Discover the Financial Principles of the Bible

International Retirement

Everyday we are reminded that we now live in a global economy. It used to take travelers months to go from New York to Europe. Now that journey is only a few hours. Global travel is in vogue and now it seems so is international retirement.

Many retirees are now looking to international destinations to enjoy their retirement. These destinations range from Panama to Spain. It certainly is exciting to plan to enjoy your golden years in some exotic location. However, there are several considerations you should look at before jumping into your international retirement.

Safety

While most countries offer a perfectly safe environment for retirees, things could change in a moment. International terrorism incidents are on the increase and many governments don’t offer the stability that most Americans are used to. Even handling natural disasters like hurricanes, earthquakes and tsunami’s can be very different than what you are used to.

Healthcare

Before embarking on an international adventure in your retirement years, you will also want to consider the availability and quality of healthcare services in your region. As you grow older this can become a primary factor in determining where you would like to retire.

Insurance

You may be eligible for Medicare in the U.S., but that won’t be much benefit to you if you are living abroad. You will need to look into purchasing insurance in your new international retirement residence. Fortunately this is usually much more affordable that purchasing insurance here in the states.

Citizenship

One question many have when they move to an international destination is if that will require them to give up their U.S. citizenship? Fortunately the answer is no. Unless you specifically renounce your American citizenship you will always have that regardless of your country of residence.

Social Security

Another positive for you to enjoy in your international retirement is social security. That’s right. You’re social security checks can be received even in international destinations…although you are responsible for the currency exchange.

Bank accounts

Finally if you are planning to live several years in an international destination, you will want to open a local bank account. Otherwise you will spend a fortune on bank fees and currency conversion fees if you continue to use your local bank in the U.S.

Enjoying even just a couple of years of your retirement in an international destination seems like a dream. There are challenges for sure, but the experience would definitely be worth it.

Filed in: Christian Finance, Stewardship

Comments are closed.