The most common way people give up their power is by thinking they don’t have any. –Alice Walker
Let’s be honest. Retirement abroad is not for everyone. A totally new environment. Distance from relatives and long-time friends. Culture clashes. Health care issues. Language barriers. But it’s also possible to enjoy a higher standard of living at a lower cost in foreign locations of natural beauty, appealing culture and great charm.
Our list is no substitute for your own due diligence. But our research can get you thinking of possible places, and, perhaps, what’s important in your own situation. The list is by country, but, of course, just as in the U.S., not every locale is suitable for retirement. Prices and amenities, among other factors, can vary widely. So within each country, we’ve suggested some specific venues. In many countries expats tend to congregate in a few spots. We found suitable countries on all six inhabited continents (too bad, Antarctica).
One big plus in almost every foreign spot is that quality health care is way cheaper than in the U.S., so much so that private insurance can replace the Medicare that most expats will have to do without. One country, Uruguay, allows expats into the national healthcare system. In some countries, acceptable healthcare is best found in large cities.
To compile this list, we looked at such issues as cost of living, cultural attractions and scenery, safety, tax matters (especially breaks for retirees), local hospitality, weather, availability of adequate healthcare and prevalence of English.
Political stability is also a factor. There are lots of issues to consider when planning any move, let alone one to a foreign country. Solid research tailored to your individual situation is crucial. Fortunately, with the Internet and some phoning, that’s easier than ever to do. Websites of U.S. embassies in Washington often are full of detailed information, especially on the issues of what it takes to qualify for a long-term residence. And it’s not hard to Google for blog postings of American expats in whatever country interests you. Also consider making an extended visit for two or more months and renting the type of housing that might become your home.
Tax issues are often tricky. The U.S. taxes its citizens on their income wherever they live around the world. There is an exclusion from earned income for Americans living abroad–$100,800 for 2015. But the income has to be from work, which is rarely the case with retirees in a foreign country, and not from investments, which include rental properties. Fortunately, many foreign countries don’t tax the income coming from abroad of expats, and the U.S. often has a tax treaty preventing double taxation. The Internal Revenue Service website, www.irs.gov, provides guidance as well as a list of tax treaties, but consider getting advice from a tax professional.
Medicare, the U.S. government’s health insurance program for senior citizens, doesn’t cover care provided abroad. Retirees in countries near the U.S. by land or plane–on our list, Canada, Mexico, Belize, Nicaragua, Panama and Costa Rica–might be able to take advantage of it. Most countries require that expats show proof of medical insurance, although at least one–Uruguay–allows expats into the national healthcare system.
Fortunately, in most other countries medical services are of an acceptable quality, especially in larger cities, and cost far less than they do here, which is reflected in the lower premiums for private health insurance. Places to look for coverage before moving include the Association of Americans Resident Overseas and April Medibroker. Pre-existing conditions, though, can be a problem. Be aware that if you decide not to pay Medicare premiums, and later move back to the states, you’ll be hit with a late enrollment penalty—up to 10% added to your monthly premiums for each year you could have been in the program, but weren’t.
We’ve identified 20 appealing foreign countries based on our review of such factors as cost of living, taxes, medical care, climate, security and crime, cultural attractions and hospitality, and ease of return to the U.S. Not all score high on all of these factors (for example, they may be pricey, or hard to get to). But each should rate as a top retirement haven for at least some American retirees. The list is alphabetical
NEXT:
http://www3.forbes.com/personal-finance/20-best-foreign-retirement-havens-for-2015/2/
http://www3.forbes.com/personal-finance/20-best-foreign-retirement-havens-for-2015/
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