How to Retire Abroad

Daria Dolan: Welcome everybody. We’re Ken and Daria Dolan. Ken: That is correct Daria. Hi everybody. I think everybody and one time another saw of not necessarily living overseas but maybe spent a little extra time overseas. In fact, I don’t know if you can read this and I just—yesterday in the paper. Boomers by Island life but not a lot of you have emailed those who have questions on the air about living overseas, living abroad for an extended period of time. Daria Dolan: Or maybe Mexico or as in that article the Dominican Republic. Ken: Yeah there are some concerns I want to pass along to you so frozen cons if you are considering it or your parents are considering it, finding your retirement even. Well I know and to be honest with you I have a retirement even. Well let’s be honest. I’m going hello— Daria Dolan: Do we have what? How you just leaving me all (Voice overlap). Ken: We absolutely love Italy. We like to make home or reach in our dreams and spend more time there in the years ahead but let’s start off with the list Daria. The week dollar, I know you’re an expert in all currencies. That’s not a good start. Daria Dolan: That’s not a good start. Ken: Let’s make the emotion out of it for a second. Let’s talk about some of the specific things to consider. Daria Dolan: Yeah exactly because you’re not going to be dealing in your home currency which means you’re going to have to become a little bit more flip-footed in dealing with another currency particularly in cases where that currency maybe stronger than then US dollar is it the moment and I work within the list all the current that is stronger than the US dollar at the moment. Ken: Okay let’s get going unless you’ve—but make sure you calculate your living expenses. Can you actually afford to live overseas? In some part of the world that’s cheaper than living in America and other part its more expensive especially with just Daria just said because the currency situation. So be realistic when you calculate your daily living expenses. How about healthcare? Daria Dolan: Yeah, you’re going to have some sort of gap policy if you’re of Medicare age because if its overseas Medicare does not pay. So you want to make sure that you have the necessary insurance to protect yourself, God forbid you suffering in accident or stroke or a heart attack while you’re leaving overseas. Ken: Now Daria is right about Medicare not paying. There are some anomalies of the Medicare love it for some extra dollars. They are maybe some coverage overseas but basically who’s talking, the basic Medicare coverage your kind of on your own, not a care wasn’t, it doesn’t mean there’s not of the plans that you can look at. Daria Dolan: The good news is you make fun with the cost of the health care overseas are severely reduce. Ken: Most of them here. How about managing your investment? You work with the broker financial advise, how is it going to work? The way it may work is that you’re in Merlin Insurance and one of the large companies very often they have a branch office in almost any country that you could—that should be understood in moving too. But who’s going to manage your investment? Are you in touch enough to run it? Daria Dolan: And if you’re planning on you know likes summering in one place and then come wintering in the US or vice-versa. Ken: How beautiful. Daria Dolan: Then we have the issue of mail in two different address. Ken: Its tricky business. Daria Dolan: How are you going to handle that? One quick way to get started is if you already have the wills and motion to make your move overseas somewhere or at least out of the country, maybe just across the border. Check and see all the junk mail that you get on a weekly basis and then set about trying to put the—to all that junk mail, because if you do have a neighbor or you know a property manager someone who will do this job for you, you’re not going to be picking up files of catalogues and junk mail and dealing with that for you. Ken: Also don’t get yourself cut away, we did last time when we went to Italy for our a little protect a period of time. Is the internet available where you’re going to be? If its not locally— Daria Dolan: Ours was 95, Monday thru Friday. Ken: Because we took— Daria Dolan: Because there was a business extraordinary know. Ken: Daria, do you have to tell everything here? Daria Dolan: Well who know, having here it wasn’t like we rub them they didn’t pay for. They’re just— Ken: Did we? Daria Dolan: Nobody do. Ken: Well somebody paid for it. Daria Dolan: Well. Ken: It wasn’t us anyway, you want to make sure that the internet available. Oh by the way if you’re traveling and you’re often vodaphone is a service that allow you internet access in many parts of Europe. Daria Dolan: And now ATMZ has their new— Ken: And what do you call a key, the connect a card? I think its AT&T connector card. We plug in on the side and you get them so having the internet available is going to make your life a lot easier not only keeping up with the news, managing investment, keeping it track or keeping in touch with the family members. Daria Dolan: And if you’re there for protected period of time possibly paying your bills. Ken: Yeah. Daria Dolan: Because if you’re maintaining a resident back in the states you’re going to have water bills and electric bills and all that maybe now water bills than electric bills certainly because you can’t just shut down everything in the house. Ken: By the way you might want to do something, I’ve just note in our little list we’re going through but it’s just a current to me because we really like it. Daria and I just started using the Skype service. S-K-Y-P-E which allows you to call and if you’re in Europe calling back to the states or if your in the states calling abroad, its really really good and really cheap. This is not a commercial for Skype, I don’t know what is in documents guide but its well worth taking I look out. Daria Dolan: Computer to computer it cause nothing and computer to a home phone overseas two cents a minute. Ken: Two or three cents. Daria Dolan: Stay away from the cell phones. They get at least 30 cents a minute. Ken: Don’t you love the way Daria’s eye sparkle when she talks about saving money. By the way if you’re looking— Daria Dolan: Now, speaking of saving money, if your planning on just selling here and packing up and moving there, take a good look at all the stuff you owned because if you think its expensive to move from New York to Pennsylvania, just try going from New York to both to country to house. Ken: And see how much you cost. Daria Dolan: So you want to limit, how much stuff you absolutely need to transport abroad. Ken: Speaking about transporting abroad, if you’re thinking of buying abroad check the home, the local American homeownership. Property ownership by Americans. Check that because it’s very, very different from country to country. If you’re looking to buy check that out first. And also check out that taxability of your income. If you’re working overseas that’s one thing but don’t forget wherever you make money anywhere in the world if you’re an American citizen you’re going to pay taxes. So now they’re going to work to some place and save taxes. Daria Dolan: And you know you go over, you spend a week ten days in a beautiful local and right away you get it at your feet and you want to be there go rent something for a couple of months. See if you really want to live in the skin of that country for more than a couple of weeks at time. Ken: Three very good websites. Everybody if you got your pencil we’ll put it down at the bottom here so you don’t miss the manage call liveabroad.com, liveabroad.com. Another was called livingabroad.com and the government has a very good one too. Daria Dolan: I guess its USsave.com. Ken: Exactly right. It talks about laws affecting Americans abroad. Daria Dolan: And fills you how many tax dollar you still will have to send to Washington DC. Ken: So if you’re thinking every time or at least trying to retire to return and even there’s at least some things to look at. We’ll talk about it again especially if we start looking seriously at our retirement even. We’ll join you again. Daria Dolan: Bon Voyage.