Saturday, August 18, 2012

Are you planning to retire in the next few years and dreaming up a quiet retreat in the south of France or Italy? It may sound lovely, but be sure to remember that vacationing abroad and living abroad are two very different things. Before you make living abroad a permanent part of your retirement plans, consider the following questions:

Which is the better option for you: a permanent move or temporary move? You can always take an extended vacation once you’re not working any longer.

Living in a foreign country is different from vacationing. Factors such as food costs, housing options, language barriers, health care, cultural isolation and family pets should be taken into consideration.

Ensure you know the impact of non-residency on retirement income and savings.

Ensure you know the tax and estate implications.

Also, think about any family or friends—seeing them will be more difficult, and possibly financially inconvenient.

Source: BMO Harris Bank

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