- About Us
- Retirement Services
- Weekly Market Insight
- Contact Us
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.
Investment advisory services offered through Global Financial Private Capital, an SEC-Registered Investment Adviser (“GFPC”). SEC registration does not imply a certain level of skill or training. Securities offered through GF Investment Services, LLC, Member FINRA/SIPC. (“GFIS”). Synergy Group Inc., GFPC and GFIS are not affiliated entities. One or more individuals at Synergy Group, Inc. are registered as investment adviser representatives of GFPC with certain state securities divisions. The[se] investment adviser representative[s] receive[s] compensation in exchange for soliciting investment advisory services provided by GFPC on behalf of Synergy Group Inc. clients. Additional information regarding the specific investment advisory services and products offered by GFPC can be found at GFPC’s separate website at http://gf-pc.com or within GFPC’s Form ADV Part 2A Brochure (also available on GFPC’s website) (the “Brochure”). One or more individuals at Synergy Group Inc. are registered representatives of GFIS and receive[s] compensation in exchange for the purchase or sale of securities.
In addition to providing certain investment advisory services on behalf of GFPC as described on GFPC’s separate website or Brochure or engaging in certain brokerage services as registered representatives of GFIS, individuals associated with Synergy Group Inc. and the Synergy Group Inc. itself may provide or offer to its clients certain other products or services outside GFPC’s supervision and control, including but not limited to, insurance-related advice, estate and tax planning products and services (“Other Services”). Website users are advised that these Other Services are provided and offered exclusively by Synergy Group, Inc. and are not endorsed, provided, offered or supervised by GFPC or its affiliates.
This website (and its content within) is hosted and updated solely by Advisors Excel, an independent, third party entity that is not affiliated with or controlled by either GFPC or GFIS. As such, neither GFPC nor GFIS controls this website or is responsible for the views and opinions contained herein. GFPC and GFIS make no representations or warranties about the accuracy, reliability, completeness or timeliness of the content, and do not recommend or endorse any specific information herein.
This website is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security or other financial instrument, nor does it constitute an offer to provide or investment advisory or other services by GFPC or GFIS. Nothing contained on this website constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed on this website should not be taken as advice to buy, sell or hold any security. An investment in a product or service described herein may not be suitable for all investors and should only be made on the basis of the relevant offering documents and their terms and conditions. If you base a decision on information contained on this website, you will be solely responsible for that decision. You should obtain relevant and specific professional advice before making any investment decision.