GoBankingRates (GBR) included insights from Global Financial Planning (GFP) Fellow Stewart Koesten, about avoidable costs associated with retiring abroad.
“I believe it is best to liquidate your household items before making the move abroad,” Koesten explained. “Then buy major furniture and appliances once you arrive at your new permanent residence to ensure they fit, both in size and electronic configuration.”
The article cites Travel + Leisure magazine reporting that “over half a million people receive their Social Security benefits outside of the United States.” The total number of Americans living abroad is more different to discern. The number range from four to nine million, depending upon who is being counted.
While there are perks to retiring abroad, Koesten stresses the importance of speaking with a financial planner who has experience assisting expatriates. A global financial planner can help advise you on tax implications the move may have and costs that you should be prepared to incur, plus more.
This article focuses on the costs and complications associated with shipping your possessions, including pets. However, shipping is just one aspect of a multitude of logistical considerations when moving abroad.
Read the full article here.