<p>Going overseas - still getting taxed here in US. Some people give up their US Citizenship sometimes - which to me is quite extreme, but their finances must dictate or they feel very strongly they do not ever need to come back to live in the US.</p>
<p>I am still waiting on the great FT job I interviewed for…that will totally help us on the road to retirement in 10 years. Working on the here and now right now…</p>
<p>The health insurance I was thinking off. Not evading taxes for any reason. Not giving up citizenships because that is a little extreme. I wonder if people have done any research into what they have to pay if they are not citizen of Spain for example. Is it $2000 a year vs $30000 a year in USA?</p>
<p>@DrGoogle, we were interested in possibly retiring in Canada, and have friends considering retirement in Europe, UK, etc. I think there’s probably a relationship between the quality of a country’s medical safety net and their concerns about adverse selection. </p>
<p>My parents retired to Spain almost exactly 40 years ago, but had to pay for medical care OOP. They moved back after a dozen years or so, not related to insurance. </p>
<p><a href=“Best Places to Retire Abroad, Costa Rica - AARP The Magazine”>http://www.aarp.org/home-garden/livable-communities/info-07-2010/best-places-retire-costa-rica-central-valley.html</a></p>
<p>This series of articles is from 2010, so might be outdated. If you scroll down there’s a list on the right of several popular places and each article has a drop-down summary of what it’s like to retire there. Health care is one of the items they cover.<br>
Retiring to Canada is much more difficult than it used to be, and includes a physical exam from a Dr approved by Canadian immigration authorities. They would not let some of us in.</p>
<p>Interesting that its hard to retire to Canada. </p>
<p>My DH and I had this conversation again today, before he left for the airport (where he sits-- bad storms). He is young, but wants to retire. However, we have to make a visit to the urologist as his PSA level is a bit high, and while yes I understand we will be able to buy healthcare coverage, being in healthcare, I am very reticent to have an individual plan that may not be accepted by the providers we want. We go round and round with this.</p>
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Not necessarily. Assuming that drug is covered by any of the ACA plans, you can go for the cheapest bronze plan, which costs about $5-700/month with a family OOP of $12.5K or so. In these plans the deductible typically equals the OOP max, meaning you are paying 100% of every medical dollar up to the OOP max. If you are 100% certain you will meet the OOP max, then this is probably the way to go.</p>
<p>There’s a lot of variables though.</p>
<p>re Spain, some googling tells me that pensions and distributions from retirement plans would be taxed by the US and not by Spain, by treaty. Other income, it’s a little vague… you can apparently get health insurance for private medical care for a few hundred a month, and the private system is supposedly better than the public one. I don’t think Spain is a lost-cost place to live though especially with the Euro costing $1.34 these days.</p>
<p>“You can retire to Canada as an Investor Class: • Quebec Investor Program: To qualify as an investor, an individual must have a net worth of at least CAD$1.6 million, have managerial experience and be willing to make a government-secured investment of CAD$800,000 for a period of 5 years. Financing of this investment is available through Canadian financial institutions.”</p>
<p>I believe that would be for each of us, as I understand it a CAD$800,000 interest free loan to Canada. I don’t know, Michigan looks good right about now :-)</p>
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<p>“At present there are no formal retirement visas available in Canada and people who are specifically looking to retire in this country will need to either gain sponsorship from a family member who is already living there, or apply for an investment visa. Anyone who is considering retiring to Canada should contact the Canadian Embassy (<a href=“Canada Immigration: Explore Your PR Visa Options | CanadaVisa | Canadavisa.com”>http://www.canadavisa.com/canadian-immigration-visas.html</a>), for help and advice as to the best method of gaining the appropriate permit to live in the country as a retiree.”</p>
<p>Canada is a wonderful place to live. I’ve been here for most of my adult life and have dual citizenship, as do my kids. The tax issues are a real PITA, though, and it doesn’t surprise me at all that more and more Americans abroad are renouncing their citizenship because of the nonsense we go through every year filing returns. In any case, the only retirees I’ve ever met who specifically retired to Canada came in through the Family Class Sponsorship. There are several options in that category so maybe start hunting for a family member in Canada? ;)</p>
<p>@alwaysamom, my FIL was born and raised in Montreal, his wife was born in Scotland and spent years in Toronto, where our cousin still lives (although I’m not sure cousin counts). MIL and FIL are US citizens now, so that’s no help. </p>
<p>Canada is tool cold for me. I need Vitamin D so sunshine is important. Here is why.
<a href=“Clear Link Found Between Vitamin D Deficiency and Alzheimer's Disease”>Clear Link Found Between Vitamin D Deficiency and Alzheimer's Disease;
I think this is my biggest worry, once your brain is gone, it’s hard.</p>
<p>800,000 interest free loan doesnt sound attractive.</p>
<p>Then again…</p>
<p>The Japanese 10 year yields 1/2%.
