Retiring Overseas: 5 Factors You Can't Ignore 🚫

[@foundryfinancial]

Are you considering retiring abroad?

[@2Rugrats9597]

Heck yeah but for only 9mos out of the year. I’ll keep my paid off home and slow travel for 9mos. I can’t wait

[@RetirementbyDesign26]

Yes - in Canada. We are already working with a cross border tax accountant. When we did the calculations, it’d still be cheaper to pay the difference between the US/CAD tax credits than to live in the US and pay for the health insurance premiums and having to save on top of that for LTC. We’re moving to an affordable province - not Vancouver and Toronto where the cost of living is much higher

[@robshell5367]

Decided to years ago.

[@2Rugrats9597]

@@foundryfinancial I look poor on paper so from age 61-65 I’ll be on Obamacare and I will have 0 payments monthly and in a HSA by just withdrawing $29K a year being single. My co Pays and deductibles will be high but I really won’t be using it. I will have international healthcare while traveling preferably in Thailand, Vietnam, Malaysia and Japan. I have plenty of cash to compensate over the $29K I’m withdrawing so I still maintain looking poor on paper thru the IRS in the U.S. Instill have a paid off home and rent 2 of the bedrooms for income as well tax free.

[@bobsum1745]

Kevin, you must remember one factor. Who makes that number of expats. Mostly they are people who have dual citizenship, emigrated to US years ago, and now are returning to theirs home nest. As me. Came here many years ago, worked hard, earned really good SS benefit. Never thought I would go back. Got kids here, grandkids. But this country is going down. Talk to old like me, I'm 69, remembering how was here before Obama. Now what's America proposing to me? Kamala? She has no ability to manage fast food kitchen. Crooked DOJ, FBI. Safety of citizens went down. Police, with their immunity, able do whatever they want to do without accountability. Country, one known in all World, where exists 'civil assets forfeiture', country where you can be pulled over by "Law" Enforcement officer and after being told you have watery eyes and slurred speech, you end in jail, your car is seized. Even if you are sober like infant. Of course , you can fight it in court, and loose your life savings. Taxes? In my State for apartment is $3k a year, House over $10k per year. Who can afford this? That's why I'm going back. Inherited house after my parents, will live with $100 property tax. Healthcare will cost me 1/10 of US price, and that's in Europe, where healthcare is no worse than here, or even better. OK. Sorry, I wrote what I have on my mind. Let's see what's gonna happen.

[@edgregory1]

As an Expat retiree there are 5 don'ts which most guys get wrong: Don't marry; don't buy property; don't start a business; don't loan money; don't buy a vehicle. Rent. Rent. Rent.

[@kraka2oanIner]

Wow...sounds OK, I'm used to renting. Never owned property. Never owned a CAR(!) I ride a bicycle! I'm NOT interested in marriage, and there's no prospects anyway. Need SOME discipline about loaning money. Two of my siblings owe me $10 K, and I don't expect them to pay me back...they're dirt poor, so I put the BRAKES on, lending ANYONE money!! I'd like to know WHERE you retired, if you might fill me in. THANKS for your advice!

[@gregorybaisden503]

especially given often noted low rents (compared to U.S.) if your SS or investments dividends have you covered (without incurring tax burden), you're set - & free of "ownership" burdens at least based on what I've seen so far; just getting started yet nay well be able to make the leap late Spring 2025

[@aopr6701]

Damn bro, now you want to post this...😢

[@kenlewis2253]

I did everything on your no-list with zero regrets. That too in a corrupt and often shady country. It is about how you do things and with whom.

In the US, the median renter's net worth is only $10,400, while the median homeowner’s net worth is $400,000.

[@macaccount4315]

Moved to Portugal without having visiting. Visa was easy. Life is amazing. I live like a KING for 3k month. I could barely survive on that in the US. I have about 1.5k a month to spend as play money. I used that to travel lavishly and enjoy beautiful food. We eat out about 4 times a week. Healthcare costs us 200 bucks a month and we are both over 60. This is our private insurance which supplements the free healthcare. We use our Schwab account to hold our investments and just dribble monthly amounts to our local bank. We just make sure not to hold more than 10k in our foreign bank account (just a click away on the computer). I would love to say that is difficult or hard, but it was easy. I think the people who struggle are the ones who don’t embrace change. We just keep and open mind and go with the flow.

[@lasticonoclast]

Congratulations. We just visited Lisbon and Portugal is really an amazing country. We would consider the move but have concerns about learning the language at our age. If we can somehow overcome that, Cascais would be our destination.

