Have you ever dreamed of spending your golden years in a country abroad? The idea is becoming increasingly popular, but it comes with its own set of challenges and considerations. Luckily, we have the one and only Eric Hogarth, CFP®, here with us today to talk about some of the practical steps you’ll need to take to make this exciting idea a reality.
Have you ever dreamed of spending your golden years in a country abroad? The idea is becoming increasingly popular, but it comes with its own set of challenges and considerations. Luckily, we have the one and only Eric Hogarth, CFP®, here with us today to talk about some of the practical steps you’ll need to take to make this exciting idea a reality.
Retiring abroad involves numerous financial and legal factors. What happens to your Social Security, bank accounts, and Medicare? How will retirement withdrawals be taxed in this new country? What do you need to do to obtain the necessary visas and residency permits? There is a ton to explore here with the help of a professional.
While a financial advisor can help you sort through the practical implications of this decision, lifestyle is something you’ll need to research and consider on your own. Whether it’s abroad or simply moving somewhere new in the States, you want to make sure you’re actually going to enjoy living in that area year-round. Renting a property for a year can provide a real sense of what your daily life would look like.
No matter what location is calling your name, it’s important to have conversations with your advisor early on about what you want your retirement to look like. With this, you’ll also need to make sure you’re leaving no stone unturned when it comes to educating yourself on the pros and cons of your desired location, from the housing market to the financial implications, and much more.
If retiring abroad is on your mind, now is the time to take action. Reach out to the Johnson Brunetti team for personalized guidance on navigating the financial aspects of your international retirement plan!
Here’s some of what we discuss in this episode:
- The financial and legal considerations of living in a new country
- Researching and experiencing the day-to-day living conditions
- Renting in your desired location for an extended period before committing
- Having conversations with your partner about what you want to do in retirement
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
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Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
