The decision to retire abroad requires you to take several unique factors into consideration. The Social Security Administration allows eligible individuals living outside of the United States to collect Social Security retirement payments. There are exceptions to the rule, however.
In addition, the IRS expects Americans to pay taxes on income earned anywhere in the world. You’ll also need to consider the implications of spending and budgeting in a foreign currency. It pays to research which financial institutions offer the best exchange rates and lowest transaction fees.
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