Retiring overseas is a great way to enjoy life after putting in years of hard work. If done correctly, retirement abroad can be a fun and affordable way to see the world and have a few adventures. Before you buy your plane ticket, however, there are a few things you should do to prepare. These steps will make your transition to retirement smooth and hassle-free.
Hire Long Distance Movers
You'll want to look for a moving company that specializes in moves abroad (such as Smart Move Industries). If you have difficulty finding one, your travel agent can often provide you with a list of options. Your moving company should be able to help you to determine which items you need to bring with you and which ones you might want to consider leaving stateside. Homes in other countries are often set up differently, so you may not need all of your appliances and furniture when you move.
Rent a Storage Space
Once you determine which items you won't be taking with you abroad, you'll need to locate storage for these items. A long-term storage option may be available through your moving company. If not, you can opt for a self-storage unit. It's a good idea to pay for a year's worth of rental fees upfront, as you may find it difficult to make monthly payments from your new home, depending on where you move.
Talk to Your Accountant
Unless you give up your citizenship, you will still be required to file taxes in the United States every year. This is true even if you don't owe any money at all. Before you move, talk to your accountant about how to navigate the process of filing taxes, particularly if you will have money in foreign bank accounts after your move.
Plan for Health Insurance
Leaving the United States does mean giving up Medicare if you are old enough to receive it, and chances are that your private insurance policy won't cover you if you move abroad. As a foreigner, you may have to pay a premium for access to nationalized healthcare, but this will prevent you from having to pay for your care out of pocket. According to US News and World Report, you can purchase a local health insurance policy for as little as $50 per month.
Arrange to Receive Your Social Security Benefits Abroad
In most cases, you will be able to receive your social security checks even if you aren't living in the US. There are some situations, however, where you might not be able to get your benefits. If you plan to move to a country that is sanctioned or has no agreements with the federal government, you won't be able to collect your benefits. The Social Security Administration offers an online tool to help you determine whether or not you can receive payments in your new home country.
With the proper preparation, you can enjoy a leisurely retirement abroad. If you have a taste for adventure and don't want to retire in the United States, be sure to use these tips to prepare for your overseas move.