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Frequently Asked Questions
What's the best country for retirement on a budget?
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The best budget-friendly retirement destinations include Portugal, Mexico, Malaysia, and Costa Rica. These countries offer excellent healthcare, low cost of living, and welcoming expat communities. Portugal and Mexico are particularly popular for their balance of affordability and quality of life.
How much money do I need to retire abroad?
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This varies greatly by destination. In Southeast Asia, you can live comfortably on $1,200-1,500 per month. In Latin America, budget $1,500-2,000 monthly. For European destinations like Portugal or Spain, plan for $2,000-3,000 per month. These amounts include housing, healthcare, food, and entertainment.
Will my healthcare coverage work overseas?
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Most US-based health insurance plans don't provide coverage overseas. You'll need to purchase international health insurance or enroll in your host country's healthcare system. Many countries offer affordable public healthcare to residents, and private international plans typically cost $100-400 per month depending on coverage and age.
Can I still receive Social Security benefits abroad?
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Yes! US citizens can receive Social Security benefits while living abroad in most countries. However, there are restrictions for certain countries (Cuba, North Korea, etc.). You'll need to notify the Social Security Administration of your address change and arrange for direct deposit to a US bank account.
What about taxes when living overseas?
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US citizens must file US taxes regardless of where they live, but you may qualify for the Foreign Earned Income Exclusion (FEIE) and Foreign Tax Credit. Many countries also have tax treaties with the US. It's essential to consult with a tax professional specializing in expat taxes to understand your obligations.
How difficult is it to make friends as an expat?
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Making friends as an expat is easier than you might think! Join expat groups, take language classes, volunteer locally, and participate in community activities. Most popular retirement destinations have established expat communities with regular social events. Learning the local language and showing respect for the culture goes a long way.
Should I rent or buy property overseas?
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We recommend renting for at least 6-12 months before buying. This allows you to experience different neighborhoods and ensure the location is right for you. Renting also provides flexibility if you decide to move or return home. When you're ready to buy, work with a reputable local real estate agent and lawyer familiar with foreign property purchases.
What happens if I want to return to my home country?
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Returning home is always an option! Keep your home country bank accounts active, maintain professional connections, and don't burn bridges when you leave. Many expats maintain dual residences or return after several years abroad. The key is planning ahead and keeping your options open.