Enjoy Retirement Abroad If You Plan Ahead With LorMet
Posted by LorMet Webteam on Fri, Jul 30, 2010 @ 11:32 AM
Retiring abroad is an attractive option for American citizens who can afford it. More often than not, your standard of living will be higher in another country than in the U.S. Some of the most popular countries where American citizens retire, like Costa Rica, Mexico and Panama, have a much lower cost of living.
Look into incentives for retirees
Some of these places offer incentives for American retirees as well. Mexico and Panama allow retirees from the U.S. to bring in their household goods without being taxed. Panama also has an incentive program for retirees who meet certain income requirements.
Research healthcare
One thing to consider is healthcare in the country you are considering for retirement. While you can still get Social Security benefits if you live abroad, you cannot take Medicare with you. Still, this should not cause alarm because many retirees are able to use state-run Healthcare programs and find that the costs are on par with or less than what they would pay at home.
Visit several times
Do not do all of your research online or while on vacation because this will not prepare you for such a life-changing move. Experts suggest that you visit the country where you want to retire during different seasons. For example, if you have only seen a tropical country while vacationing at the height of the tourist season, you may not know how you will feel about the rainy season or other times of year.
Get Started With Retirement Planning
If retiring to a foreign country is still just a daydream for you, you can still get started on making that dream a reality with a savings account or IRA from LorMet Community Federal Credit Union. We have Traditional and Roth IRAs. For more information regarding LorMet IRAs, 401K Rollovers, contact a Member Service Representative at 440-960-6600.