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I'm 55 now, and after 25 years in the USA I'm thinking of retiring to Canada to be close to friends and family in the Ottawa area, and because I don't want to worry about healthcare (I'd rather be an old timer on a waiting list for a procedure than worry about one health crisis wiping out my finances!).
Retirement is still a good 15 years away since I am merely a middle-class working stiff and have to keep at it until I'm 70, but I'm reading up on all the hoops I have to jump through, and there are many.
My main concern right now is the issue of a US 401k. Have any of you retired back to Canada, and do you have any advice on moving money from the USA to Canada? I believe that converting my 401k to an IRA after retirement is the best thing to do, because there will be less of a tax hit when I move IRA funds to a Canadian RRSP.
Hoping someone here who has faced this can share some advice. I fear going to a financial advisor who may charge a big fee for information I may be able to find elsewhere.
Thanks, everyone.
PS - if this should be moved to another forum, let me know.
PPS -If you worked with any advisors or firms that didn't charge a lot for a few hours of consulting, please feel free to share their names!
There we go with the old myth that somehow healthcare is better in Canada. I have close friends who live there and are not able to get the healthcare services they need. Yes you can be on a waiting list. Yes you can die before you move to the top of the list. That happened to one of my friends who is now dead and should still be alive.
None of us know what the future will bring, but my wife and I have had excellent care from medicare and supplemental insurance.
There we go with the old myth that somehow healthcare is better in Canada. I have close friends who live there and are not able to get the healthcare services they need. Yes you can be on a waiting list. Yes you can die before you move to the top of the list. That happened to one of my friends who is now dead and should still be alive.
None of us know what the future will bring, but my wife and I have had excellent care from medicare and supplemental insurance.
I will be living on a very limited income. If I got a disastrous medical diagnosis in the USA I could not afford my healthcare even with Medicare A&B and supplemental. people who dire while waiting for care in Canada are few and far between and there are usually a complex set of circumstances involved.
If I needed a costly heart procedure in the States it could wipe me out and I'd be eating cat food the rest of my life. I may have to wait in Canada but if it became an emergency situation I'd be moved up the line.
Can't help with facts.
Be sure you qualify in Canada for health care. I have Canadian neighbors and they return to Canada for at least 6 months a year to maintain their coverage. Sounds like as of today you may not qualify for coverage.
Can't help with facts.
Be sure you qualify in Canada for health care. I have Canadian neighbors and they return to Canada for at least 6 months a year to maintain their coverage. Sounds like as of today you may not qualify for coverage.
Bazuemague--I can relate to your fears and concerns. I'm a 58 year old Canadian who has lived as a Perm Resident in the US for 36 years. I currently have applied for US Naturalization so I can become a dual citizen. I am unemployed and on COBRA till December. I have several pre-existing conditions. I keep hearing how health care insurance will sky rocket. I fear I won't be able to afford a $1000+ monthly premium. I am now thinking i should move back to Manitoba and get a health card there for free. They have a 3 month waiting period. I would make Canada my primary residence but would return to the US for vacations to visit family.
I am told I can get my SS due to me sent to a Canadian address, but then I would not be eligible then for Canada Pension. I could qualify for the Old Age Pension when the time comes. I have 2 Rollover IRAs and a Traditional IRA and other savings I need to figure out how those would be handled.
On Facebook there is a page called "Moving Back to Canada" the administrator can provide information and answer your questions.
PS - I was born in Canada. All I have to do is go back and reside in Ontario for 6 months and I will have health coverage. When I eventually move I'll buy insurance to cover the time gap and hope my doctors gives me 6 months of prescriptions instead of the usual 3.
Bazuemague--I can relate to your fears and concerns. I'm a 58 year old Canadian who has lived as a Perm Resident in the US for 36 years. I currently have applied for US Naturalization so I can become a dual citizen. I am unemployed and on COBRA till December. I have several pre-existing conditions. I keep hearing how health care insurance will sky rocket. I fear I won't be able to afford a $1000+ monthly premium. I am now thinking i should move back to Manitoba and get a health card there for free. They have a 3 month waiting period. I would make Canada my primary residence but would return to the US for vacations to visit family.
I am told I can get my SS due to me sent to a Canadian address, but then I would not be eligible then for Canada Pension. I could qualify for the Old Age Pension when the time comes. I have 2 Rollover IRAs and a Traditional IRA and other savings I need to figure out how those would be handled.
On Facebook there is a page called "Moving Back to Canada" the administrator can provide information and answer your questions.
Research Canada/US reciprocal agreements. You can collect your full SS or SS and CPP when in Canada, and you will still be eligible for OAP unless your retirement income is considerable - their are caps as OAP is for those who REALLY need it I believe.
Yes, health care costs scare the s*** out of me down here!
Look into how to move your retirement fund, 401k, pension, whatever, (anything ASIDE from SS) with as few tax hits as possible - that's what I hope to get feedback on here.
PS - I was born in Canada. All I have to do is go back and reside in Ontario for 6 months and I will have health coverage. When I eventually move I'll buy insurance to cover the time gap and hope my doctors gives me 6 months of prescriptions instead of the usual 3.
I am a dual citizen of the USA and Canada. I lived in Canada briefly as an infant. Does that "6 months" rule for health coverage apply to any Canadian citizen who moves to Ontario?
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