An increasing number of American retirees are choosing to live abroad, with 760,000 current recipients of Social Security residing overseas, up from 500,000 in 2016.
Retiring in a foreign country comes with numerous financial challenges including fluctuating exchange rates, understanding foreign tax systems, and managing accounts across different countries.
Experts suggest retirees open U.S. bank accounts that partner with international banks or set up offshore accounts in their resident country for more seamless money management.
Furthermore, careful tax and currency exchange planning is crucial to avoid unnecessary financial strain.
Finally, retirees should anticipate potential increased living expenses and legal costs in their chosen countries.
My Take…
My best advice on this topic is to keep it stupid simple (KISS).
1. Home account, with no international transaction fees, e.g. Schwab.
2. Local account in your destination country.
3. Utilize the services of Wise, Revolut etc.
For more details click on the link:
https://www.kiplinger.com/retirement/retirement-planning/how-to-manage-retirement-savings-when-living-abroad
