three reasons to retire early overseas
TRANSCRIPT
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Three Reasons to Retire Early Overseas
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Retirement is ChangingMany people have done the math for traditional retirement and it
doesn’t work. But the concept of “retirement” is changing.
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Retirement Challenges
Don’t want to scrimp today for something far in the future.•Don’t want to sacrifice current quality of life.•
• Balance current sacrifices with future life
Can’t save enough to fully fund retirement•
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The Increasing Human Lifespanretirement at 60 doesn’t mean what it used to
Retirement at age 60Today’s retirees’ lives
My grandparents’ lives
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What Retirement Looks Like Today
Getting away from the nine to five grind.•
Use technology to work, but keep some of your time freedom.•
• Earn an income doing something you enjoy.
Create a life you won’t want to retire from.•
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Reason #1: TaxesA high taxable income can make make retiring at home very
expensive.
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U.S. Income Taxthe hefty cost of living in the U.S.
Federal income taxes, FICA, and local income taxes.
Arizona
21%Gross Income
Owed Income Tax
Income After Taxes
$100K
$21K
$79K
Federal Income Taxes and FICA.
Florida
18.75%Gross Income
Owed Income Tax
Income After Taxes
$100K
$18.75K
$81.25K
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Income Tax Abroadtaxes as a permanent resident overseas
For expats utilizing Foreign Earned Income Exclusion (FEIE).
Living Abroad
0%Gross Income
Owed Income Tax
Income After Taxes
$100K
$0
$100K
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Reason #2: The U.S. DollarThe strength of the U.S. dollar has made living abroad more affordable.
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Costs of Living Around the Worldlooking at Numbeo’s Cost of Living Comparison in other countries
New York City, USA
$7,200
Phoenix, USA
$3,659Fort Lauderdale, USA
$4,835
Merida, Mexico
$1,435
Chiang Mai, Thailand
$2,047
49% cheaper than New York
33% cheaper than New York 72% cheaper than New York
80% cheaper than New York
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Reason #3: HealthcareAffordable healthcare abroad is a very attractive prospect.
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An Expat’s Healthcare
As an expat worker I enjoy a great medical and dental
insurance package.
My family’s coverage is worldwide, except for the United
States.
We are not allowed any elective care in the United
States.
A colleague was forced to sue the insurer when his wife
became ill and was hospitalized while visiting home.
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the high cost of retiring at home
Healthcare in the USA
1. A major study of seven developed countries showed both elevated costs in the US and a wide variation within the US.
2. A standard MRI was $1119 in the US, but $215 in Australia and $181 in Spain.
3. Some places in the US were paying over $3000 for an MRI.
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seven costs in developed countriesCost of Hip Replacement
The same operation can be had for just over $7000 in
South Africa and just over $16,000 in the UK.
Average American Hip Replacement
A standard hip
replacement costs an
average of just over
$29,000 in the US, but
runs as high as
$57,000.
$29,067
Spain
South Africa
NewZealand
UnitedKingdom
Switzerland
Australia
UnitedStates
ofAmerica
$6,757$7,685
$15,465$16,335
$17,112
$19,484
$29,067
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now and in the futureHealthcare facts
1. Mexico, Thailand, and Hungary ranked best for getting good but cheap dental care.
2. If you are working today outside a corporate insurance plan, you are forced to choose to take risks you don’t need to take if you live abroad.
3. Fidelity’s annual study projected a 65-year-old couple retiring in 2016 will need $260,000 to cover healthcare costs in retirement, up from $240,000 in 2015.
4. I have not seen a single forecast of a declining rate of healthcare cost increases.
Read More on Retiring Abroad
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• Retire early
• Live overseas
• Save on taxes
• Work on your own terms
• Stretch your buying power
• Find affordable healthcare
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