[@macaccount4315]

@ so the good news is that the country is one of the most English literate counties in the world. In Europe it falls right beneath The Netherlands. And certainly in the wealthy areas is Lisbon, English is probably the most widely spoken language.

[@JunRoss-pp3mv]

Portugal or Italy are cheaper than US & better healthcare than Asian Countries unless you only have $1K monthly SS.

[@LocoCocoJorge]

Hi, how do you "drivble" the monthly amounts to a Portuguese bank? Wire transfers? I thought the fees for that really can add up, plus usually they start asking questions back in US... Also, do you still maintain your us residence and do you file your taxes? Thank you.

[@macaccount4315]

@ I use Wise and it only costs a few bucks a month 😊

[@augustinedandrea9139]

Better health care all over the world. Americas health care is all about money.

[@DWilliam1]

Not true. If you end up in a 3rd World Country the healthcare is horrible. Many expats die in Thailand and the Philippines and other countries from misdiagnosis and poor care. Many die trying to get back to the US or UK for treatment.

[@ViceCoin]

Most developing countries have limited/no healthcare.

[@Tootsie806]

Wonder why major hospitals in the U.S. are full of people from other countries?

[@JunRoss-pp3mv]

That''s not true. Other developing & undeveloped countries have poor Healthcare system. You also have to pay everything out of your pocket & worst is they don't have advance medical knowledge, ill equipped hospital specially in the provinces & they don't have malpractice insurance.

[@ricedrown]

Also US is dangerous because of gun. Now people take dogs out for a walk

[@dtcunningham1257]

Thanks for the great video, I am an American expat who has lived in the Dominican Republic for the past 10 years and I found the information presented helpful. In addition, I would like to add the subjective element to living abroad. Figuratively speaking countries are like people in the sense that some people you have a chemistry with and others you do not. I visited 10 different countries before I decided on the Dominican Republic. I have a peace here that I did not find in the other countries. The objective points you made are fantastic, but we also don't want to neglect the subjective sense we have when we are in a foreign country that brings us peace. Thanks again for the video.

[@kenlewis2253]

Interesting as I’ve been to 50+ countries and the DR is at the bottom of my list. I really didn’t like the burning of garbage, the food, the blasting music, and, well, I didn’t connect with the people.

[@martypoll]

Regarding the FBAR. You fill it out online and takes a few minutes.

[@kraka2oanIner]

Good to know; that stated, I understand my own propensity (somewhat) toward laziness. For me, I'll bet it would take a day or two(!) THANKS

[@musicofnote1]

Not only retired abroad (2014 at age 62), but moved there in 1977, renounced my US citizenship in 2013 after becoming Swiss in 2004. so what are the risks of retiring in the US? 1) that you can't, because your company has no pension plan and/or you're living pay check-to-paycheck and can't afford to. 2) you might get shot in a market, a cinema or a street - doesn't happen here. 3) you don't make it to retirement age because the US health system is impossible to navigate and survive. Also, the nutrition available in the US doesn't deserve the name "nutrition".

[@kraka2oanIner]

EASILY understood! You must be at least fairly well off. GOOD for you! The U.S. has S L I D downhill (!)

[@musicofnote1]

@@kraka2oanIner - VERY well off. Retired from an IT position as support and SysAdmin. No stocks, very modest bank account. My wife is a retired piano teacher, so we're literally rolling in dough (sarcasm mode OFF). No, the difference is living in a country that is a social capitalistic democracy. It's a country with affordable universal health care, affordable higher education (so no student debt). Very good public transporatation on all levels (local, state and federal). Moderate taxes (total for 2023 = 16.7% local, state and federal combined) that pay for that and a political system that gives the citizens the right to approve or disapprove how their taxes are spent in elections held 4-5 times a year.

[@michaelstephen735]

US expat here, my wife and I were not going to be told what to do in 2021" I think everyone knows what happened then, if you don't you must live under a rock". Looked for places with residency by real-estate as low as 1 euro, Serbia popped up in our sights. My wife is of Croatia background, mine is Slovak so we left December 30 2021 sold cars,house,belongings and off we went. We made friends with our flat owner and they helped get our health insurance, my wife and I are in decent shape 150$ for the whole yr catastrophic. Doctor visits were 40$ we paid out of pocket, we wife got really sick lung infection 60$ visit w/blood work medication 10$. I can describe Serbia as a BIG plate of meat, clean no gmo no vaxed up, pure. My wife and I only regret was not doing it earlier, 55 when we moved here and government ministry super nice people the minister spoke English better than we did. Open your mind, look for a new beginning, you might just enjoy it.

