Retiring Abroad

Here's What You Need to Know Before Making a Move

Is Retiring Abroad the Best Choice For You?

More Americans are leaving the U.S. to chase retirement dreams abroad than ever before. Though it's hard to estimate the exact number of expat retirees, the Social Security Administration sends over 680,000 monthly checks overseas.1

For many, the main reasons are cost or a better lifestyle - with services such as housekeeping, cooking, and home care - funded by a strong dollar. Others seek travel and an exhilarating change of pace.

The biggest hotspots for expat retirees? Costa Rica, Panama, Ecuador, and Mexico.2

Sounds great, right? Not always.

Below are a few hidden risks you should watch out for before calling the U.S. quits.

7 Factors You Want to Consider Before Retiring Abroad

"Money isn't everything, and pulling up stakes for a new country may not be as attractive as it sounds when you look at the entire situation."

Financial Lesson: Understand the Pros & Cons of Any Big Retirement Move

Lower cost of living? Check. Great weather and new adventures? Check. 24-hour drugstores and the big game on television? Hmmm…not always.

Who hasn't dreamed of hitting the road and leaving ordinary life behind? I know I have. And retirement is an ideal time to stretch your legs and decide where you want to be next.

But is retiring abroad the right choice for you?

If you're the kind of person who is always up for a new adventure and can throw yourself into a new culture and a new language, living overseas could be a dream come true. But if you really depend on American conveniences and want to be surrounded by like-minded people, the expat lifestyle might be a disappointment.

Money isn't everything, and pulling up stakes for a new country may not be as attractive as it sounds when you look at the entire situation.

It's also extremely important to have your retirement ducks in a row before you make any big life moves. You don't want to miss critical steps that cost you big-time later.

I've spoken to many clients and friends who are dreaming about their big retirement move - moving somewhere else, buying that second home, trading up for a larger boat, even starting a new business.

My advice to them? Take your time. Ease away from work and into retirement before you make any major changes.

What do you think? Are you itching to make a big change at retirement? Is a loved one excited about becoming an expat? If you're not one of my amazing clients, and you'd like some objective advice from a pro who's helped many make that retirement leap, give my office a call at 636-223-0532 or shoot me an email at murf@murphyfinancialservices.com.

Andrew Murphy, FIC Cashflow Acres

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