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Dianne Williams Wildt, MBA

Certified Retirement Counselor®

Since 1983 in the financial services and investment industry

 

Retirement Pathways, Inc.

4500 Bowling Blvd., Suite 100

Louisville, KY 40207

 

Phone:  502-797-1258

 

Email: dianne@retirementpathways.com

Website: www.retirementpathways.com

September/October 2024

Is Retiring Abroad on Your Bucket List?

Happy old couple making dream come true. Smiling senior tourists in sunglasses and sun hats holding paper passenger airplane standing on grey studio background. Air flight and sea beach holiday

A warmer climate, a lower cost of living, a charming locale — there are many reasons Americans choose to spend retirement living in a foreign country. If retiring outside the U.S. appeals to you, plan your move carefully and consider the impact living abroad may have on your daily life.


Two Bank Accounts
Set up an account at a local bank several months in advance of your move to make sure the account is open and available to you when you arrive. You’ll also want to maintain an account in the states to receive retirement account distributions and Social Security benefits. (Social Security will also deposit benefits in bank accounts in most foreign countries.) Keep in mind that currency exchange rates fluctuate, which can affect the cost of living abroad.


Uncle Sam Wants His Share
Your income is subject to U.S. income tax no matter where you’re living, so you will have to file your taxes in the U.S. Some countries have tax treaties with the U.S. that may save you money. Consult a tax professional to make sure you’re taking advantage of any tax benefits available to you.


Rent or Buy?
It’s easy to get swept away by the charms of a new place, but it’s smart to spend time in your chosen location before committing to buying a home. An English-speaking relocation consultant can help you with an apartment search and rental agreement. If you eventually decide to buy, hire an attorney who understands the local market.


Healthcare Concerns
Medicare will not cover you outside of the U.S., so make sure you evaluate the healthcare system in your chosen country — specifically, what services are covered, the quality of care and the costs. Consider retaining parts of Medicare so you won’t have to re-enroll and incur penalties if you return to the U.S.


Enroll in STEP
Open to U.S. citizens traveling or living abroad, the Smart Traveler Enrollment Program (STEP) allows you to enroll your trip/stay with the nearest U.S. Embassy or Consulate. Enrollment helps the Embassy and your family and friends contact you in an emergency.


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Investment advisory services offered through American Capital Management, Inc., a State Registered Investment Advisor. Retirement Pathways, Inc. is independent of American Capital Management, Inc.
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