[@GrantMcLeod-u2r]

I am single and retired....and not wealthy. Have often thought about moving overseas ~ but your excellent video points out reasons not to. People should think about these. I am 77 and last August I had open heart surgery. Now have a replacement aorta, a quadruple bypass, and now have a pacemaker. The total bills were US $680,000. Medicare paid most, and perhaps a lot was written off. My secondary insurance paid $4600. So it looks like I should remain in the USA for Medicare and health coverage. I kind of think that "the grass is always greener on the other side of the fence." I back that up by my recent open heart surgery. Thank you for a great video ~~

Under my SCAN Venture Medicare Advantage plan in South Orange County in Southern California, I have no deductibles, an out-of-pocket maximum of $199 per year, and no premiums other than the Medicare Part B premium. The plan covers everything that Medicare covers and things Medicare doesn't cover, such as dental and vision. The plan also includes Rx with no deductible. The claim for the hospital surgery and 3-day hospital stay I had 2 years ago was $78K, but under my plan, I paid $0. Many foreign countries require proof of adequate private health insurance before they even grant you a temporary visa that must be renewed annually. They want to make sure you are not going to be a burden on their economy.

[@philam1973]

I would love to know which country doesn’t allow you to receive social security. Once it is deposited in the states, how do they know where the money comes from if you transfer it from your bank account to your country? Doesn’t sound right.

[@SarahGonzales-sk6tn]

Retiring overseas seems so appealing. The cost of living is often lower, and you can experience an entirely new culture. I’ve been looking into countries like Portugal and Costa Rica.

[@ArianaFelicia-cw7oq]

There are a lot of those places Abroad and are very good. But I wander about the challenges like health care and taxes

[@SarahGonzales-sk6tn]

Healthcare is usually more affordable overseas, but it’s critical to research the quality and how expats access it. Taxes, though, can be a real headache. You still might owe U.S. taxes, and navigating that can get tricky.

[@SergioRomano-nj8eb]

That’s where a good financial advisor can really help. I work with Joseph Nick Cahill, and he’s been fantastic in planning for all the financial complexities of retiring abroad. He helped a client of his figure out tax obligations in two countries and even built a plan for currency exchange risks. You can find him online-his testimonials are excellent

[@gregorybaisden503]

Costa Rica retains buzz, though getting to be a busy destination Portugal seems to offer many benefits, including access to all of Europe - & evidently English is common enough there

[@AshishShrivastava-q6i]

Note how all the big scary financial penalty stuff is from the American side

[@user-ym4fn5rl7c]

Mainly on those who do not make a lot of money. Penalty here, penalty there, and fine this and that. But the wealthy get away all the financial scams they can and mainly without issue.

[@macaccount4315]

Yea the new administration promised to solve this although I don’t have high hopes

[@LawrenceStevens01]

I’m currently living in Thailand for a few months per year. For USA citizens living here more than 180 days, Thailand has started to enforce an existing rule about filing a Thai tax return. There is a double taxation treaty but Thai marginal tax rates are higher than those in the USA. A retired attorney who lives here full time said that this new rule will cost him an estimated $4,000 in incremental Thai taxes. Plus he turned 75 and his Thai medical insurance increased to $1,000 per month. Bottom line, do your due diligence before moving to another country as stated in the KZbin.

[@michaelgallo6954]

Your example - too funny! My sister and BIL retired to Portugal almost a year ago and they did indeed buy a newly renovated (previously office suite) 2BR/2BA penthouse apt. In a coastal community for $250k. It’s beautiful and they love it. They are happy and healthier walking everywhere and eating fresh preservative, not GMO food.

I live on the S. California coast in my beautiful, newly renovated, 2000-sqft, 3bd/3ba, single-family, detached home that I bought for $250K. I have no mortgage. My only recurring costs of ownership are homeowner's insurance (which is optional) and property taxes, which total less than $800/mo. I could sell my home for $1.5M or rent it out for $8,000/mo. I also eat fresh, preservative free, non-GMO food and walk on the beach every day. I'm sure I am as happy and healthy living on the coast of S. California as your sister is living in Portugal.

[@MontanezMonti]

So glad I saw this video. I learned a couple of things I didn't know. Moving to Spain in 2026. Thank you very much.

[@TheSimmpleTruth]

I don’t think retiring in the US is a realistic or, better yet, a wise option unless I want to be dirt poor and depend on Medicaid for insurance and subsidized rental housing. SS checks will be less than half of a full salary, and even if you get the highest payment from SS, it is still too low to afford a decent living. I already lived it with my mother who I had to support financially so she could have a reasonable respectable living. I, on the other hand, had no one to help me when I get old. It’s all on me. Living here in the US is unaffordable for those who depend solely on SS. Anyway, I wasn’t raised in the US and I have lived in Europe before. Moving to another country is not a big issue for me. I know I will miss the good things in te US such as the ease of doing certain things, buying certain things, the drive-throughs for example, but the pros are more and better. I feel frustrated in the US and my quality of life is mediocre. I long for a better life.

