Retiring overseas has many advantages, especially for those who are adventurous, open-minded and looking to live cheaply — often in stunning vistas.
Here are five advantages of retiring overseas.
1. Sense of Adventure
If you've worked all your life and been stuck in one place, moving to an overseas locale can create a renewed sense of adventure and exploration of life,
noted International Living. Many seniors say such a change drastically improved their quality of life.
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2. Housing Costs
Housing and often utilities can cost a fraction of what they might in the United States, International Living noted. Your retirement funds can go a long way, giving some the opportunity to live a much more posh life with house-keepers, drivers and gardeners to tend to the chores. Even property taxes are typically lower in most countries, the website added.
3. Health Care
The cost of health care is far cheaper. In some countries with socialized medicine, doctors visits can cost about $10,
Kiplinger noted. "An office visit in Latin America or Asia will set you back, on average, anywhere from $10 to $40. Dental care is typically one-fifth the cost of the States, as are health plans," Kiplinger said. It added: "Some countries offer public health plans, with prices … ranging from $50 to $150 a month per person."
4. Social Security
You can still collect Social Security benefits wherever you live. According to Kiplinger, in 2011, the Social Security Administration mailed benefit checks to 346,000 people living abroad. One caveat, however: "Some countries require you to earn a specific amount of income every month to qualify for residency; in others, owning property is sufficient."
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5. Technology
Retirees can still take care of their investment accounts online, no matter where the live, using financial transaction technology that makes global living a snap. Kiplinger advised retirees to hold onto a bank account in the United States. "Expats who no longer have a U.S. address could run into bureaucratic difficulties. Some banks have closed expat accounts, citing Patriot Act provisions designed to thwart financing of international terrorists, according to American Citizens Abroad, Kiplinger noted, adding that details on such accounts were available at www.americansabroad.org.
The State Department also offers guidelines for retirees living abroad.
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