Wednesday, November 12, 2014

Avoid International Problems When Retiring Overseas

Tens of thousands of Americans have chosen to move to other countries in retirement and most have had pleasant experiences, often living happily in gorgeous tropical or European locations.  The people who have had the most success are those who took the time to do thorough research and careful financial planning.

Recently I wrote a post called "Investigate Exchange Rates Before Moving Overseas."  However, the currency exchange rates are not the only issues that could affect your pocketbook if you decide to move to another country.  While most potential problems can be avoided or dealt with, it is important that you take the necessary steps to be assured that everything goes as smoothly as possible.

Factors To Consider Before Moving to Another Country

Have a realistic idea of the cost of living - While it might be possible to live very cheaply in another country, will you be living in a lifestyle that is comfortable for you?  One young couple we know who moved to Costa Rica recently spent $300,000 for a new, modern home in a gated community.  While they could live cheaper in other areas, they preferred the safety and modern amenities that were available in this neighborhood.  You need to ask yourself ... will I really be reducing my cost of living?  In addition, you need to factor in extra expenses, such as the cost of travel back and forth to visit family in the United States.

Make arrangements to receive your Social Security checks in your new country - Approximately 400,000 U.S. retirees currently get their checks abroad.  You can find out how to do this and whether or not the checks can be sent to your new country at SSA.gov/foreign.  Once in your new country, the U.S. embassy or consulate can assist you if you have any problems.

Investigate the health care system and medical insurance in your new country - Will you have access to the specialists you need at a price you can afford?  Since you cannot use Medicare in other countries, can you buy into the national healthcare system in your new country or purchase private insurance?  Should you keep basic Medicare available for when you travel back to the U.S.?  Many people do, especially if they make frequent return trips or only live overseas for a portion of the year.

Another option is to selection a Medicare Advantage plan that will provide at least emergency coverage in foreign countries.  It is reassuring to know that part of your medical bills will be covered if you have a stroke or heart attack in your new country.

You are required to continue to file U.S. tax returns - If you have any assets in the U.S., or at least $10,000 in a foreign account, or any income coming from the U.S., or you are earning foreign income, you are required to file tax returns, even if you don't owe any taxes.  Failure to file the proper forms can result in a $10,000 fine and you can be arrested upon your return for felony tax evasion.  Make sure you cut all ties with the state where you have lived, too, or you could be expected to file state tax returns.  You may also have to file a tax return in your new country.  You need to check with an accountant in the country where you will be living to learn exactly what tax laws could affect you.

* If you plan to work in your new country, make sure you know the requirements - Will you be allowed to work?  Remember, you will also have to report any money you earn to the U.S. government as well as to the government of the country where you now live.

Set up a bank account in your new country - However, you may want to keep most of your assets in a U.S. bank where they will be less affected by currency fluctuations.

Consult an attorney before buying property in a foreign country - Some countries allow you to purchase property, while others do not.  In addition, a local attorney could help you avoid a real estate scam or other problems.

Have a local attorney look over your will, trust, power of attorney, etc. - Make sure your wishes will be honored in your new country and that your documents comply with their laws.

Register with the U.S. State Department's Smart Traveler Enrollment Program - This is important so the government can find you in an emergency.

In addition, some people I know who have owned homes overseas have told me that they enjoyed it most when they only spent part of the year there or only stayed for a few years.  In this way, they were able to still spend time with family and loved ones in the United States and not feel so isolated. 

In the end, the choice of whether to retire overseas or stay in the U.S. is up to each individual.  Whatever you decide, just make sure you have prepared carefully for everything you can and realize that some problems ... such as erupting volcanoes, hurricanes, earthquakes, floods, debilitating illnesses and other emergencies ... are things you will just have to deal with as they come.  After all, that's part of the adventure, isn't it?

If you are planning your retirement, you will also want to check out the tabs at the top of this article for links to hundreds of posts on a wide variety of retirement topics.

