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
@@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.
Kevin, you must remember one factor. Who makes that number of expats. Mostly they are people who have dual citizenship, emigrated to US years ago, and now are returning to theirs home nest. As me. Came here many years ago, worked hard, earned really good SS benefit. Never thought I would go back. Got kids here, grandkids. But this country is going down. Talk to old like me, I'm 69, remembering how was here before Obama. Now what's America proposing to me? Kamala? She has no ability to manage fast food kitchen. Crooked DOJ, FBI. Safety of citizens went down. Police, with their immunity, able do whatever they want to do without accountability. Country, one known in all World, where exists 'civil assets forfeiture', country where you can be pulled over by "Law" Enforcement officer and after being told you have watery eyes and slurred speech, you end in jail, your car is seized. Even if you are sober like infant. Of course , you can fight it in court, and loose your life savings. Taxes? In my State for apartment is $3k a year, House over $10k per year. Who can afford this? That's why I'm going back. Inherited house after my parents, will live with $100 property tax. Healthcare will cost me 1/10 of US price, and that's in Europe, where healthcare is no worse than here, or even better. OK. Sorry, I wrote what I have on my mind. Let's see what's gonna happen.
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.
@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.
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.
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.
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!
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.
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?
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?
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.
There are some that rely only one Social Security, but also a lot that get military or job related pensions in addition to it, rental income from their property in the US, their retirement savings and other investment accounts. There are a lot of beautiful places around the world where you can live quite well for under $2000 a month. Even if your goal is just to slow travel around the world, it can be done very comfortably on under $3000 a month if you are not staying at tourist resorts.
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.
Kevin, you must remember one factor. Who makes that number of expats. Mostly they are people who have dual citizenship, emigrated to US years ago, and now are returning to theirs home nest. As me. Came here many years ago, worked hard, earned really good SS benefit. Never thought I would go back. Got kids here, grandkids. But this country is going down. Talk to old like me, I'm 69, remembering how was here before Obama. Now what's America proposing to me? Kamala? She has no ability to manage fast food kitchen. Crooked DOJ, FBI. Safety of citizens went down. Police, with their immunity, able do whatever they want to do without accountability. Country, one known in all World, where exists 'civil assets forfeiture', country where you can be pulled over by "Law" Enforcement officer and after being told you have watery eyes and slurred speech, you end in jail, your car is seized. Even if you are sober like infant. Of course , you can fight it in court, and loose your life savings. Taxes? In my State for apartment is $3k a year, House over $10k per year. Who can afford this?
That's why I'm going back. Inherited house after my parents, will live with $100 property tax. Healthcare will cost me 1/10 of US price, and that's in Europe, where healthcare is no worse than here, or even better. OK. Sorry, I wrote what I have on my mind. Let's see what's gonna happen.
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 😂
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.
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'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!
Regarding the FBAR. You fill it out online and takes a few minutes.
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.
Who says you have to be a resident somewhere?😊
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
@@foundryfinancial Well, 83% of statistics quoted on the internet are entirely made up!
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?
Living social security benefits.
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 ☺
Even if your money is not reachable by the IRS, you may have difficulty renewing your passport, then the party is over.
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.
There are some that rely only one Social Security, but also a lot that get military or job related pensions in addition to it, rental income from their property in the US, their retirement savings and other investment accounts.
There are a lot of beautiful places around the world where you can live quite well for under $2000 a month.
Even if your goal is just to slow travel around the world, it can be done very comfortably on under $3000 a month if you are not staying at tourist resorts.
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?
Assets? You can avoid it if they don't know what you have
Get married to a foreign National from that country and your problem is solved but you must negotiate
All expats especially in 🇹🇭-he forgot the prettier younger gf’s we get here!
You are gross
The gold diggers require less gold to keep them happy than here in the US too.