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Can't believe no one has mentioned the #1 ranked country for Americans to retire....Panama. It's relatively simple to achieve a visa (proof of $1000 a month or more in funds from social security or other sources), the cost of living is affordable and driven by the US Dollar, it's a stable democracy, has excellent and very affordable health care, English is widely spoken, and it's largely free of hazards like natural disasters.
I am moving to AntArtic... No nosy neighbors.... No lawn to mow.. No big A/C bill in the summer... Can stay indoors all winter... Don't need a frig or freezer.... No hayfever.... No sunburn.... Perfect dish antennae settings.... No insurance of any kind needed.... AND the #1 reason.. Won't have relatives coming to visit you and stay forever.....
A crucial consideration is that income for American citizens is taxed worldwide. For those people for whom income-taxes are their largest expense in retirement, relocation to a "cheaper" country may not make significant difference.
As an immigrant to the US, I'd hypothetically like to return to my birth-country upon retirement – not to save money, but to partake of the culture. Unfortunately, this is impossible. Said country has woefully disintegrated, lost its ethos and national spirit, and was overrun by charlatans and bandits. The best realistic option is therefore to take residency in an American state without income taxes, and to spend as much time as possible in an immigrant-enclave elsewhere in the US (most likely New York City).
Quote:
Originally Posted by lieqiang
All my American friends are overweight, deep in debt, have 6th grade educations, have never left the state they were born in, chew with their mouth open, and wear polyester coaches shorts. They are entirely uninteresting ...
I've been trying to improve, but peer-pressure keeps thwarting my efforts.
A crucial consideration is that income for American citizens is taxed worldwide. For those people for whom income-taxes are their largest expense in retirement, relocation to a "cheaper" country may not make significant difference.
As an immigrant to the US, I'd hypothetically like to return to my birth-country upon retirement – not to save money, but to partake of the culture. Unfortunately, this is impossible. Said country has woefully disintegrated, lost its ethos and national spirit, and was overrun by charlatans and bandits. The best realistic option is therefore to take residency in an American state without income taxes, and to spend as much time as possible in an immigrant-enclave elsewhere in the US (most likely New York City).
I've been trying to improve, but peer-pressure keeps thwarting my efforts.
Countries that offer retirement visa's AFAIK do not tax retirement income, so you still avoid any state tax.
I went on a Panama Canal cruise a couple of years back in the month of October and the heat and humidity in Panama was way above my heat tolerance, and I am one that does Disney World in August. No Thankis
A crucial consideration is that income for American citizens is taxed worldwide. For those people for whom income-taxes are their largest expense in retirement, relocation to a "cheaper" country may not make significant difference.
I think that is a pretty small subset of retirees. I think that most people who are drawn to foreign retirements are above poverty level by enough to have a decent retirement here but are looking at foreign retirement because they can live better there on the same money. Take a look at the map with relative COL:
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Go back in this thread and notice how most people are talking about Central and South America, Asia/Pacific and a smattering of Europe. Anyway, if you are getting 65k and paying 15k in tax (just an example) then getting more out of the remaining 50k is why you might go abroad. So you don't also get tax savings; I am not sure I see the relevance. You can't get the tax savings anywhere.
Precisely. Whether I move to England, Panama, Botswana, or the next spaceship to Mars, or stay right here in Ohio, I'm going to be paying the same US federal income tax. If that's my greatest expense in retirement, then local cost-of-living becomes a secondary consideration. A similar issue obtrudes, when discussing cost-of-living differences among the various US states. State A might have expensive real estate prices, but no state income tax. State B might have cheap houses, but high top marginal income tax rate. Thus B might have the higher total cost of living.
Returning to the immediate topic of this thread, I'd pick a country and a city with strong property laws and a vibrant real-estate market. 10 years ago I'd have picked London, England. But now their market is overheated... and then there's the awful looming threat of Brexit. The same goes for Melbourne, Australia. Today I might pick Munich or Berlin (Germany).
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