Sources and Reference Materials to Help You:

http://ssa.gov/foreign

http://travel.state.gov/content/passports/english/country.html

"Tax Guide for U.S. Citizens and Resident Aliens Abroad" at IRS.gov/pub/irs-pdf/p54.pdf

Klasing-Associates.com/law-library/tax-law-faq/international-tax-law-faq

"Before Relocating Abroad, Consider These 10 Guidelines" Where To Retire Magazine, September/October 2014.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  www.morguefile.com


Wednesday, November 5, 2014

Public Assistance for Low Income Retirees

Several people we know are struggling to live off their very low Social Security benefits and this seems to be a problem for low-income seniors across the country.  While some senior citizens are able to get assistance from their adult children or other family members, others do not know where to turn.  As a result, I decided to provide information about some of the programs that are available to help retirees who are destitute or nearly destitute.  In addition, I have included the names of the specific agencies that you need to contact in order to get these services, since you cannot go to one place to apply for everything, unfortunately.

If my readers are aware of other programs, please mention them in the comments section and I will amend this post to include them.  In addition, if you know of someone who would benefit from this information, please email it to them or print it out and give it to them.  Let's all work together to keep a few people off the streets this winter.

At the end of this article, you will also find links to websites that will provide you with additional information.   As you will notice in the description of the different types of help available, you may need to be persistent in order to be approved for help.  Some forms of public aid are routinely denied to applicants when they first apply.  Do not hesitate to seek legal or other assistance and appeal your denial.

Assistance Programs for Low Income Senior Citizens (And Qualified Younger Adults)

SSI or Supplemental Security Insurance

SSI is a program that makes payments to people with a very low income who are age 65 or older, or those who are under 65 and have disabilities or are blind.  You can be collecting a small amount of Social Security benefits or be earning income from a low-paying job and still qualify for SSI.  People who did not work long enough to qualify for Social Security may still be eligible for SSI. You can also own certain assets or have a small amount of savings and qualify for this help.

The federal government has a base amount that they pay, but some states add money to that amount.  Therefore, the exact amount you could receive will vary from state to state.  This is income-based aid, but they do not consider the value of food stamps, housing provided by non-profits or certain other income you receive when they calculate your eligibility.

They do consider your assets.  However, you are allowed to have up to $2000 in cash if you are an individual or $3000 if you are a couple.  In addition, your home and car will not usually prevent you from qualifying.

No one is going to call you and ask if you want this supplemental income, or any of the other forms of aid mentioned below.  You need to seek it out.  Contact your Social Security office if you believe you may qualify for this program.  You can make an appointment with a Social Security Representative by calling 1-800-772-1213.

Social Security Disability

If you are unable to work, but you are not old enough to qualify for Social Security, you may still be eligible for Social Security Disability.  If you have a health condition that is expected to last over 12 months, and it difficult for you to either have gainful employment in your former occupation or change your line of work due to your age, education or a physical impairment, you may qualify for disability.  In order to qualify, you generally must have worked at least 5 of the past 10 years.   Parents' work credits can be applied for young adults under the age of 22.  If you think you qualify, you need to be persistent in order to be approved.  Approximately 60% of applicants are denied when they first apply, especially if they have inadequate medical records.  Do not hesitate to appeal your denial.

Supplemental Nutrition Assistance Program (Food Stamps)

If you qualify for SSI, you may also be eligible for food stamps.  You can get more information about this nutritional assistance at the Social Security office when you apply for SSI.   If you are not yet eligible for Social Security or SSI, you may still be eligible for food stamps.  In this case, you will want to contact your local welfare office to check your eligibility for food stamps.

Medicaid

If you collect SSI because you are blind or disabled, and you are not old enough yet to receive Social Security Retirement Benefits, you may also be eligible to get free or low cost medical insurance through your state's Medicaid program.  Medicaid is also available to millions of low income wage earners.  You can apply through your local welfare or medical assistance office.  Go to a website called BenefitsCheckup.org, which is a national nonprofit, if you want to find help paying for your medicine and food.

Medicare

Most people have their Medicare premiums deducted from their Social Security benefits.  However, if your income is extremely low, your state may pay your Medicare premiums for you.  In some cases the state may also pay your deductibles and co-insurance expenses.  You need to contact your state or local welfare office or Medicaid Agency.  Income requirements vary from state to state.

