More than ever, people are attracted to the concept of retiring outside of the United States. There are some complications that must be considered before you make the jump, however. According to the Social Security Administration, the number of people retiring abroad has increased significantly in the last decade. It’s expected that more than half a million US retirees living oversees are receiving social security benefits, and that doesn’t even include all of the people that are having their benefits sent to their US based financial accounts or addresses.
Several different concerns emerge when thinking about retiring overseas and how this can support your retirement. Having a team of experienced professionals to guide you through the process can help to eliminate or minimize most of these concerns. Having this team of professionals to answer your questions at the outset of your planning makes sure that you’ve considered all necessary aspects of retiring abroad and have put a plan into motion that helps you get there in the future.
Some of the most common challenges that can be addressed by your team of professionals include:
- Currency exposure challenges.
- Potential restrictions on buying or moving property.
- Not understanding the full implications of medical care.
- Which financial accounts to have.
- Incorporating tax planning as a US citizen.
- Failing to update your estate plan.
- Assuming that living abroad means that it’s necessarily less expensive all the time.
Scheduling a consultation with a Pasadena estate planning lawyer you can trust gives you the chance to ask questions and helps you decide whether or not retiring overseas is right for you.