Retiring Overseas: 5 Factors You Can't Ignore 🚫
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- Опубликовано: 2 авг 2024
- Are you considering retiring overseas?
It's a big decision, and we're here to help! In this video, we'll discuss the five essential factors you should consider before making the leap. From healthcare and taxes, we've got you covered.
Join us as we explore the key elements that can make or break your retirement abroad. Whether you dream of waking up to breathtaking landscapes or immersing yourself in a new culture, our comprehensive guide will equip you with the knowledge to make informed choices. Don't let the excitement overshadow the practicalities; watch now and ensure a smooth transition into your international retirement lifestyle.
Website // foundryfinancial.org/get-started
Private Facebook Group // / retirementforum
00:00 Intro
01:05 Do a Trial Run
02:26 Residency Visa
3:27 Don’t Forget Taxes
5:03 Healthcare Abroad
06:19 Report Your Money
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ABOUT ME
I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.
❣ SPONSORED No, this video was not sponsored.
⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome
Are you considering retiring abroad?
Heck yeah but for only 9mos out of the year. I’ll keep my paid off home and slow travel for 9mos. I can’t wait
Yes - in Canada. We are already working with a cross border tax accountant. When we did the calculations, it’d still be cheaper to pay the difference between the US/CAD tax credits than to live in the US and pay for the health insurance premiums and having to save on top of that for LTC. We’re moving to an affordable province - not Vancouver and Toronto where the cost of living is much higher
Decided to years ago.
@@foundryfinancial I look poor on paper so from age 61-65 I’ll be on Obamacare and I will have 0 payments monthly and in a HSA by just withdrawing $29K a year being single. My co Pays and deductibles will be high but I really won’t be using it. I will have international healthcare while traveling preferably in Thailand, Vietnam, Malaysia and Japan. I have plenty of cash to compensate over the $29K I’m withdrawing so I still maintain looking poor on paper thru the IRS in the U.S. Instill have a paid off home and rent 2 of the bedrooms for income as well tax free.
Your example - too funny! My sister and BIL retired to Portugal almost a year ago and they did indeed buy a newly renovated (previously office suite) 2BR/2BA penthouse apt. In a coastal community for $250k. It’s beautiful and they love it. They are happy and healthier walking everywhere and eating fresh preservative, not GMO food.
Retired 8 years ago in Chiangmai Thailand 🇹🇭 it was an excellent decision for me. I've been traveling all around the world including 4 cruises, trips to France, Spain, Italy, Greece, Indonesia, Malaysia, China, Philippines, Japan, and domesticly all over Thailand. Healthcare is definitely better in Thailand. My thai Doctors are American trained and hospitals are world class. My dentists are better. Also found many American dentists over treat patients just for the money. Most everything cost 1/4 to 1/3 of what it costs in USA. Except medical.. its pennies on the dollar and much better . After 8 years of retirement my net worth has not decreased it has increased, which means all that travel and a beautiful life is costing me much less than living in the us. I'M living on capital gains .0 income tax on IRA or 401 K living in Thailand.Some culture shock,in other countries, But when i return to the US and see my country change well... I'm shock by the US too.
Do you still maintain your is citizenship and banking in the US?
@ceeIoc I'll never give up my passport, and I have 2 daughters, mother, sister in the us. My mailing address in at my eldous daughter with a joint bank account which receives my social security deposit. I can easily move money by wise cash exchange transfers. And ovcourse credit cards with no foreign transaction fees.
@@ceeIoc yes, joint bank account with my daughter.
But in the US, we have overweight sassy nurses that will see you after three hours of waiting … I bet you miss that the most living in Thailand 😂😂😂😂
Exactly what I plan to do. Have 2yrs to go then Chiang Mai here I come. I’ll go to Vietnam during the smoke/burning season
To me retiring abroad is not an issue, I wasn't born/raised in the US. Going back to western Europe is not a big adjustment 😂
Good Advice , I'm researching 3 countries for over a year now looking at all the thing You just talked about. Very Good Video.
Best of luck!
I’ve been considering Mexico, but I’ve been having a hard time convincing the wife. She’s not totally against the thought, but safety, water and health insurance are a concern. We will be trying out locations in the next few years. There sure is a lot to take in with transferring funds, visas, taxes and rental agreements. Very informative video.
Definitely take a trial visit. A friend moved across the border and feels very safe and happy - but like any place it varies city by city.
Regarding the FBAR. You fill it out online and takes a few minutes.
I'm also a CFP professional who spends a couple of months living in Chiangmai, Thailand for 20 years now. I'm now 72. For USA citizens I've known the state tax situation is an issue that few understand. Also healthcare for retirees can be expensive. There also is the issue of stating on tax returns and Medicare that your residence is in the USA even though most or all of their time is spent in Thailand.
Thanks for sharing!
AWESOME discussion! My husband is Canadian who has his permanent residency here in the US. When I retire, we’re going to retire in Canada. I’ll start my residency paperwork next year! But as for taxes, we have already found a tax from that specializes in Canadian-US taxes. It is truly the best investment we’ve made and gives a great peace of mind. We’ve already used them and will continue to do so as long as they’re in business. So your emphasis on tax planning when moving abroad is spot on!
Cost of living in Canada is becoming comparable to USA, and as much as I love Canada too, it may not help from the cost aspect.
Your crazy.
Living social security benefits.
I have a VERY important question: is there any rule for a TRS system GA that makes it mandatory to visit USA once or twice a year to keep you retirement?
If I am working in Dubai. Dubai has no taxes so should I file a yearly tax in usa ?. Is it compulsory to show the Dubai income to USA tax filing?
That's insane they want their dirty paws in all our money. If I decide to no longer live there and have any money in the states how exactly could they garnish that penalty fee from me?
Land of the free ☺
Who says you have to be a resident somewhere?😊
You can buy private insurance when you move cheaper
This channel is the voice of reason. People who retire abroad, in my understanding, are people who rely only on social security check.
Or they have overseas income and want to claim the foreign income exclusion.
Your understanding is poor. Have you ever lived outside of the usa? I left the USA in 2007 and it was a good decision.
apparently your understanding is poor
Not at all. I retired to Thailand 7 years ago and my work pension is 5x my Social Security benefit. I know quite a few expats here that are wealthy by US standards. Our money further here just like anyone else’s.
73% of Americans will die broke and in debt. If I was heading in that direction, I would definitely relocate in a country where I could maintain a quality of life.
Do you have source for that? It feels made up. Ha.
@@foundryfinancial no it isn’t otherwise I wouldn’t have posted it dummy.
@@foundryfinancialHe just made that shit up! That’s Ridiculous
I thought it was 72.83945% lol
Get married to a foreign National from that country and your problem is solved but you must negotiate
Assets? You can avoid it if they don't know what you have
All expats especially in 🇹🇭-he forgot the prettier younger gf’s we get here!
You are gross