You may also qualify for help with your drug costs and Medicare Part D premiums.  The income requirements for this assistance are different than those for SSI so, even if you don't qualify for SSI, you might qualify for this assistance.

You can apply at your local Social Security office.  You can make an appointment with a Social Security Representative by calling 1-800-772-1213.

Section 8 Housing

In addition to SSI, disability, food stamps and assistance with your medical expenses, you may also qualify for Section 8 housing vouchers.  These vouchers can be used for any housing you find and the government will cover a portion of the rent.  This may make it possible for you to find an inexpensive place to live, even if you live in an area where rents tend to be high.  In order to be eligible, your income must be less than half of the median income for the city or county where you will be living.  At least 75% of the vouchers must go to people who have an income that is 30% or less of the medium income of the area where they will be living.

In other words, if you only receive the average Social Security benefit of about $15,000 a year and the median income in your area is $50,000, there is a very high probability that you will qualify for a housing voucher.  You may still qualify, even if you earn up to $25,000 in the same community.  If the median income in your area is higher, you can have more income and still qualify.

In order to apply, you must contact your local Public Housing Authority.  They are the ones who administer the program for the department of Housing and Urban Development.  You may have to go on a waiting list before receiving a voucher, so apply as soon as possible.  If your situation changes ... for example, if you become homeless ... you need to contact the PHA as soon as possible. You can get moved up the waiting list.

Veterans Administration Assistance

If you or your spouse is a military veteran, you may be qualified for various assistance programs from the Veterans Administration including healthcare, long-term care benefits, prescription drug coverage, counseling, mortgage assistance, disability compensation and more.  If you have been in the military you may want to contact your local Office of Veterans Affairs to see what services you may be eligible to receive.

If you are not satisfied with the answers you get, you may want to contact private organizations like the American Legion for assistance.  They will help you navigate all the confusing regulations.  It is not unusual for people to be denied benefits the first time they apply.  It is worth it to get help in completing the application or filing an appeal.

Private Assistance for the Poor

In addition to the public programs listed above, your religious organization may help you with short-term housing or other assistance for a few weeks until you begin to receive the public aid you are qualified for.

Even if they cannot provide housing or financial assistance, many churches and other organizations can provide you with food and clothing or direct you to the nearest available resource for those items.  A number of churches operate food banks that can help people get through a difficult time.

Senior Centers 

You should also contact the senior centers in your city or town.  Many of them will have information about community resources that may be available to you, people who might be looking for a roommate, rooms for rent to senior citizens, meals-on-wheels and other services that could help you.  For example, my local senior center sets out day-old bread and pastries that are dropped off daily by a local grocery chain. In addition, senior centers often provide low-cost lunches and similar programs to help the elderly.

Read these Sources for Additional Information About the Public Programs Mentioned Above:

http://www.socialsecurity.gov/pubs/EN-05-11000.pdf

Social Security Disability Help

http://www.ssa.gov/disability/professionals/bluebook/AdultListings.htm

http://portal.hud.gov/hudportal/HUD?src=/program_offices/public_indian_housing/programs/hcv/about/fact_sheet

http://www.va.gov/healthbenefits/apply/veterans.asp

http://www.elderlawanswers.com/long-term-care-benefits-for-veterans-and-surviving-spouses-6158

http://www.aarp.org/health/conditions-treatments/info-04-2010/giving-back-to-vets.html

You are reading from the blog:  http://www.baby-boomer-retirement.com 

If you need additional retirement information, use the tabs at the top of this blog for information about cheap places to retire, health issues, family relationships and more.


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Wednesday, October 29, 2014

GreatCall 5 Star Medical Alert Device

As we age, there are many reasons why it could be a smart move to get some type of medical alert device.  In the past, most of these devices only worked in or near your home.  Even then, they were often a life-saver, especially if someone fell and became injured when they were home alone.

Today, however, the technology has improved and it is possible to get a very affordable GPS device that you can have with you wherever you go ... at home, in the grocery store, while visiting friends and relatives, or even while taking a quiet stroll by yourself in the park. The advantages of one of these GPS medical alert devices are tremendous. 

