Financial implications of retiring overseas

General Questions
#1

I’m already retired at 64, drawing a small pension and social security. I am not medically disabled. I also should have Medicare in a year when I am 65. If I decide to retire outside of the US, what are some of the financial implications on taxes, medical care, etc. that I need to consider? I’m sure that my pension will continue to be deposited in by US bank account, but what of SS? Any medical for expatriates?

Mind you I’m not looking for comprehensive answers - simply some pointers from people who have already had to answer these questions.

#2

Depends where. A lot of first world countries don’t want to import more old people who will be a burden on their health care and other social services, especially if they suddenly find themselves poor and have to rely on the state.

So the first and obvious question is, what will you do for health care? Does Medicare actually cover people who ahve left the USA?

I know a number of people in Canada who had to give up being snowbirds when they could no longer afford the travel health insurance due to age or a new condition.

A friend’s uncle was found in his Arizona trailer with a stroke, unable to move - foolish guy had no health insurance. His buddy drove him non-stop back to the Canadian border so he would not go broke down there. A retired coworker was unable to go south for 2 years when she had a heart problem and nobody would sell her (affordable) travel insurance.

OTOH, for relatively healthy types, fredoneverything.com mentions in asides in his blog/column, the health system and other amenities of living in Mexico are just fine for him and quite affordable.

Americans are required to complete tax returns no matter where in the world they end up. You probably don’t want to mess that up. You don’t want to discover that your pension and bank account have been frozen in the USA because of some difficulty you had no clue about if the mail did not reach you.

#3

Medicare generally does not cover medical care outside the US.

You can still receive your Social Security while living overseas. No problem. Americans are still responsible for filing a US income tax return annually as well as FBARand FATCAfilings depending on the size of your overseas account(s).

#4

Thanks, some good points to get me started - appreciate the feedback.

#5

There are some very good books about this. Mind you, most are written by those promoting it.

I’ll point out that one can live in a inexpensive (comparatively) tropical isle just by moving to Puerto Rico.

Many places in the USA are cheaper than you think, and might be a better option ofr those on a fixed income.

#6

Due to family issues, we have to choose from someplace in Europe that is accessible to our Ukrainian relatives and where they can readily obtain tourism and residence visas…but preferably not one of the former Soviet block countries like Poland, for instance. I’m originally from Italy and am looking at Italy’s immigration and visitation regulations regarding Ukrainian citizens. My wife and I are US citizens but the rest of the family is Ukrainian. Living expense is also a concern.

I’ve just started looking at all the issues here, and they are legion. Anyone who has tried this, and who posts here, is welcome to chime in, even if your situation may not parallel mine.