Retiring in a foreign country is increasingly attractive to Americans. Those who would like to consider doing so, need more of a plan than they might think.
Statistics show that older Americans are choosing to live out their retirement years in foreign countries. For example, more people receive Social Security checks at foreign addresses than ever before.
There are several reasons for this, including wanting to be close to family who live in other countries. Many developing nations with nice climates are also beginning to catch up to the U.S. in terms of safety and available services.
Many people, however, move overseas having not properly planned for some contingencies that they should have considered, as Financial Advisor points out in “More Americans Are Retiring Abroad — But Do They Have a Plan?”
One of the most important things people do not understand is that foreign countries often have very different estate laws than those in the U.S. That means careful estate planning must be done before retiring overseas, especially if Americans want to make sure that their estates are distributed in the ways that they would expect.
Americans also often make the assumption that after they move overseas to retire, they will never need to move back. This is also often a mistake, since the situation in a foreign nation might change due to instability or natural disaster.
Other retirees may wish to return for healthcare reasons or just an inability to adjust to life in another country. Because of these factors and others, it is advisable to keep a place in the U.S. so you may return, if necessary.
If you would like to retire overseas, make sure that you have made proper plans.
Reference: Financial Advisor (Feb. 15, 2017) “More Americans Are Retiring Abroad — But Do They Have a Plan?”
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