Pristine South American beaches, bustling Arabian markets and five-star French cuisine are just three reasons many people decide to spend their retirement abroad. In addition to fabulous cultural experiences, retirees are also lured abroad by cheaper costs of living. Retiring abroad offers many advantages, and with a little financial planning, you can easily have a foreign adventure during your golden years.
Keep Your Social Security
Just because you’re leaving the U.S. doesn’t mean you have to forgo your Social Security payments. Arrange to have your Social Security checks deposited directly into your American bank account. Then, you can withdraw the money using an ATM card—most banks will convert the funds to a currency of your choice for a small fee. Alternatively, you can transfer the funds from your American bank account to your foreign bank account.
Pad Your Savings Account
If you’ve been working all your life, you may not know what to do with yourself after retirement. A part-time gig is a fabulous way to keep yourself busy while augmenting your savings account. The Huffington Post...