Retiring in a foreign country is increasingly attractive to Americans. Those who would like to consider doing so, need more of a plan than they might think.
Recent statistics show that more people receive Social Security checks at foreign addresses than ever before. Older Americans are choosing to live out their retirement years in foreign countries. There are several reasons for this, including wanting to be close to family, many developing nations have nice climates, and other countries are beginning to catch up to the U.S. in terms of safety and available services.
However, many people move overseas having not properly planned for contingencies that they should have considered, as Financial Advisor points out in "More Americans Are Retiring Abroad -- But Do They Have a Plan?"
One of the most important things people do not understand is that foreign countries often have very different estate laws than those in the United States. That means estate planning must be done carefully before retiring overseas, especially if Americans want to make sure that their estates are distributed how they expect them to be.
Americans also often assume that after they move overseas to retire, they will never need to move back. This is also often a mistake, since the situation in a foreign nation might change due to instability or even natural disaster. An American Citizen overseas may wish to also return for healthcare reasons, or just an inability to adjust to life in another country. Because of these factors and others, it is advisable to keep a place in the U.S. so you may return if necessary.
If you would like to retire overseas, make sure that you have made proper plans.
Reference: Financial Advisor (Feb. 15, 2017) "More Americans Are Retiring Abroad -- But Do They Have a Plan?"