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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Robo advisor just dropped to 0.30% @ VG.
Likely a reasonable choice for those living abroad.
As mentioned, some countries require a substantial asset held 'in-country' , and can lead to unscrupulous dealings in real estate and investment.
Be wise, be extra wise when making business deals in foreign cultures.
I find it frightening that large international companies and our own USA state Dept seem incoherent of 'cultural objectives' in trade and business agreements. Typically the USA culture borders on too trusting and too bossy. We pay dearly for that negotiating weakness.
Last edited by StealthRabbit; 10-07-2019 at 11:00 AM..
The friend who retired in Ecuador posted on facebook they are considering moving back to the US now after today's civil un-rest. They haven't made a decision yet considering it. They might be looked at as Wealthy Americans who have no problem paying the new much higher fuel cost.
Ha. We are so isolated from the big cities, we just found out about this. No buses or taxis running so it's hard on the local folks. We don't have a car so it doesn't matter to us. I suppose the fares will go up a bit but we usually ride with friends. Gas has been so cheap here: $1.48 gallon, so I suppose an adjustment was in order.
Your friends are in the 50% of expats who don't make and return "home", for whatever reason.
I imagine Americans in Hong Kong are leaving in droves.
Banking is a real issue. When you're out of the US, they can still confiscate your money. Yhe US has forced virtually every country into a treaty. When you open a bank account, you will be required to fill out forms that have the US Eagle on them. Washington knows where your money is. If they ask for it willl be handed over to them, and they do not need to justify it.. The only countries that are not in this unilateral treaty are several of the former Soviet republics n Asia.
So are taxes. Everytime I consider the thought of retiring abroad (typically Germany), I am turned off due to the added complexities of filing taxes in two countries. It is not just filing but also how things like investments, tax deferred vehicles (401-K, IRA), Social Security, bank accounts (US and foreign), interest, dividend and capital gains incomes are treated by both jurisdictions (US and local country). Sure there is a tax treaty and assistance available - there are a lot of complications with two systems with conflicting requirements, incentives and penalties. It is one thing to take it on for a limited timeline but into retirement - with possibililities of limited capacity life gives me a serious pause.
The one advice I'd give anyone here considering this is to look into the tax dimension before finalizing the decision.
I considered doing so when I didn't have enough wealth and wanted to retire early and live comfortably. I ended up working until I had enough to retire comfortably in the USA at a bit over 60 a few months ago.
I lived and worked overseas for a few years so I got to experience various nations and cultures. Countries I would consider retiring to include, Peru, Chile, Thailand, Philippines, Argentina, Spain, Hungary, and Georgia.
Now that I have grandkids in the USA, I wouldn't consider retiring outside the USA but would consider some extended time in a Spanish speaking country to live out our winter and improve Spanish language skills.
IMO, this is the case with many who consider expat living! -- Many imagine living in big beach house with servants and plenty of money ... for a fraction of what they can afford in the U.S.. But, at the end of the day, language, culture, grandkids/family, getting too old to want to start over, the uncertainty of foreign governments/taxes/property ownership, the loss of medicare outside the U.S., leaving the familiar behind in favor of the unfamiliar, experiencing the difference between dreams and reality, travel costs and logistics .... and a host of other reasons, win out!
So, while many "consider" retirement living outside the U.S., VERY FEW actually do it successfully. Kudos' to those who do, but, caution to those who think that being one of the very few, will be as easy as they imagine. (Now, living aboard a sailboat and island-hopping through sunsets in paradise, .... that's a truly practical retirement goal!)
^^^I think you are painting an overly bleak picture, Horton.
We are very average people with a low retirement income. Yes, we DO live on the beach, beachfront. We have a maid regularly. This is a new luxury condo complex with an infinity pool---15 min. to a mall.
Flying to Florida is about 5 hours. How is that different from flying across the States to see relatives? It's only $250 RT.
Giving up Medicare?? LOL. We have complete coverage with no deductibles or co-pays for $80 a month for both of us. Property taxes are $45 annually.
Weather is 75 to 85 all year long.
Yes, the gov't is cumbersome and slow. But we've only had to deal with them a few times in several years. We have a facilitator/translator for $15 an hour. We left our investments in the U.S.
BUT, if a retiree HAS the $$$ to retire where and how they like in the U.S., by all means, stay there.
You have to be sort of adventurous to do this.
But it is doable for those who want a better QOL for their income. That's who I'm addressing, not the rich retirees.
Sand&Salt, I'm quite serious about my questions - does Amazon service that part of South America? Is broadband / HS internet available in that part of the world?
Sand&Salt, I'm quite serious about my questions - does Amazon service that part of South America? Is broadband / HS internet available in that part of the world?
No Amazon. That is probably our main drawback, LOL. No mail service here, though the big cities have some.
Yes, internet is everywhere. We have high-speed broadband. No cable but Netflix is here, and other streaming services.
Despite adequate internet, many services have to be handled in person. For some reason, they can't get it together to get online payments for a lot of things. We don't mind, since we're retired, but it is a consideration.
Also, it's a cash society in many ways. Only at the major grocery chain or some pharmacies is a card accepted. Almost everything is sorta under-the-table and prefers cash. That, I don't like. I prefer to use a credit card for everything, but that's a concession we have to make. The banks are often out of small bills and those in circulation are old and worn. Occasionally it's hard to make or get change. Physical currency has to be purchased by Ecuador from the U.S.
We pay our dentist and doctors in cash, if you can believe it (when not using the national health system). But they are 1/4 or less the U.S. price. Or less. Here's an example. DH just got an endoscopy yesterday. It cost $190. Check this ($1,200 to $4,000 if you don't want to look):
In general, Amazon is not limited to NA. It is available in parts of Europe, India - among other places. There are Amazon competitors as well. In India, FlipCart gave is run for the money - and got bought by Wal-Mart. There are retailers all over the world that do similar things as Amazon.
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