At Extreme Investor Network, we believe that making smart financial decisions is crucial for a secure and prosperous retirement. One area that is gaining popularity among seniors is the idea of retiring abroad. In fact, nearly one-third of retirees have relocated either domestically or outside the country after leaving the workforce, according to a recent CNBC survey.
There are many reasons why retirees are choosing to spend their golden years abroad, including a lower cost of living, a more comfortable lifestyle, better weather, and cultural exchange. As certified financial planner Leo Chubinishvili with Access Wealth in East Hanover, New Jersey, points out, living in a country with lower housing costs, health care expenses, and other necessary expenses can help retirees stretch their nest egg further.
However, retiring abroad requires careful planning. You’ll need to research visa and residency requirements, understand local laws, navigate international taxes, and consider healthcare options. It’s important to note that Medicare won’t cover you abroad, so you may need to purchase private insurance.
While living abroad may be a money-saving option for some, it’s essential to consider your life priorities before making a decision. Factors such as proximity to family, access to quality healthcare, and cultural experiences can all play a role in where you choose to spend your retirement years.
At Extreme Investor Network, we understand the importance of making informed financial decisions that align with your goals and priorities. Whether you’re considering retiring abroad or simply looking for ways to grow and protect your wealth, our expert advisors are here to help. Join us for our upcoming CNBC Women & Wealth event on Sept. 25 to learn more about how to secure your financial future. Register now to hear from top financial experts and empower yourself to make the best choices for your wealth.