Tips for Expat Retirees, From Expat Retirees
You may enjoy a lower cost of living by moving abroad, but it requires careful planning.
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Edd and Cynthia Staton are experts on retiring abroad. They share advice and resources on their website, www.eddandcynthia.com, and recently spoke to Kiplinger Personal Finance Magazine about the practicalities of emigrating in later life.
You moved from Las Vegas to Cuenca, Ecuador, in 2010 and now run a website with guidance for expat retirees. Based on your experience, what’s driving more Americans to retire abroad?
Edd: Many people are reaching retirement age with insufficient savings and want more affordable solutions. Moving abroad can lower your living costs, raise your living standard and preserve your nest egg. It was scary for people to do this when we moved 15 years ago. Today, a lot more information is available, including online communities where you can learn from expats.
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Why did you leave the U.S.?
Cynthia: We were casualties of the 2008–09 recession. We lost our careers and most of our financial security. We had to come up with a Plan B. Edd suggested moving someplace where the cost of living was lower. I said, “We’re not moving someplace just because it’s cheap.” So we made a wish list and tried to check off as many of the boxes as possible.
Edd: We wanted temperate weather and access to health care, cultural activities and good public transportation, as well as proximity to our children on the East Coast. I stumbled upon Cuenca while doing an internet search.
What key financial issues should retirees consider before moving?
Cynthia: Talk to your accountant or financial adviser about U.S. taxes. If you’re mainly living on Social Security, your obligation could be minimal.
Edd: For health care, you can pay out of pocket, sign up for the national health care plan after becoming a resident, or buy private or international coverage. If you’re eligible for Medicare, we advise that you don’t opt out of coverage. The penalties are severe if you change your mind later, and many people return to the U.S., often due to medical issues.
You can have Social Security benefits deposited in your bank in your new country if the country allows it. Or keep the money in a U.S. account and access it through ATMs.
What should people know about applying for residency?
Cynthia: We hired an attorney to help us navigate the legal nuances. You need documents such as your birth certificate and marriage certificate, plus a police report and, depending on the type of visa, proof of guaranteed income or funds invested in a local certificate of deposit or real estate. Applying for residency is not a do-it-yourself project for most people.
Any other advice for those considering an international move?
Cynthia: We recommend a scouting trip of at least two weeks, and up to three months if possible. Live like a local. Shop at the grocery store and ride public transit.
If you move, you’ll need a good amount of money up front for costs like paying rent and a security deposit, shipping belongings from the U.S., and buying new things. You’ll also want an emergency fund. Yet, in the long run, you can also spend less. We can go from one end of the town to another in a taxi for $3 and pay $3.50 for a lunch out that includes juice, soup, an entrée and a small dessert.
Where can people go for more information about retiring abroad?
Cynthia: The homepage of our website, www.eddandcynthia.com, has a report titled “10 Great Reasons to Think About Living Abroad.” It answers a lot of questions.
Edd: International Living and Live and Invest Overseas are great resources.
Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
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