Retiring overseas involves more than just a move

TOPEKA, Kan. (WIBW) – Retiring overseas sounds like a great adventure, but several financial considerations should play into your decision.

Carl Carlson, Founder and CEO of Carlson Financial, visited Eye on NE Kansas to offer perspective.

Carlson said more Americans are attracted to retiring in a foreign country because certain locations could be more affordable and offer better healthcare options. Lifestyles in certain locations also might be more attractive.

Before making the move, though, Carlson said to understand things like tax treaties, foreign tax credits, reporting requirements and currency exchange rates.

In addition, Carlson said to remember that Social Security generally will follow you to most countries, but Medicare will not.

Carlson suggests anyone considering a foreign country for retirement do a trial run. Before selling your U.S. home, live in the dream destination for a few months to ensure the day-to-day is as nice as a vacation.

Be realistic to ensure it truly fits into your financial plan.

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This article has been archived by Slow Travel News for your research. The original version from WIBW can be found here.