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Considering Retirement Abroad? Find Out if Retiring Abroad is Right for You

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Have you ever thought about ditching the states and spending your retirement years abroad? If you haven’t, you may want to consider it—especially if you’re worried about having enough savings accumulated for the length of your retirement

You may even be able to retire sooner if you choose to relocate to a foreign destination.

Why is retiring abroad a great option for retirement? Well, simply because there are numerous cities around the world that offer a much cheaper cost of living than anywhere in the United States. 

There are more factors to consider, as well. Nearly 700,000 retirees today receive their Social Security benefits abroad, and they’re not sacrificing any comfort to do so. Keep reading to figure out if retiring abroad is right for you!

Going Digital

If you’re someone that prefers paper over the internet, then retiring abroad might not be the best choice for you. If you move overseas, you will need to embrace the internet in order to continue easy communication with the states. 

A big aspect of your life that would transfer to the web is your finances. Instead of corresponding with your bank via letters and physical statements, you will need to convert to online communication and digital statements. 

Factors to Consider to Manage Finances When Retiring Abroad

Update contact information

Ensure that your bank and financial institutions have your updated contact details, including an active email address and international phone number.

Set up online banking

Familiarize yourself with online banking platforms and set up accounts with your financial institutions for easy access to your finances from abroad.

Enroll in e-statements

Switch to digital statements for all your financial accounts, including bank statements, investment statements, and retirement account statements.

Opt for online bill payments

Arrange for online bill payments to avoid the hassle of mailing physical checks from abroad. Many utility companies and service providers offer digital payment options.

Keep important documents secure

Safely store electronic copies of important financial paperwork, such as passports, identification documents, investment records, and insurance policies, in secure cloud storage or encrypted devices.

Learn about online security

Educate yourself about online security measures and best practices to protect your financial information from cyber threats and fraud.

Inform beneficiaries and loved ones

If you have beneficiaries or family members who need to be informed about your financial arrangements, make sure they understand the shift to digital communication and how to access relevant information when needed.

Consider international money transfers

Research and choose the best and safest methods for transferring money internationally, whether for personal expenses or to manage investments in your home country.

Check internet availability and reliability

Before relocating, assess the internet infrastructure and reliability in your chosen destination. A stable internet connection is crucial for managing finances and staying in touch with loved ones back home.

Familiarize yourself with digital tools

Explore mobile banking apps, financial management software, and other digital tools that can simplify and streamline your financial tasks while living abroad.
Remember, embracing the digital aspect of your financial life is essential when retiring abroad, as it will enable smooth communication and efficient management of your financial affairs from a different country.


Even if you’ve managed to stay out of the doctor’s office the majority of your life, that likely won’t continue as you grow older. It’s simply natural as we age to find ourselves visiting the doctor more often. 

Therefore, healthcare is a very important factor to consider when choosing to retire abroad. If you have a chronic condition and visit the doctor often, then retiring abroad may not be the smartest option for you. 

Medicare doesn’t extend outside of the U.S., so if you rely heavily on these benefits, you may want to stay in the states. However, there are foreign countries that offer suitable healthcare options for seniors. Do your research before choosing your destination.

Embracing Change

Are you someone that likes to experience new things, or are you set in your ways? If you lean towards the latter, then retiring abroad may prove difficult for you. Enjoying life in a foreign country requires an open mind that will allow you to embrace change. 

Depending on where you go, the majority of people may not speak English, which can be a huge adjustment for Americans, of course. If this doesn’t sound appealing to you, then living abroad may be miserable for you. 

No amount of money saved is worth sacrificing your happiness!

These are just a few things to consider when deciding whether or not to retire abroad. Another huge aspect to consider is leaving your family. Bottom line is, there’s a lot to consider when making such a big move. However, many seniors thoroughly enjoy retiring abroad, and you could, too!

Do you have more questions about your retirement? We’ve for the answers! Contact Plotkin Financial Advisors today to see how we can make a difference for your financial life!

Frequently Asked Questions (FAQs) About Retiring Abroad

Retiring abroad can be a great option because many cities worldwide offer a much cheaper cost of living compared to the United States. Additionally, some retirees receive their Social Security benefits abroad without sacrificing comfort.

If you choose to retire overseas, you’ll need to embrace the internet for easy communication with the United States. This includes managing your finances through online banking and digital statements.

Healthcare is a crucial factor to consider. If you have a chronic condition and rely heavily on Medicare benefits, retiring abroad might not be the best option. However, some foreign countries offer suitable healthcare options for seniors.

Yes, retiring abroad requires an open mind and a willingness to embrace change. You may encounter language barriers and cultural differences, so being adaptable is essential for a fulfilling experience.

Leaving your family is a significant aspect to consider. Retiring abroad means being physically distant from loved ones, which can impact your overall happiness and well-being.

Besides healthcare, embracing change, and leaving family, there are other aspects to ponder, such as the legal and financial implications of moving to a foreign country. Proper research is crucial before making such a big decision.

Yes, many retirees receive their pension or Social Security benefits while living abroad. However, it’s essential to understand the rules and regulations regarding international benefits payments.


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