Retiring Overseas: 5 Factors You Can't Ignore 🚫

Are you considering retiring overseas?

It's a big decision, and we're here to help! In this video, we'll discuss the five essential factors you should consider before making the leap. From healthcare and taxes, we've got you covered.

Join us as we explore the key elements that can make or break your retirement abroad. Whether you dream of waking up to breathtaking landscapes or immersing yourself in a new culture, our comprehensive guide will equip you with the knowledge to make informed choices. Don't let the excitement overshadow the practicalities; watch now and ensure a smooth transition into your international retirement lifestyle.

00:00 Intro
01:05 Do a Trial Run
02:26 Residency Visa
3:27 Don’t Forget Taxes
5:03 Healthcare Abroad
06:19 Report Your Money

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*ABOUT ME*

I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission — pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money — so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!

📅 *THE BASICS OF RETIREMENT PLANNING*

Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.

Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.

Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.

Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund — especially if you have an employer retirement plan that matches any portion of your contributions.

Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.

Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.

❣ *SPONSORED* No, this video was not sponsored.

⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome

[macaccount]

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.

[edgregory]

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.

[augustinedandrea]

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

[dtcunningham]

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.

[martypoll]

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

[michaelstephen]

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-ur]

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 ~~

[musicofnote]

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".

[SarahGonzales-sktn]

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.

[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.

[LawrenceStevens]

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 YouTube.

[philam]

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.

[michaelgallo]

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.

[AshishShrivastava-qi]

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

[familyoffive]

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.😊

[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.

[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.

[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.

[DavidWilliams-qryj]

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.

[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.