Three Reasons to Retire Early Overseas

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www.MyRetirementRehab.me Three Reasons to Retire Early Overseas

Transcript of Three Reasons to Retire Early Overseas

Page 1: Three Reasons to Retire Early Overseas

www.MyRetirementRehab.me

Three Reasons to Retire Early Overseas

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Retirement is ChangingMany people have done the math for traditional retirement and it

doesn’t work. But the concept of “retirement” is changing.

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Retirement Challenges

Don’t want to scrimp today for something far in the future.•Don’t want to sacrifice current quality of life.•

• Balance current sacrifices with future life

Can’t save enough to fully fund retirement•

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The Increasing Human Lifespanretirement at 60 doesn’t mean what it used to

Retirement at age 60Today’s retirees’ lives

My grandparents’ lives

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What Retirement Looks Like Today

Getting away from the nine to five grind.•

Use technology to work, but keep some of your time freedom.•

• Earn an income doing something you enjoy.

Create a life you won’t want to retire from.•

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Reason #1: TaxesA high taxable income can make make retiring at home very

expensive.

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U.S. Income Taxthe hefty cost of living in the U.S.

Federal income taxes, FICA, and local income taxes.

Arizona

21%Gross Income

Owed Income Tax

Income After Taxes

$100K

$21K

$79K

Federal Income Taxes and FICA.

Florida

18.75%Gross Income

Owed Income Tax

Income After Taxes

$100K

$18.75K

$81.25K

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Income Tax Abroadtaxes as a permanent resident overseas

For expats utilizing Foreign Earned Income Exclusion (FEIE).

Living Abroad

0%Gross Income

Owed Income Tax

Income After Taxes

$100K

$0

$100K

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Reason #2: The U.S. DollarThe strength of the U.S. dollar has made living abroad more affordable.

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Costs of Living Around the Worldlooking at Numbeo’s Cost of Living Comparison in other countries

New York City, USA

$7,200

Phoenix, USA

$3,659Fort Lauderdale, USA

$4,835

Merida, Mexico

$1,435

Chiang Mai, Thailand

$2,047

49% cheaper than New York

33% cheaper than New York 72% cheaper than New York

80% cheaper than New York

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Reason #3: HealthcareAffordable healthcare abroad is a very attractive prospect.

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An Expat’s Healthcare

As an expat worker I enjoy a great medical and dental

insurance package.

My family’s coverage is worldwide, except for the United

States.

We are not allowed any elective care in the United

States.

A colleague was forced to sue the insurer when his wife

became ill and was hospitalized while visiting home.

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the high cost of retiring at home

Healthcare in the USA

1. A major study of seven developed countries showed both elevated costs in the US and a wide variation within the US.

2. A standard MRI was $1119 in the US, but $215 in Australia and $181 in Spain.

3. Some places in the US were paying over $3000 for an MRI.

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seven costs in developed countriesCost of Hip Replacement

The same operation can be had for just over $7000 in

South Africa and just over $16,000 in the UK.

Average American Hip Replacement

A standard hip

replacement costs an

average of just over

$29,000 in the US, but

runs as high as

$57,000.

$29,067

Spain

South Africa

NewZealand

UnitedKingdom

Switzerland

Australia

UnitedStates

ofAmerica

$6,757$7,685

$15,465$16,335

$17,112

$19,484

$29,067

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now and in the futureHealthcare facts

1. Mexico, Thailand, and Hungary ranked best for getting good but cheap dental care.

2. If you are working today outside a corporate insurance plan, you are forced to choose to take risks you don’t need to take if you live abroad.

3. Fidelity’s annual study projected a 65-year-old couple retiring in 2016 will need $260,000 to cover healthcare costs in retirement, up from $240,000 in 2015.

4. I have not seen a single forecast of a declining rate of healthcare cost increases.

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• Retire early

• Live overseas

• Save on taxes

• Work on your own terms

• Stretch your buying power

• Find affordable healthcare

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