[@user-ym4fn5rl7c]

It is not worth going bankrupt, being poor, or homeless, just to stay in the US and rot.

[@familyoffive5212]

I am fortunately a dual citizen. We traveled back and forth in the Philippines over the past 20 yrs. Love the idea of living there when retiring as the cost of living is way lower plus there’s so much to do with the beautiful nature they have. Can’t wait for that time to come.😊

[@QuinnPrice]

I'm three years deep in expat life in Ecuador. Great decision, but to your point, do a lengthy enough stay in country to let the honeymoon filters drop off. 3 months is when many expats hit a wall and want to bail. Little things like noise, abandoned dogs, and poorly maintained sidewalks might tick you off enough to explore other options. Other expats can be great or the most toxic people you've ever met so expand your friend circle to locals. Learn about local scams as under-resourced countries are highly motivated to separate you from your money. This is often done with a local girlfriend, shady real estate deals done long distance or with imposters, or business investments. You just don't have the legal coverage you have in other countries.

[@AlaskansintheAndes]

We’ve been in Ecuador 10 years and love it! The only thing pulling us back to the US is grandchildren.

[@kraka2oanIner]

GOOD for you; good luck!

[@RetirementbyDesign26]

AWESOME discussion! My husband is Canadian who has his permanent residency here in the US. When I retire, we’re going to retire in Canada. I’ll start my residency paperwork next year! But as for taxes, we have already found a tax from that specializes in Canadian-US taxes. It is truly the best investment we’ve made and gives a great peace of mind. We’ve already used them and will continue to do so as long as they’re in business. So your emphasis on tax planning when moving abroad is spot on!

[@power4things]

Cost of living in Canada is becoming comparable to USA, and as much as I love Canada too, it may not help from the cost aspect.

[@mikeloughnane5436]

Your crazy.

[@sexygeek8996]

@@power4things What do you mean by "becoming comparable"? Canada has always been more expensive and the difference is growing.

[@gracelynne3918]

Things are actually WORSE in Canada. I speak from experience.

[@damienbates]

Language can be a big factor to staying long term. You have to be willing to learn the primary language of your new home. It can make a significant difference for many people in the long term. Everyday tasks can seem daunting because of the communication barrier. And when it feels like work just to go shopping, visit the doctor, get your car fixed or resolve a dispute people just pack up and go back to their country of origin.

[@mosijahi3096]

Thanks for sharing this. It’s surprising how often people don’t acknowledge this as an issue. Like most of us, we tend to focus on either the negative or the positive aspects of a situation.

[@kraka2oanIner]

Understood.

[@DavidWilliams-qr5yj]

Retired 8 years ago in Chiangmai Thailand 🇹🇭 it was an excellent decision for me. I've been traveling all around the world including 4 cruises, trips to France, Spain, Italy, Greece, Indonesia, Malaysia, China, Philippines, Japan, and domesticly all over Thailand. Healthcare is definitely better in Thailand. My thai Doctors are American trained and hospitals are world class. My dentists are better. Also found many American dentists over treat patients just for the money. Most everything cost 1/4 to 1/3 of what it costs in USA. Except medical.. its pennies on the dollar and much better . After 8 years of retirement my net worth has not decreased it has increased, which means all that travel and a beautiful life is costing me much less than living in the us. I'M living on capital gains .0 income tax on IRA or 401 K living in Thailand.Some culture shock,in other countries, But when i return to the US and see my country change well... I'm shock by the US too.

[@ceeIoc]

Do you still maintain your is citizenship and banking in the US?

[@DavidWilliams-qr5yj]

@ceeIoc I'll never give up my passport, and I have 2 daughters, mother, sister in the us. My mailing address in at my eldous daughter with a joint bank account which receives my social security deposit. I can easily move money by wise cash exchange transfers. And ovcourse credit cards with no foreign transaction fees.

[@DavidWilliams-qr5yj]

@@ceeIoc yes, joint bank account with my daughter.

