Hi,

I'm considering retirement in a different country - slow, low cost of living, relaxed, nice beach. Don't know where but that's the goal.


Is access to 401K and SS funds going to be an issue? Conversions to different currency? Access to fund? Anything? Or will it be relatively transparent?

If there are issues, what do I need to be considering? Should I be talking to a financial adviser or tax expert for this?

quote:

Originally posted by konata88:
Should I be talking to a financial adviser or tax expert for this?

You mean as opposed to getting your answer on the internet with a bunch of gun nuts?

Jim

Certain countries have visas specifically for retirees that provide a lot of benefits such as discounts and healthcare. (I've briefly looked at Panama and Ecuador for poops and giggles.) Ecuador uses the American Dollar which is handy. There are a number of areas that are apparently starting to accumulate expat retirees.

As far as the access to money part, I'd be interested to see what you find.

I'd love to retire to Belize. I hear the exchange rate makes it pretty lucrative, but I'm still a ways out from retirement.

NOT where you are talking about but an interesting story.

Knew a guy in the USAF who was a full timer at an Air Guard base. Paid much better than active duty guys, basically Technicians, who have to also be in that Air Guard group.

His Parents came over from Poland to the east coast, right after WW2 and he was born in the US.

After thirty plus years he retired with basically three checks; The Technician check, his Guard check and Social Security. He told me several yrs back he was at roughly $5K a month.

He moved to Poland. Bought a small home in some vacation area. And a much larger home that's his more permanent residence. From what I hear he is living like a King. The US dollar apparently goes quite far in Poland.

He drives a Mercedes, travels all over Europe and is quite secure financially.

FN in MT

quote:

He moved to Poland. Bought a small home in some vacation area. And a much larger home that's his more permanent residence. From what I hear he is living like a King. The US dollar apparently goes quite far in Poland.

Probably not the same region but may be the same concept.

Live how I want, where I want and with better means than what I'm facing now.

My parents tenant did the same thing as your planning. They moved to Greece. They had there Money depoted in a US bank and they withdrew it in Athens. They just received a letter from Citi/Chase ( not sure which one), they can no longer do that, specifically it said they will no longer handle the international accounts.

Don't forget to factor medical services / support in addition to money issues when looking at setting up a retirement domicile outside the USA.

Thanks. Yes, trying to factor that in. As well as the probability that my wife will significantly outlive me.

My wife and I spent half of the last 2 years in San Miguel de Allende, Mexico. Our monthly IRA draw and SS funds went to our local bank. We withdrew funds at a ATM at the grocery store in pesos. No problems.

My plan is similar. After weighing the various options, my plan is for my wife and I to live outside the US from ~Nov 1 - March 1 every year, on a beach. I don't really want to maintain 2 residences, and I would like the ability to live in 1 country for 1 winter, then some other country the next winter and so on. We would rent a different place for the ~4 months every year. Might even consider a winter or two in the US (FL panhandle, PR, etc...).

My goal is to do this when I am 60, so 15 years.

Panama. Friendly to Americans, US dollar, tax incentives if you buy the right property, ability to import a car from the states, gun permit, passport, decent medical care, etc.

Konata
I just went through the process of looking into it. Many expats in different countries.

I would think you have a specific country in mind?

I’ll start with the easy part - money. You can use Xoom app to send yourself money from your bank in the us to where ever you are either in dollars or in local currency for a small fee. Think $7 for $3,000.

Other easy things to consider: language, relative safety for you, do you know people there you can trust, access to medical care.

Do you qualify as a dual citizen? How long can you stay at a time before you have to leave the country even for a day. Can you own property?

If you have a specific country, go to YouTube and search for the country plus different key words like , retiring, expats, living, etc. don’t forget other key words like tourist scams. Many Americans living overseas have channels dedicated to giving tips on how to live abroad. It’s a source of income for them.


You’re not going to find anyone working as an advisor here who would be certain about what you need unless you contact the consulate of the country. The true experts on how to live there are living there. Hence, I recommend YouTube.

If you want to chat by phone, send me an email.

No specific advice here other than it will be a lot harder than you think it will be. There are cultural differences as well as having access to quality health care that you will fund totally out of pocket.

Most of the people I have known have moved back to the United States eventually. I would certainly research the idea further however.

Thanks guys.

Health care may be a big concern that I haven't thought much about. Not so much the care itself but how to pay for it (outside of Medicare I'm guessing). But this is part of why I think my wife will by far outlive me.

I do have some destinations in mind but nothing really concrete yet. Good to know that costs for fund transfers may not be significant.

However, residency may be a concern. I thought I would just immigrate ('green card' equivalent?) but sounds like it may be more complex than that.

Rey - I'll be sending you an email.

quote:

Originally posted by mutedblade:
International Living website with many answers

Thanks! Will take a look.

quote:

Originally posted by mcrimm:
My wife and I spent half of the last 2 years in San Miguel de Allende, Mexico. Our monthly IRA draw and SS funds went to our local bank. We withdrew funds at a ATM at the grocery store in pesos. No problems.

That's what I like to hear - living abroad w/o big hassles and having some flexibility.

Realize also that you'll still be liable for any applicable US taxes even if living abroad.

I was in Europe as a teenager, before the fall of the Iron Curtain. Bohemia and the Czech Republic were intriguing. Hungary, Romania, Bulgaria, and Greece look to offer less expense with somewhat modern convenience.