Money 10 financial risks and rewards of retiring abroad

04:35  20 may  2017
04:35  20 may  2017 Source:   GOBankingRates

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More Americans are deciding to pack their bags and head overseas in retirement — not just to travel, but to live. One reason for this trend is because retiring abroad can be significantly less expensive than retiring in the U.S. A recent GOBankingRates survey found that more than half of people ages

10 Financial Risks and Rewards of Retiring Abroad . Having the freedom to travel as you would like and see different things can provide a lot of joy for many retirees . You Don’t Have to Retire Abroad to Live the “ Retirement Lifestyle” Overseas.

More Americans are deciding to pack their bags and head overseas in retirement — not just to travel, but to live. One reason for this trend is because retiring abroad can be significantly less expensive than retiring in the U.S.

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10 Financial Risks and Rewards of Retiring Abroad . 15 Best Mobile Banking Apps and Services. If you withdraw your principal funds prior to the CD's maturity (the end of your term), however, you could be financially penalized.

10 Financial Risks and Rewards of Retiring Abroad . 15 Best Mobile Banking Apps and Services. Checking Accounts. A tenth of a percent might not sound like “high-yield interest,” but it’s actually the highest interest rate available among checking accounts for retirees .

A recent GOBankingRates survey found that more than half of people ages 55 and older have less than $10,000 saved for retirement — and a whopping 34 percent have nothing saved at all. While such little savings can make it near impossible to retire in the U.S., there are plenty of countries where the cost of living is lower, so even a small sum can stretch further.

There are a number of financial rewards to retiring abroad. However, there are also financial risks. Consider both so you don't make a retirement planning mistake.

Click ahead for 10 financial risks and rewards of retiring abroad.

Financial Rewards of Retiring Abroad

You Might Be Able to Live on Social Security Alone

You Can Live Better on Less

Healthcare Might Be Cheaper

You'll Save Money on Transportation

Long-Term Care Can Be Cheaper

Financial Risks of Retiring Abroad

You Can't Escape U.S. Taxes

Visa and Residency Requirements and Costs Vary

You Can't Use Medicare Overseas

You Have to Consider Currency Exchange and Foreign Transaction Fees

You'll Need New Estate Planning Documents

Five tips to make sure that you’re getting the best deal from your bank or financial institution .
Recent questions in the media about aggressive sales tactics are a good reminder to be on top of your financial services and to consider shopping aroundWhen it comes to their financial institutions, Canadians are loyal — maybe to a fault.

Source: http://ca.pressfrom.com/news/money/-28558-10-financial-risks-and-rewards-of-retiring-abroad/

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