[@runningaway2388]

But in the US, we have overweight sassy nurses that will see you after three hours of waiting … I bet you miss that the most living in Thailand 😂😂😂😂

[@2Rugrats9597]

Exactly what I plan to do. Have 2yrs to go then Chiang Mai here I come. I’ll go to Vietnam during the smoke/burning season

[@widewailcorduroy7278]

Considering retiring overseas, but most of my retirement assets are in Roth IRA assets. Though distributions are not taxable in the US, my understanding is that they are taxable in many places. The list of countries with a Roth tax agreement is not encouraging, and double-taxation is a concern.

[@kraka2oanIner]

THANKS for the heads-up.

[@JunRoss-pp3mv]

Philippines has a treaty with the US so you only pay tax to one country.

[@blktauna]

France has a treaty.

[@damienbates]

Tons of expat channels on Slow Traveling and retiring in other countries. The are phases to adjusting to culture shock and many people (Americans) don’t make it past the frustration phase. Naturally, we all want things to be like we think they “should” be and can’t get past that hurdle by accepting the differences as they are. I know this feeling and it can seem insane how other cultures put up with things America has long solved but we often fail to recognize the many great things they do well compared to us. Living in a place for at least a year is crucial to getting through these phases. Only buy a house if you’re really determined to die there. There are all kinds of caveats and negatives to owning property in another country. If you have a lot of wealth, then you’re probably not concerned but if you’re investing a sizable chunk of your retirement then be wary and get good tax lawyers and agencies that will help with the bureaucracy in that country. Don’t go it alone. Btw denouncing US citizenship isn’t the end of the world. There are dual citizenships and other good citizenships that can let you still visit the US often.

[@joel6427]

Visiting the U.S. often will make adjusting to your new home even more challenging.

[@somiwitl665]

I am retired abrosd almost 13 years till now. At the beginning is so hard but then later you have to knowledge all about the place and the peoples where you will retired. Number 1 and priority advice .. DONT INVOLVE IN LOVE THINGS " unless you are experienced at least 1 year in the normal relation with that girl.

[@LawrenceStevens01]

I'm also a CFP professional who spends a couple of months living in Chiangmai, Thailand for 20 years now. I'm now 72. For USA citizens I've known the state tax situation is an issue that few understand. Also healthcare for retirees can be expensive. There also is the issue of stating on tax returns and Medicare that your residence is in the USA even though most or all of their time is spent in Thailand.

[@foundryfinancial]

Thanks for sharing!

[@kraka2oanIner]

Thanks for the heads-up. I'm also 72, retired, but have just a margin of income beyond (the highest rate of) Social Security. You seem relatively savvy on this subject(!)

[@LawrenceStevens01]

​@@kraka2oanInerI have a friend who deals with these issues.

[@gbohol]

I lived and worked in the Netherlands in the health sector. I struggled with how open they were to palliative sedation. That was definitely a common occurrence, apart from the reality of euthanasia. But other than that, the biggest hurdle for expats is establishing healthcare which is zip code based. If you have to move to a country like this, make sure to move to a not too dense city or you might end up waiting up to or more than a year to establish healthcare with a local provider. But healthcare is definitely much more affordable than in the USA. But also know that depending on which country you live in, healthcare might be nationalized, so in effect it is very much rationed. It is not easy to get a referral to a specialist, just as it is not that easy to just walk in to an emergency room, you have GPs as gatekeepers for any type of care. Also, I find that almost everything before the annual some €389 deductible comes at a cost. If you expect to need auxiliary needs, like PT/OT/ long term care, make sure to get insurance for this because it is not covered in your basic insurance. Other than these quirks, life is much simpler in EU, and I dare say much cheaper too. Food is especially much cheaper, well I live in California now and Dutch basic necessities is definitely much cheaper than California. 😊

[@coreydonohoe8121]

What we are ultimately shopping for in retirement is the best deal on quality health care especially end of life care. The grift in the US is strong and those retirement savings are all that stands between you and being dependent on the government. Even if integrating with the locals is difficult there are expat communities with others seeking a higher quality of life. Doing your homework and putting boots on the ground are vital before making such a big commitment to actually move to a new country.

[@kraka2oanIner]

Makes sense; common sense!

[@mathewvarghese4387]

If I am working in Dubai. Dubai has no taxes so should I file a yearly tax in usa ?. Is it compulsory to show the Dubai income to USA tax filing?

[@HanhNS]

The U.S. tax its citizens and residents (green card, etc) on their worldwide income. So yes you need to file a yearly U.S. tax return and report your worldwide income…there is an annual foreign earned income exclusion allowance and if you paid foreign taxes you can claim foreign tax credit on your U.S. tax return.

[@kraka2oanIner]

WOW. I don't know if I could even VISIT Dubai, much less live there! Good luck to you.

[@Steve_SEC]

What is your recommendation for expats living in Israel? Thank you for your informative and clear podcasts.

