Some Problems With Retiring Overseas
17 August 2006I’ve suggested before than many Americans are deciding to retire in other countries – it’s a viable option for many people who don’t have that much money saved up because you can often afford a whole lot more in poorer countries than you would be able to here, even in the cheapest parts of the United States. I ran across this article in the International Herald Tribune which addresses the issue primarily from a British perspective – but it’s got some good advice for Americans, too. The article points out that you might find out that it’s not the paradise you thought it would be if you don’t do your planning. Sometimes even while the housing costs less, the bills cost more. You may find that infrastructure and other things are much lower quality than in the U.S.
Specifically for Americans, you need to watch out for your health care:
For Americans, the Medicare system does not extend benefits to those living abroad, meaning retirees are mostly on their own when it comes to finding health care.
One reason many Americans who retire abroad choose Latin America is that it is relatively easy to return to the United States for treatment, and many prescription drugs are cheaper south of the border.
The article also has some good advice in general for becoming an expatriate – do your homework. Every foreign country has problems with living there in addition to the benefits. So know what you’re getting into before you pack up your stuff.
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