The German 10 year yields around 1%.
The last I looked the US 10 year yields aroind 2.4%.</p>
<p>These are pretty shocking yields…</p>
<p><a href=“USA TODAY - Breaking News and Latest News Today”>USA TODAY - Breaking News and Latest News Today;
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<p>That’s why we are called snowbirds and travel south for periods of time in the winter. 
Seriously, though, if you have to live in the deep south to avoid cold weather, then you’re right, Canada isn’t likely for you, but then, neither is the northern half of the U.S.</p>
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Yes, I guess it’s cold, but the cold helps improve the caliber of, and reduce the expense of, the best national winter sport in the world: hockey. Go Habs Go! :)>- </p>
<p>Our financial planner met with us on Tuesday. He says I have plenty enough to retire on…good thing because I retired in 2011!</p>
<p>Thanks @thumper1, that got a good laugh and it’s not even noon yet. </p>
<p>@thumper1 I got a laugh too on your financial planner’s comment…But at least you have the confirmation that you are on a good path.</p>
<p>Shaken up this week - one 53 year old dad we know just died of cancer, discovered too late to even do chemo. Another mid-50’s dad had a heart attack, and they found 9 blockages (three main coronary arteries were all 80 - 90% blocked) - they had to stop the triple coronary bypass after the second one because he had another heart attack. Was on a ventilator overnight and they couldn’t do another procedure and close his chest cavity until the next day, and later weaned him off the ventilator. That heart attack timing was probably life saving in a way, because the doc experts were right there working on him. He has made it through some very critical periods; they are doing stents on some of the other blockages as he recovers enough. Certainly a life changing medical situation (mine was not as dramatic ‘on the line between life and death so to speak’, but making it through stage III cancer with 50/50 long term survival, and having everything thrown at it except the kitchen sink, I can relate to facing one’s mortality).</p>
<p>Hey it is good we are all thinking about these options and the pros and cons. Taxes. Health care. Health insurance. Long term care insurance. Where grandchildren/children are. Snow-birding or multiple living spaces, RV, etc.</p>
<p>I think it may not be a bad idea to think about living somewhere for a long extended ‘vacation’ if you are healthy enough. Can probably do so pretty cheaply in a country like Costa Rica, but I think you do need to be well informed as to where it is safe to stay (just as it is in any city in the US). Maybe take a short trip via travel agent and then scope it out. Also brushing up on Spanish :)</p>
<p>My brother now lives exclusively in Costa Rica; he is working a business, but essentially is doing something he can continue into retirement (he is re-building up assets, and is in his 50’s). He had made several trips there, and landed there in part due to girlfriend there. That relationship didn’t work out, but current one is. Now CR is in the visiting relatives vacation scope for us.</p>
<p>I’ve heard Panama is the cheapest. I had a conversation with a guy who bought a town home or condo there and planned to retire there. I think he said he is a little bit on the outskirt of Panama City.</p>
<p><a href=“http://www.Money.msn.com/investing/the-worlds-happiest-countries”>www.Money.msn.com/investing/the-worlds-happiest-countries</a> OECD (Org’n for Econ Cooperation and Dev’t) has Canada as #3 on ‘world’s happiest countries’ - in part because 94% have family safety net (versus US 90%). They also list best cities for American ex-pats via a link.</p>
<p>The next PBS Frontline is going to be on 401k and on ‘retirement gamble’ Should be interesting.</p>
<p>If anyone saw the heart-breaking recent Frontline on Kids in Poverty, Poor in America (focused on following quad city area families - IA and IL area). Intact families that experienced job losses which had them lose their homes and rely on Salvation Army and other local services. “Nutrition Club” at school, where kids go to school office on Friday so they get packets of food to take home for the weekend. Single moms. Little girl attached to family dog, that they had to give up due to no money. 21 million kids on free or reduced priced school lunches. 46 million below poverty line, half of single mom families below poverty line. These kids are growing up with very bleak outlook. I can sympathize because it is hard to improve your mind when your stomach is growling. Also look at how limited in school activities due to additional fees? My sister is a middle school librarian in IA, and there are parents that have made some poor choices and the kids are the ones suffering. On the show, this one 14 year old teenage boy didn’t get it - he was wanting ‘name brand’ sport shoes, and mom said we all are buying shoes that we can afford at WalMart. My take is we have to continue to work on building up the middle class in the U.S. - have them avoid falling into credit debt so they have assets to make it through some job instability that cannot always be prevented.</p>
<p>Thanks, Dr G. I assume that USA Today article means $11K per year per person for pre-65 medical (if no retirement med benefits). So that means my $20k/couple guess was in the right range. Darn. </p>
<p>They had an interesting comment about using money for travel if med expenses low. I’ve had similar thoughts, since good health enables more travel opportunities. </p>