Retiring Abroad?
Have you Imagined it?
Are you considering it?
It’s a pretty exciting dream that a lot of us think about, but, could it really be a reality?
Yes.
With good planning and a smart look at your current financial view, retirement abroad has become a “real” reality for many of our clients. What does your PATH look like?
According to government data, out of nearly 47 million retired workers age 65 or older collecting Social Security benefits, approximately 700,000 have chosen the path to live abroad. If you plan to be one, here are a few other questions you’ll want to consider:
Where to?
Do you want to live in a city? Near the beach? In the mountains? Whatever the terrain, you’ll also want to consider political stability of the country. Some countries may change, but for other countries, there may be certain areas you’ll just want to avoid.
Who is coming with you?
Will you be moving close to family or further away? As a result of the move, will you be traveling more often to visit family and friends, and if so, are you including those added travel expenses as part of your retirement income needs?
What else should I know?
The appeal of moving to another country could include lower home prices and cost of living, as well as cheaper healthcare. Although Medicare mostly covers services you get in the U.S. that means you’re on your own for health insurance if you decide to live abroad long term. You’ll still want to enroll in Medicare Part A when you turn 65, and potentially Part B if you’ll be going abroad for a trial period only, (to avoid potential late enrollment penalties). In addition to healthcare, there’s the possibility of a health event that could leave you in need of home health care, assisted living or nursing care. Already have long term care insurance? Unfortunately, some policies do not cover claims made if you live abroad, and others may have stipulations and limitations to reimbursements. It’s important to review your contract to understand your benefits.
How?
How can I make this a reality? Let’s talk about it! We’d love to hear about your goals and dreams and help you set a PATH toward reaching them! Contact an advisor at Vertex Planning Partners for an in-depth review of your current Long Term Care insurance policy and/or to review your options for Long Term Care coverage that may fit your needs abroad.
