Five Reasons not to retire in the US (article) (social security, states, retiree)
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1) You never own the property, you have to sell it before you die or you risk losing it... better off renting but renting sucks...
2) Fly very far (and expensive) to go back to the states when you want to visit family/friends...
3) Taxes are much more difficult (as well as getting a bank account) to do when living in foreign countries...
4) The foreign countries restaurants, etc will rip you off because you are not a citizen... I've seen 1,000% jumps in prices...
5) Housing/Utilities are not the same overseas, it will take some getting used (if you can)...
My Take on this....
1) You never own property here in the US. Its called Eminent Domain. If they decide your property-house is going to be in the way of a new freeway or whatever else, they give you what they want to give if anything and take it away from you.
2) Why would anyone who moves from the US want to visit here again? Friends come and go like the wind and family, well they can come visit you.
3) Taxes are getting more and more difficult by the year here in the US. Everything from a scandalous fraud on an IRS we have here, to the overtaxing and taxes on the actual tax itself. Besides, the US is the ONLY country in the world who taxes those who live in other countries and are not drawing monies from any companies here. So not only do you have to pay the taxes in the country which you now reside in, you also have to file to pay taxes with the idiots at the IRS in a country you no longer live in.
4) I have traveled to many countries both north and south of the equator and I have never been told to pay more for food just because I wasn't a citizen.
5) This varies by country. If your moving to a 3rd world slob hole, then this is the case for sure. But since most Americans who are getting smart and leaving the United States are moving to better countries like New Zealand, Switzerland, The Netherlands and Germany, this usually doesn't happen since most systems are further advanced then even the US.
Case in point, I do not plan to retire here in the states. I will never see Social Security as it will be depleted by the time I reach of age. I am just paying into it right now to support those who are now just sucking up oxygen. I do plan to trash my citizenship when I move so I do not have to pay the bozos at the IRS my hard earned money as it is NOT theirs. The US is sadly behind in the times when it comes to financial expertise, after all, look at how many wealthy Americans in the past 2 years who got smart and dumped their citizenship just to be (free) from chains of over taxation. The American dream is dead and gone. I feel bad for those who are fresh out of High School now as they will never know what freedom is. All I can say is have fun paying off your 4 year college fund the rest of your life working for Ronald McDonald flipping burgers living in a corrupt country like the new United Socialist States of America.
Likely any country I would want to retire to would be more expensive. Third world countries or merging economies are like other wanting people who can pay their own way and that cost varies. More expensive any I would move to.
Most people would be better off moving to a low cost of living area in the US instead of retiring overseas. But, for the more adventurous types, living overseas can be a viable option if you have the proper mental attitude going into it.
Your taxes are not going to magically become more difficult if you move overseas. In reality, they will probably become quite a bit easier, and if you choose a tax free state as your residence, you can say goodbye to annual state income tax filings.
If you take the time to learn at least some of the language and respect the culture, you stand much less chance of being ripped off (unless the only restaurants you go to are the ones that advertise their English menus).
Friends and family can also come visit you in whatever country is now home instead of you getting on a plane every other month and making a long flight back and forth.
I've lived in Scotland for 14 years. We used to visit family every xmas, and when grandkids came we added a summer visit as well. The last couple of years we've stopped the xmas visits (MI - too cold and stuck inside), and we spend a month there every summer. Leaving next week for this year's visit. All of my family except one son has come to visit us. My sister stays a month every other year. My son's family has come once but they can't afford it with 5 of them. We can afford to go there.
for those who think they can do better in another country check really closely: check what you get in housing; very few countries have housing the way we do: for us a small apartment is a gigantic one in many countries: check the taxes; check the honest availability of good health care; think about being separated from your family and the cost of travel: then tell us, based on a couple of articles about retiring in other countries. It might work for some, there are many who seem to like Costa Rica for starters, but for most of us: it is cheaper and better to continue to live in America. We have friends who tried Belize, they lasted about 6 months. Other friends that spent 1/2 the year in AZ and 1/2 in Mazatlan. There place in Mazatlan was a dream come true, but it also was super expensive. They eventually sold it. We had another friend who decided they would rather live in New Zealand: they were not retired yet. She was from the UK and he America. I think they were gone 2 years at the most. They couldn't wait to get back to America and her entire family was still in the UK.
What total BS.
I'm in the UK and you couldn't pay me to move back to the US!
My Take on this....
1) You never own property here in the US. Its called Eminent Domain. If they decide your property-house is going to be in the way of a new freeway or whatever else, they give you what they want to give if anything and take it away from you.
2) Why would anyone who moves from the US want to visit here again? Friends come and go like the wind and family, well they can come visit you.
3) Taxes are getting more and more difficult by the year here in the US. Everything from a scandalous fraud on an IRS we have here, to the overtaxing and taxes on the actual tax itself. Besides, the US is the ONLY country in the world who taxes those who live in other countries and are not drawing monies from any companies here. So not only do you have to pay the taxes in the country which you now reside in, you also have to file to pay taxes with the idiots at the IRS in a country you no longer live in.
