committed to moving abroad, unlike in the past when many of his clients were curious but not set in their ideas.
“We spoke to a lot of people who were saying, ‘I moved to Portugal in three weeks. What do I need to do to prepare?” Ingrim said. “Three weeks is really short.”
Joining professionals early in the process can help people feel inclusively about what it takes to relocate their lives to another country and how to achieve it.
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