There’s no way to figure out the exact number of American retirees abroad, but we do have some clue. The Social Security Administration (SSA) estimates about 350,000 retirees received their benefits abroad in 2012, and according to Travel Market Report, more than 3.3 million Americans plan to retire somewhere outside the United States when their time comes. You can live comfortablyâ€”sometimes even luxuriouslyâ€”abroad, but you have to plan ahead. Take these three things into consideration as you make your plans:
Though the SSA will continue to pay benefits regardless of address, expat retirees cannot take Medicare with them. Contact the embassy for your new country for a general idea of how health care will work for you and your family. A good number of countries have socialized medicine and/or lower health care costs, while others combine government coverage and private insurance in some way.
Dan Prescher and his wife Suzan told U.S. News & World Report they pay $2,200 per year for a policy that covers both of them in Mexico. They use it for emergencies and pay for office visits out of pocket. Mexico also allows expats with permanent resident visas to participate in its government...