4) I have traveled to many countries both north and south of the equator and I have never been told to pay more for food just because I wasn't a citizen.
5) This varies by country. If your moving to a 3rd world slob hole, then this is the case for sure. But since most Americans who are getting smart and leaving the United States are moving to better countries like New Zealand, Switzerland, The Netherlands and Germany, this usually doesn't happen since most systems are further advanced then even the US.
Case in point, I do not plan to retire here in the states. I will never see Social Security as it will be depleted by the time I reach of age. I am just paying into it right now to support those who are now just sucking up oxygen. I do plan to trash my citizenship when I move so I do not have to pay the bozos at the IRS my hard earned money as it is NOT theirs. The US is sadly behind in the times when it comes to financial expertise, after all, look at how many wealthy Americans in the past 2 years who got smart and dumped their citizenship just to be (free) from chains of over taxation. The American dream is dead and gone. I feel bad for those who are fresh out of High School now as they will never know what freedom is. All I can say is have fun paying off your 4 year college fund the rest of your life working for Ronald McDonald flipping burgers living in a corrupt country like the new United Socialist States of America.
yes, we do live in a country with eminent domain, but you are wrong about what they give you for your property. They base the price on taxes and assessments from the year prior and give you fair market value plus!!! I may also add, this doesn't happen very often. In other countries you do not own the land period. They can disrupt at anytime and give you nothing!!!!
if you are paying taxes in 2 countries why is that the United States fault? If you earn money here of course you pay taxes on the money, why would you not?
Student loans are not that hard to pay off and major in the right field and you will find a job.
Will you see social security? Most likely yes, but you may have to wait til you are 70 or so. Should you wait? If you are under a certain age yes. It was never expected to be the main source of anyone's income for 30 years. People are living longer and healthier; the SS age and Medicare age needs to be raised. But this is not going to affect people who are over 50 or 55 right now.
As for people moving to developed countries life New Zealand and Germany, they are not. Where are you getting your ideas? Most who are leaving are going to less expensive countries like Central and So America. They are not going to countries with high taxes like Germany. If you think you are paying through your nose now, be my guest: move and see what it is like.
I'm in the UK and you couldn't pay me to move back to the US!
There are exceptions to every rule. I am also speaking from personal experience. Our daughter and son in law were transferred to Poland for 2 years; I know what they lived in and what the rent was. BTW, I am not knocking any other country; in fact we loved Poland and the cost of living was rather low, but the taxes were out of sight. I also know what our friends had in New Zealand compared to what they had here in housing and what they paid in taxes. That is why they returned to America. We have friends in Canada as well. They intend on staying there, but their housing and food plus taxes are so much higher than ours, plus the cost of gas. We also know a family that immigrated from Canada to America primarily because of the cost of living.
For you it is working, you love living in UK and it is a great place: I specially love Scotland. but to believe, from reading one article that retiring out of the USA is the best thing in the world is just not the case. There are many things to consider.
My old boss lived in San Francisco, but was from England. He had to return to England several years ago and would do almost anything, as long as it is legal to get back to the USA.
There are exceptions to every rule. I am also speaking from personal experience. Our daughter and son in law were transferred to Poland for 2 years; I know what they lived in and what the rent was. BTW, I am not knocking any other country; in fact we loved Poland and the cost of living was rather low, but the taxes were out of sight. I also know what our friends had in New Zealand compared to what they had here in housing and what they paid in taxes. That is why they returned to America. We have friends in Canada as well. They intend on staying there, but their housing and food plus taxes are so much higher than ours, plus the cost of gas. We also know a family that immigrated from Canada to America primarily because of the cost of living.
For you it is working, you love living in UK and it is a great place: I specially love Scotland. but to believe, from reading one article that retiring out of the USA is the best thing in the world is just not the case. There are many things to consider.
My old boss lived in San Francisco, but was from England. He had to return to England several years ago and would do almost anything, as long as it is legal to get back to the USA.
I don't know about Poland except that many have moved to the UK. But I know many Americans who live or have lived in the UK. Some move back to the US, but the majority prefer to stay here. Like me, they prefer the NHS to US health insurance worries. There are many reasons I prefer it here, but one reason I'd never move back even if I wanted to would be the healthcare.
I'm retiring in a high cost-of-living, high tax country, Denmark, where i have lived for the last almost 20 years.
Why not go back to the US where 2 of my 3 children are and the cost of living and taxes are both lower?
I have a wife and a summer home, here. Part of my tax bill provides "free" old age and medical care. I am very happy here.
The only down-side is that travel between here and Denver and San Francisco is harder and harder on my body and mind. I've adjusted by cutting down on the number of bags and taking things real slow. It has worked so far. My children generally prefer to come over here anyway and I have son in London.
I have a lot of cousins and 2 step brothers on the NY-MA line and if i had to go back i guess i'd move up to Western MA, someplace cheap, like around North Adams. I haven't lived in MA since 1966.
I'm in the UK and you couldn't pay me to move back to the US!
Ditto!
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