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10 financial risks and rewards of retiring abroad

GOBankingRates logo GOBankingRates 2017-05-20 Cameron Huddleston
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More Americans are deciding to pack their bags and head overseas in retirement — not just to travel, but to live. One reason for this trend is because retiring abroad can be significantly less expensive than retiring in the U.S.

A recent GOBankingRates survey found that more than half of people ages 55 and older have less than $10,000 saved for retirement — and a whopping 34 percent have nothing saved at all. While such little savings can make it near impossible to retire in the U.S., there are plenty of countries where the cost of living is lower, so even a small sum can stretch further.

There are a number of financial rewards to retiring abroad. However, there are also financial risks. Consider both so you don't make a retirement planning mistake.

Click ahead for 10 financial risks and rewards of retiring abroad.

Financial Rewards of Retiring Abroad

You Might Be Able to Live on Social Security Alone

You Can Live Better on Less

Healthcare Might Be Cheaper

You'll Save Money on Transportation

Long-Term Care Can Be Cheaper

Financial Risks of Retiring Abroad

You Can't Escape U.S. Taxes

Visa and Residency Requirements and Costs Vary

You Can't Use Medicare Overseas

You Have to Consider Currency Exchange and Foreign Transaction Fees

You'll Need New Estate Planning Documents

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