[@lasticonoclast]

You missed the BIG one: Exit Tax. Anyone renouncing their citizenship or permanent residency to avoid future tax filing obligations to the U.S. government may incur taxes on their entire property holdings and investments should they take that step. It’s codified at 26 USC 877.

[@shinyshinythings]

Most people who leave the US to live abroad never renounce. That’s probably why he didn’t mention it.

[@kraka2oanIner]

THANKS. Sounds important!

[@lasticonoclast]

@@totesgene You don't. Social security is earned while you are working in the U.S. It becomes a vested right (after 10 years of contributions) and is paid out in retirement even after you relocate overseas and renounce your citizenship or permanent residency. A relative did just that, and he has been receiving SS while living abroad for the past 20+ years.

[@totesgene]

@@lasticonoclast Yep I admitted above I was wrong.

[@totesgene]

@@lasticonoclast Yeah, I know I'm wrong. Thanks. I meant to delete my comment after discovering that, but forgot. Just did now. Thanks for jumping in.

[@tubulardude44]

I assume l should keep my Medicare & Supplemental in the US until l’m positive l’m never returning to the US, because you can’t restart your Medicare once you stop it. Is that true?

[@ctndiaye1]

If an American has a home in the US but travels long term, is that considered living abroad for tax or other purposes?

[@randall8379]

Where do you find these tax experts?

[@gracelynne3918]

Google

[@randall8379]

@@gracelynne3918 I have had no luck finding anyone who is familiar with tax issues involving the countries I am interested in

[@stephenabbott7259]

I haven’t been to many cheap countries but when I do visit I always get charged the tourist rate and there’s no difference in price from the US.

[@twobicycles]

Regarding the requirement to report foreign assets to the U.S., does the $400k threshold include my house in Portugal or only cash/investment assets?

[@LifeIZlife-33]

I have a VERY important question: is there any rule for a TRS system GA that makes it mandatory to visit USA once or twice a year to keep you retirement?

[@silver6054]

FBAR threshold is a COMBINED total of $10K (at any time of the year) in all of your foreign bank accounts, so keeping them all under $10K doesn't work

[@JunRoss-pp3mv]

Save while you're young so you don't have to choose where to retire. We did & we've been retired over 10 years & I'm staying where the best of whatever best you like is here. We hardly cooked, we either travel twice domestically & once a year internationally.

[@gregorylunsford3991]

Good Advice , I'm researching 3 countries for over a year now looking at all the thing You just talked about. Very Good Video.

[@foundryfinancial]

Best of luck!

[@norm4332]

What countries prevent you from receiving Social Security payments? How would that even work ?

[@iqhirani861]

What if someone has some property in their born country for years & after retirement living in between U S & abroad; filling taxes in U S…it could be an issue? He would be defined as a visitor or living abroad?

[@rjohnson387]

Been planning for a while to travel abroad and eventually live abroad. Really enjoyed your approach to this informative video. How can I find out more about the services your provide and would recommend?

[@Hangover-ry9bo]

If anyone needs a financial planer, what do you call that person?

[@emiliocunich2365]

Thx for the info. But can u also do a video of something similar...which is retiring in No income tax states... Here is my idea/plan... I live in California and work with for a company that has offices in Nevada and Florida...which are no state tax. My plan is to move there before I retire and do all proceeds there...and then move to Europe. Can you explain process of going to another state to gain more money due to no state taxes and about how much difference it is. In my case I have a pension, 401k. Rwo Roth Ira and social after. Thx

[@camiller4916]

I like ur plan. Right off the bat, U save whatever percent u were paying in CA state tax, so that’s ur savings. I think both states do not tax retirement income but check re: Roth vs trad Ira/401k I read something about CA tax board trying to get state taxes even after a person moves so make sure to get a NV/FL drivers license, open a bank acct, etc. Get a mail forward service in ur new state that u can use as ur US mailing address. I think NV is better b/c I believe they have less estate tax and cheaper sales tax/prop tax

[@user-ym4fn5rl7c]

@@camiller4916 Better fact check first before making statements you cannot back up with supporting data. Thinking and believing is a worthless waste of time if you do not know what you are going on about. Not that difficult to do basic research. FYI - no income tax states are going to get their money in one way or the other utilizing service fees and charges you will end up paying for in the long run.

[@TexasVernon]

I live in Texas. No income tax, but you may want to compare property tax rates and maybe even sales tax rates. Our car insurance rates are also not cheap. Compared to Florida our home insurance is low, but I have been told (never checked it out myself) that it is considered on the high side. Probably due to hail storms and tornados.

