Although you cannot use Medicare in another country, you are able to have your Social Security deposited in a foreign bank, or in an American bank with foreign branches. In most other countries, you also have the option of signing up for their national healthcare plan and have basic Medicare in the U.S. at the same time, should you want to return to the U.S. in the future.
Source of Information on Cheapest Places to Retire
If you are interested in retiring in another country, you will want to research your options carefully. There are a number of books and articles available on the internet. On Feb. 18, 2017, Money Magazine published an article called, "These Are the Cheapest 50 Countries to Live." While their article was not necessarily geared towards retirement, I found the information useful for anyone who is considering retiring in another country. All the countries on their list are less expensive than the United States.
The author, Elyssa Kirkham, based her information about the countries with the lowest cost-of-living on research from GoBankingRates, which looked at the purchasing power of the dollar in each country, cost to rent an apartment, price of groceries and the consumer index.
Issues The Researchers Did Not Consider
The researchers did not consider factors such as safety, the political system, or lifestyle. While many of these countries could be very attractive to American citizens, others might be quite undesirable ... such as Syria, Russia and Serbia.
The list of countries is further down in this article. If you want more details about how each country ranked, you can find the full article at "Cheapest Countries to Live."
Do Your Own Research Before Moving to Another Country
As I have mentioned above and in other articles in this blog, it is important for readers to do their own research, check the State Department website for warnings and advisories about travel in those countries, contact local agencies or tour companies and, finally, visit the country before deciding whether you want to move there permanently.
If you still feel that such a move would be a good idea, you would then be wise to consult with a lawyer, CPA and Realtor in the country of your choice. They could help you find a safe, affordable place to live and keep you on the right side of the law in your new country.
List of Cheapest Countries to Retire
1. South Africa 26. Montenegro
2. India 27. Albania
3. Kosovo 28. Nepal
4. Saudi Arabia 29. Georgia
5. Kazakhstan 30. Brazil
6. Zambia 31. Turkey
7. Oman 32. Estonia
8. Paraguay 33. Spain
9. Czech Republic 34. Tunisia
10. Macedonia 35. Germany
11. Bosnia & Herzegovina 36. Slovinia
12. Poland 37. Syria
13. Columbia 38. Hungary
14. Pakistan 39. Russia
15. Moldova 40. Bangladesh
16. Chili 41. Philippines
17. Malaysia 42. Armenia
18. Serbia 43. Egypt
19. Greece 44. Portugal
20. Bulgaria 45. Latvia
21. Romania 46. Morocco
22. Mexico 47. Croatia
23. Azerbaijan 48. Lithuania
24. Ukraine 49. Peru
25. Algeria 50.Belarus
By way of comparison, France ranked 78th, the United States ranked 83rd, Costa Rica ranked 88th, and Singapore ranked 104th. I was surprised to learn that Costa Rica is now considered slightly more expensive than the United States. Of course, that obviously depends on exactly where you live in each country. The lower the number, the lower the cost-of-living; the higher the number, the higher the cost-of living.
Among the countries which might especially interest some American retirees are Mexico (especially around San Miguel de Allende), Chili, Greece, Brazil, Spain, Germany, Portugal, Belarus and Peru. At the very least, someone looking to retire in a less expensive country should consider them. If you have relatives or a family connection to one of the other countries, you may also want to put it on your list.
If you are interested in learning more about retiring overseas, the best places to retire in the United States, Social Security, Medicare, financial planning, common medical issues and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.
Watch for my book, "Retirement Awareness: 10 Steps to a Comfortable Retirement," which will be released by Griffin Publishing in 2018.
You are reading from the blog: http://www.baby-boomer-retirement.com
Photo credit: Picture of San Miguel de Allende courtesy of Google images.