While I am sure that other companies may now be selling these new medical alert devices, one of my friends, a very active woman in her early 70's, told me about this one that can be ordered online from Amazon.  The price is very affordable and in line with the devices that only work in your home:

The device she told me about is the GreatCall 5Star Responder Wireless Personal Security Device.  It costs about $40, plus a small monthly service fee of about $15 a month.  There are no contracts or cancellation fees.

If you push the button on your GPS activated device, you will be connected to a live 5 Star Agent.  They are available 24 hours a day and are prepared to help you deal with a variety of security issues, including contacting the police or medical personnel, as needed.   The people who respond to your alert are trained responders who can use the GPS feature on your device to locate you, which is especially important if you are not sure of the address or cross streets where you are located.

In a true emergency situation, you can hold the call button down for 5 seconds and you will be connected directly to 9-1-1.

The 5-Star responders can also connect you with people on your personal emergency list, such as a neighbor, a relative or your doctor's office.  They also have nurses available on their own staff who are trained to help you determine if you are experiencing a serious medical event, such as a heart attack.

The device is small and can easily be attached to your clothing, belt, purse or keychain, so you always have it nearby.

If you live alone or you have a parent or other relative who spends a lot of time alone, this device, or one like it, could literally save a life. 

More information:

GreatCall 5Star Responder Wireless Personal Security Device

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  www.morguefile.com


Tuesday, October 21, 2014

Garden Park at Daybreak - Fabulous Senior Living in Utah

Are you interested in living in one of the top rated senior communities in the United States?  Garden Park is a beautiful age-restricted neighborhood within the ten year-old community of Daybreak near South Jordan, Utah.  It was recently selected as the Gold Winner in the category of "Best For-Sale 50+ Community in the United States containing over 200 Homes" by the National Association of Home Builders.

What Makes Daybreak So Special?

In just ten years, the new home community of Daybreak has become one of the most popular places for people of all ages to move in the state of Utah.  In fact, approximately one out of six new homes that are currently sold in the Salt Lake Valley are purchased in Daybreak.

Daybreak has been designed with the 5 minute rule in mind.  This means that there are lots of fun things to do within a 5 minute walk of nearly every home in the village, including parks, shops, community gardens, swimming pools, tennis courts, sports fields, restaurants, businesses, schools and miles of bicycle trails.  In addition, the community is built alongside a beautiful lake.

The goal of the developers is to create a vibrant community for people of all ages, while maintaining a healthy environment.


What Makes Garden Park a Gold Medal Winner?

Garden Park is the section of Daybreak that has been specifically designed for the over-55 crowd.  Residents live in individual homes, townhomes or apartments, many with no stairs and all of them with no yard work ... which is very appealing as we all get older.  Those homes that do have stairs often have downstairs master bedrooms so that only your guests have to trek up and down the steps.

Most of the homes are within an easy stroll to the SoDa section of Daybreak that contains shops and restaurants.  The community is also near the University of Utah Healthcare Center. 

Garden Park residents can use all the amenities of Daybreak, including the beautiful lake where they can enjoy activities like going kayaking or taking sailing lessons.

In addition, Garden Park has its own 10,000 square foot clubhouse with a pool, gym, billiards room, and aerobics classes.  There are benches and lounge areas where you can sit outdoors, enjoy nature or meet new friends.  Residents may want to take an exercise class, stroll alongside the lake or plant vegetables in the community garden.  Residents especially love the peace and tranquility of the lakeside setting.

Townhomes can be purchased in the $200,000 to $250,000 price range.  Single family cottages start at around $250,000 and larger homes currently sell for over $500,000.  Many of the single family homes and cottages have charming front porches that make it easier to get to know your neighbors.

If you are considering moving to this region of the country when you retire, Garden Park at Daybreak has everything you could want.

If you wish to visit this community or learn more about it, here is the contact information:

GardenParkDaybreak.com
(801) 254-6090

For those of you who are still deciding where you would like to retire, use the tabs at the top of this blog for links to hundreds of articles about where to retire here and in other countries, medical issues, financial planning, family relationships and more.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  www.morguefile.com