[@kraka2oanIner]

WAY better than what I have(!) GOOD for you.

[@Out2Day]

I’ve been considering Mexico, but I’ve been having a hard time convincing the wife. She’s not totally against the thought, but safety, water and health insurance are a concern. We will be trying out locations in the next few years. There sure is a lot to take in with transferring funds, visas, taxes and rental agreements. Very informative video.

[@foundryfinancial]

Definitely take a trial visit. A friend moved across the border and feels very safe and happy - but like any place it varies city by city.

[@JayandLisa]

Millions of them risks their life and limp to cross the border illegally to come here but you want to go there😂😂😂😂

[@maurogallardo7399]

Go to Querétaro in Mexico, you'll be surprised, your quality of life will be so much better. Do research on KZbin about this place.

[@151Memi]

For those using their retirement (annuities, 401k and ROTH) as income might get hit with double taxation or no distribution depending on their living status in a foreign country.

[@nebojsaborkovich9196]

Who says you have to be a resident somewhere?😊

[@all4fitz]

Not just a "better" retirement! Getting out of the US can allow you to retire years earlier.

[@jimcunningham61]

I do a tourist visa in the Philippines 🇵🇭 I can stay 3 years

[@javacup912]

Retugubg anywhere has risks. It’s just how you manage to mitigate the risks what matters. Unless you are a retired CEO with a huge golden parachute, there will be some risks involved.

[@BGTuyau]

Key points to ponder beyond all the expat hype online ...

[@Al-mk4xl]

If you can’t afford the airfare back and forth to the US then you definitely need to live abroad and if you can, renounce your US citizenship(unless you’re collecting SS).

[@kraka2oanIner]

THANKS for the heads-up.

[@chicken2000-j1e]

there is no worse healtcare as in US. in US it is only sucking money from clients

[@jaengen]

Exhibit A, United Health Care.

[@QuintaJoryal]

shows you know little about other countries…but go ahead and try 😂😂😂😂…these videos are a business

[@Mrrossj01]

Note. No Medicare Insurance outside the U.S.

[@blktauna]

you wont need it because the local insurance and any private insurance you pick up will be a fraction of what medicare is costing you

[@maurogallardo7399]

​@@blktaunatrue!! 👍

[@patienceisalpha]

To me retiring abroad is not an issue, I wasn't born/raised in the US. Going back to western Europe is not a big adjustment 😂

[@nayanmdesai]

My sons are watching.

[@Driver2724]

You can buy private insurance when you move cheaper

[@orlymarq6238]

I am moving abroad. USA is seriously expensive.

[@paulamaral5451]

Not of you are a citizen of that particular country and decide to move back

[@hollymartin3291]

Please, Portugal is still to expensive. I moved to Egypt for a fraction of that cost, live very well, with cheap health care, in my paid off flat. No cares and owe nothing - life here is way better than the US

[@sailboatlighthouse]

What City? And how much do you Budget for monthly expenses for two since you own your flat? If you can possibly share I am considering retiring there in 7 years with my wife. I can figure the inflation rate if you share today's monthly expenses for two, thanks.😊

[@community1854]

Your challenges are bigger challenges in the USA!

[@dolittle6781]

Glad you are making videos like this. Am so tired of the nomadic capitalist threads and multiple passport peddlers painting rosy pictures of retirement in some far flung country. Has anyone checked recently on how difficult it is to learn Portuguese for example? Without a knowledge of the native language of your dream country forget about moving there. Don’t even waste your time and money on any trial run. Knowing the language is key. Don’t let anyone tell you otherwise. And cultural differences are a “beach.” You’ll constantly feel like you just don’t belong.

[@shinyshinythings]

Re: #4, for at lest two countries (Spain and France) one of the conditions of the visa is to purchase comprehensive health insurance (not travel insurance). And I would add a #6, too, the five-year ‘cliff’ or point of no return. That’s when you lose eligibility for SSDI coverage (if you haven’t contributed to Social Security for five years). AFAIK you can never get it back. This is an important consideration for those with conditions that could lead to long-term disability, and who might want the option of returning to the US to live.

[@alex182618]

This channel is the voice of reason. People who retire abroad, in my understanding, are people who rely only on social security check.

[@TaylorPhelps-h1m]

Or they have overseas income and want to claim the foreign income exclusion.

[@johntirish]

Your understanding is poor. Have you ever lived outside of the usa? I left the USA in 2007 and it was a good decision.

[@paulg6309]

apparently your understanding is poor

[@martypoll]

Not at all. I retired to Thailand 7 years ago and my work pension is 5x my Social Security benefit. I know quite a few expats here that are wealthy by US standards. Our money further here just like anyone else’s.

