Living Abroad in Retirement
In today's episode of the Retire As You Desire TV Show, Bill Bloom delved into the exciting topic of living abroad in retirement.
Episode Breakdown:
1. Considerations Before Moving Abroad
Bill discussed the importance of income in retirement and how it impacts one's choice of location. Factors such as lifestyle preferences and savings play a crucial role in deciding where to live post-retirement.
2. Receiving Income While Living Abroad
Bill highlighted the key aspects of planning for income in retirement while residing outside the United States. Understanding Social Security payments, eligibility, and payment methods are essential for a smooth transition.
3. Best Places to Live and Retire Outside the US
Bill provided insights into countries like Portugal, Greece, Thailand, Panama, and Mexico, which offer affordable living, investment visa opportunities, and unique residency programs for retirees.
4. Tax Implications of Living Abroad
Bill discussed the tax implications of retiring abroad, emphasizing the importance of understanding tax treaties, reporting obligations, and potential double taxation issues.
5. Health Insurance Abroad
Bill explored health insurance options while living outside the US, covering international health insurance plans, local health insurance providers, and the importance of emergency evacuation coverage.
TIMESTAMPS:
00:00:00 - Introduction to Living Abroad in Retirement: The podcast host introduces the topic of living outside of the United States in retirement and highlights the key areas to focus on.
00:05:30 - Planning for Income in Retirement: Discussion on the importance of income in retirement, savings, lifestyle choices, and considerations for living abroad.
00:10:33 - Social Security and Living Abroad: Exploring the eligibility, requirements, and considerations for receiving Social Security income while living outside the U.S.
00:15:14 - Health Insurance Options Abroad: Overview of different health insurance options available for retirees living abroad, including international health insurance plans and local health insurance providers.
00:20:27 - Tax Implications of Living Abroad: Discussion on tax implications for retirees living outside the U.S., including foreign tax credits, reporting obligations, and potential double taxation.
00:25:10 - Factors to Consider for Taxation: Exploring factors such as country of citizenship, retirement income types, and tax treaties between countries for retirees living abroad.
00:30:33 - Action Steps for Tax Planning: Providing action steps for tax planning before moving abroad, including assembling a team, understanding tax burdens, and keeping detailed records.
00:35:26 - Affordable Countries with Investment Visas: Highlighting countries like Portugal, Greece, Thailand, Panama, and Mexico as affordable options with investment visa opportunities for retirees.
QUOTES:
"Living outside of the United States is completely doable." - 00:00:22
"The biggest aspect of Social Security and income in retirement is know the potential tax implications." - 00:10:02
"The name of the game in retirement is to keep the most amount of money in your pockets and your investments for the long haul." - 00:07:31
"If you're going to live somewhere, don't you want to receive income? Don't you want to still have fun and explore and travel?" - 00:08:57
"The U.S. taxes your worldwide income regardless of where you live." - 00:25:10
"Living in a blue zone could extend your lifestyle. It could extend your lifespan." - 00:41:36
"Living in Europe could be a huge benefit, especially if you want to travel." - 00:39:56
"I want people to live as long as they can, have their money last as long as possible, and have their health." - 00:41:57
"Being in Europe could be a huge benefit, especially if you want to travel." - 00:44:02
"These are really great ways to plan and this is what the Retire As You Desire show is all about." - 00:47:07