Retiring abroad can be a dream come true if you have a good grip on your finances. Stewart Koesten shares his expertise in this article in Kiplinger’s Report.
The article covers some of the most significant financial management issues tied to retiring in a foreign country, including getting access to your cash, streamlining your taxes, managing currency exchange fluctuations and cost of living changes, plus unexpected legal costs.
Watchout for retirement healthcare expenses too
Retirees leaning on Medicare as their foundational healthcare piece need to know the rules of the road overseas.
“At a minimum, I recommend retirees living full time overseas maintain their Medicare plan Part A coverage,” said Stewart Koesten, chairman at Aspyre Wealth Partners, a financial planning firm in Overland Park, KS and Boynton Beach, Fla. “Medicare doesn’t typically provide coverage for retirees living abroad. However, returning to the U.S. for critical care is an option if you maintain Medicare A coverage.”
Additionally, some countries have robust health insurance programs at reasonable costs.
“There are also several companies that offer medical coverage to Americans living abroad full time,” Koesten said. “Investigate these options in lieu of Part B Medicare. It’s also a good idea to seek advice from a health care insurance specialist as this is a critical area of concern during retirement years.”
If your plans involves traveling back and forth between the U.S. and foreign countries, several Medigap plans can be used in addition to Medicare Part A and Part B.
Read the full article in Kiplinger’s.