Where Do You Want To Live When You Retire
Let’s say you flee the United States as soon as you hit 65. Where do you go to spend your
golden Centrum Silver years? Costa Rica? The Netherlands? Nope: Canada. That’s where Americans are retiring these days. Maybe it’s the cheap drugs.
373,224 retired Americans were living abroad in 2013 — an increase from the 346,216 reported in 2011, according to the Social Security Administration. The largest number, 68,054, live in Canada, followed by Japan with 32,143, Mexico with 27,512, Germany with 24,499 and Britain with 22,729. Other nations with a large number of retired Americans include Greece, Poland, Italy, Israel and the Philippines. …
Another important consideration for anyone choosing to leave the United States is how to handle finances and taxes, and the Jenkinses have already consulted an accountant about how to manage theirs. American citizens are subject to American taxation “without regard to where they live,” said Ben Garfunkel, partner in charge of KPMG’s Global Mobility Services in the United States. “The volume and complexity of filings for a U.S. citizen usually increases,” when an American moves to a foreign country, he said. Banking and brokerage accounts might be subject to reporting. “Penalties and obligations often come as an unwelcome surprise, and they don’t just affect the wealthy and superwealthy,” he added.
You might not have to pay more in taxes, in other words, but you will certainly have more homework. Still, to live in Vancouver, it’s worth it. Here’s your Retirement Tip Sheet from AARP International. Tuck it away somewhere safe with your passport.