[@markbeiser]

There are some that rely only one Social Security, but also a lot that get military or job related pensions in addition to it, rental income from their property in the US, their retirement savings and other investment accounts. There are a lot of beautiful places around the world where you can live quite well for under $2000 a month. Even if your goal is just to slow travel around the world, it can be done very comfortably on under $3000 a month if you are not staying at tourist resorts.

[@community1854]

There are challenges huge ones in the USA. Do u know if they pay our social security?

[@nala3038]

73% of Americans will die broke and in debt. If I was heading in that direction, I would definitely relocate in a country where I could maintain a quality of life.

[@foundryfinancial]

Do you have source for that? It feels made up. Ha.

[@nala3038]

@@foundryfinancial no it isn’t otherwise I wouldn’t have posted it dummy.

[@2Rugrats9597]

@@foundryfinancialHe just made that shit up! That’s Ridiculous

[@barnold62]

I thought it was 72.83945% lol

[@markbeiser]

@@foundryfinancial Well, 83% of statistics quoted on the internet are entirely made up!

[@maaltx]

Only if you retire that is not your birthplace and you don’t know the culture and language. I don’t want to retire here in US too expensive and can’t afford a maid and a driver and a nanny.

[@michaelellis6847]

You failed to mention that you still need to pay your medicare part b premiums each month, unless you renounce your citizenship.

[@bipl8989]

There is no part B if you live outside. Medicare is not valid outside at all.

[@shinyshinythings]

You can choose not to sign up for Part B if you’re never going to return to live in the US. (But I don’t recommend it! If you do ever have to return, your Part B premiums will be 10% higher for every year you didn’t sign up. Ouch.)

[@Driver2724]

Living social security benefits.

[@TheGforceuk]

I’ll ignore every factor there is to get out of the UK

[@bluetortilla]

Lots of crazy s^^^ about to happen in the USA. Ain’t static dude?

[@rescuingmodernity]

Monied interests, added to the way these interests have led millions of ordinary poor people to vote against THEIR OWN INTERESTS, are trying to dissuade scientists and other professionals from leaving the United States for a democracy. If they can keep the departures low, that’ll be, for them, a great success.

[@djkarma6904]

That's insane they want their dirty paws in all our money. If I decide to no longer live there and have any money in the states how exactly could they garnish that penalty fee from me?

[@markbeiser]

Even if your money is not reachable by the IRS, you may have difficulty renewing your passport, then the party is over.

[@camiller4916]

They can put a lien on ur assets. And ya, not renew ur pp

[@totesgene]

Garnish your Social Security.

[@mateoarzua7706]

You can always resign to your US Citizenship…..And stop the Tax insanity 🤬

[@HungNguyen-se8dn]

USA is still anf always best country to retire. We retired 10 years ago and we are perfectly OK😂

[@johnwelch3016]

Get married to a foreign National from that country and your problem is solved but you must negotiate

[@fieldg100]

Assets? You can avoid it if they don't know what you have

[@camiller4916]

I guess if ur assets r untraceable, like gold bars, art pieces, baseball cards, coins, foreign currency. But if u go to sell these items, at least in the US, the sale has to be reported, and that’s how they will know. Also, u have to declare at US border if u have over 10k, otherwise they can seize it

[@antarart]

He is talking to 12 year olds!

[@lasticonoclast]

I suppose you would know. Time for your daily nap?

[@gracelynne3918]

Probably because the average American is intellectually a 12-year-old when it comes to anything international.

[@redgree1645]

FYI you cannot buy a villa anywhere in Portugal 🇵🇹 for 125,000 it doesn’t exist. Please do your homework before you start giving advice. Get a life, you don’t know what you’re talking about.

[@BurritoSupreme42]

Lol. What? Virtual therapists are there for you.

[@BarnabyBarry]

All expats especially in 🇹🇭-he forgot the prettier younger gf’s we get here!

[@djkarma6904]

You are gross

[@markbeiser]

The gold diggers require less gold to keep them happy than here in the US too.

[@user-ym4fn5rl7c]

Expats are afraid of being considered immigrants and had to come up with a fancy name to cover up their insecurities. Then you have the sorry losers who have to base their lives around young girlfriends and that these men think the girls are in love with them. But it is money what they want and love hearing when they get scammed by these girls and their families.

[@Jeff-sm8of]

Expat? These blokes flatter themselves The current vernacular for these types is pp or gg. Pusi prowler or Gary glitter

[@orlymarq6238]

I am moving abroad. USA is seriously expensive.