Last week’s episode, we talk about our 2 co-hosts, why they moved abroad, and why they help others do the same. In today’s episode, we will talk about the things you need to know before moving abroad.
I had something similar when Les and I moved from San Diego, all the way to South Carolina, and I had a checklist that I’ve worked off of. Let me tell you, now that I’m here in South Carolina, there were some things I didn’t put on my checklist.
Learning the Language
Cynthia Staton said that the first thing that they need to think about is the language issue. If they are interested in learning anything from another language, then they need to look at places that a lot of English speakers. Being functional is great, and that doesn’t take a lot but signing up for classes not necessarily before you move along, but once you get there because it gives you the opportunity to make friends. Once you’ve settled, find a language class that’s conversational.
Your Financial Situation When Moving Abroad
Edd Staton said that if you’re still comfortable writing checks and deposits to banks, you need to get over that. One misconception is you’ll have trouble getting your Social Security if you live out of the country, that’s not the case. What you can do is maintain a US banking relationship and then just pull money out of the ATMs. They also have a local bank for easy payment of bills.
One of the reasons Edd and Cynthia Staton maintain a bank account in the States is because of the credit cards, especially for airline tickets. They used credit cards because it’s the smartest thing to book tickets.
Another misconception is that where you’re moving abroad, you have to give up your citizenship in the States. You can choose to, some people do, but that’s not necessary. You’re just a tourist to start with. You got to go to a formal process of applying for permanent residency. Each country has its own rules, once you decide your country then you start looking into what the requirements are for a residency to live there, not necessarily become a citizen.
Possibility of Moving Abroad
Moving abroad is not a do-it-yourself project. You need to spend a small amount of money to hire an immigration attorney in the country that you’re going to. The paperwork varies from place to place and person to person. Let someone who knows the ropes do this for you.
In Edd and Cynthia Staton’s first move, their tourist visa lasted for 90 days. That is why you need to show up with your paperwork pretty much in hand. It’s painful and expensive to deal with FedEx if you don’t have your paperwork correctly.
Medicare doesn’t travel beyond the US borders. That is why you got to think about that. Your choices are either you get a private policy, the national health program of that country once you are a permanent resident, or because it’s cheap, you can simply choose to pay out-of-pocket for care within the country.
When moving to a new country, you need to get familiar not just where you are but within where you are. Different neighborhoods have a different vibe and feel, you can’t know that over the internet. You need to just be there for a while.
About Our Co-Host
Edd and Cynthia Staton are creators of Retirement Reimagined!, a revolutionary Master Course for Baby Boomers facing an uncertain future. Recognized as experts on expat living, they have appeared on network television and written hundreds of articles for international magazines and other media outlets. Each volume of their trilogy of books, Mission: Rescue Your Retirement is an Amazon Best Seller. The collection hit #1 in 10 categories as diverse as comedy, personal finance, retirement planning, self-help, and travel. Visit them at www.eddandcynthia.com
Mentioned in this Episode:
Five things you must do before you pack your bags for an overseas retirement
This post about retirement and retirement lifestyle first appeared on http://RockYourRetirement.com
Kathe Kline has been working with retirees for over 25 years. She discovered that retirement is not just about money and insurance, but is also about: Social & Family; Adventure & Travel; Volunteer & Philanthropy; Spirit & Soul, Sexual issues, and Sandwich Generation issues or helping your Family members as they age
This site will host the podcast interviews that we will do with people who are Rocking their own Retirement, or who provide services to you so that you can Rock Your Retirement!
Love your podcasts!
Thank you so much for listening Barbara!