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What You Need To Know If You Plan On Retiring Overseas

What You Need To Know If You Plan On Retiring Overseas

Article Date October 31, 2017

A new survey by Travel Market Report, an online business publication, has published a new survey about retirees who have elected to retire in countries outside the United States. The study reports that an estimated 3.3 million retirees from the Baby Boomer generation have plans to retire overseas.

The Social Security Administration’s annual statistics cite retirement benefits are being received outside of the United States by an estimated 35,000 retirees. The most popular outside retirement destinations include the United Kingdom, Japan, Canada, Germany, and Mexico. However, for those that plan to retire to another country, there are a few important things to know:

Medicare coverage is not available once you are outside of the U.S. With the exception of Plan A and Plan B, Medicare supplement plans cover 80 percent of any emergencies while overseas that are deemed medically necessary, within the first 60 days. The annual deductible is $250, and the lifetime cap is $50,000. If Medicare coverage is terminated, it may not be able to be reinstated, and in the cases where it is, significant increases in premiums may apply. While private insurance is available, it is important to understand any exclusions that would prevent coverage. In some countries, legal residents can obtain health care from the public or private system, and it is important to research your options before relocating.

As far as establishing residency, each country has its own set of requirements as well as conditions for becoming a legal resident of that country. The requirements can vary according to where you plan to live, from specific visas, to physical examinations and background checks, and even records from your financial institution. Researching the conditions necessary to become a legal resident of the country you plan to live in prior to relocating is strongly recommended.

As far as taxes, any income that is earned or based in the United States will require state and federal taxes due, regardless of whether you live overseas. The taxes that you pay abroad will depend on the country in which you are living, and it is best to consult an international tax expert so that you are properly prepared.

Living abroad can be a peaceful way to live out your retirement years, providing you do your due diligence prior to relocating. The more information you have ahead of time, the better prepared you are to adapt to the country in which you have chosen to live.

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