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[Barron’s] 5 Things to Know Before Retiring Outside the U.S.

The number of Americans considering retiring outside the U.S. is growing daily. Retiring abroad is far more complicated than you’d imagine. We’ve been working with a client for an entire year now who plans on retiring to Mexico. And, she is just beginning to feel ready to make the move.

Without proper planning, retiring abroad can easily be derailed by financial, emotional, and health-care-related issues.

Here are five tips to help soon-to-be retirees and their financial advisors plan ahead:

1. Do your homework. It’s important to map out a process. This is a major life transition.

2. Understand the banking options. Things work differently abroad. You need to know how you will bank and access your money.

3. Take a test drive. Before settling there permanently, take an extended vacation in the location you are considering.

4. Consult with an international tax expert. If you’re an American citizen or resident alien, you most likely will still have to pay taxes in the U.S. regardless of where you live. And, the tax rules are different for every country.

5. Think long-term. Many couples retire to a foreign country when they are healthy. What will happen if one or both end up needing medical or long-term care?

[Barron’s] It’s Complicated to Retire Abroad. Here Are 4 Considerations Before Diving In…

One of our retirement planning clients is hoping to retire to Mexico. Her process was recently featured in Barron’s.

Retiring abroad is more complicated than you’d imagine. We’ve been working on her plan for about a year now.

While she has been researching the social aspects of living in Mexico — finding a community she likes, consulting with other expatriates, and renting a place for an extended stay, we are looking into factors that a retirement advisor normally wouldn’t have to consider: the country’s income-tax rates, property taxes, and currency conversions.

And, there is a myriad of other considerations that need to be taken into account before the big move happens.

The article gives some helpful tips that will help you get a good idea of the process and what to look for if moving abroad is something you’re considering.

[Forbes Advisor] Retirement Planning: How To Retire At Any Age

Lots of people make a BIG planning mistake when they begin to look at retiring before they turn 65.

They forget that they still need health insurance coverage. And, that can end up looking like another mortgage payment if they have to purchase it before Medicare kicks in for them at age 65.

In this Forbes Advisor article, I’m sharing the actual numbers we see every day in the office and a couple of solutions to ensure you don’t go broke paying for health insurance before you turn 65.

[Senior Planet from AARP] “Gray” Divorce

“Gray Divorce” rates have more than doubled since 1990 and for those 65+ the rate has tripled.

Rodney Brooks a writer for “Senior Planet” from AARP and I recently had a conversation about why this happening.

You can get all of the details in the article AARP just published…

[FOX 5 Good Day Atlanta] Women would rather talk about death than money

“When a woman leaves work, they not only lose work, wages, potential wage increases, and retirement savings, it can add up to potentially up to four times the annual income. So, for example, if somebody was home for three years and had a $50,000 salary, they could lose up to $450,000 income and future income by retirement age.”

That’s a problem because women live longer than their husbands and they are on their own on the back-end to handle this.

James (Beau) D. Henderson Jr. Earns Certified Financial Fiduciary® (CFF) Designation

James (Beau) D. Henderson Jr, Founder and CEO of Richlife Advisors, LLC, has earned the Certified Financial Fiduciary® (CFF) designation.

He joins a growing group of financial professionals who have earned the Certified Financial Fiduciary® designation and can immediately and clearly demonstrate how they practice a fundamental obligation to always put their clients’ best interest first.

Beau Henderson, RICP®, NSSA® of RichLife Advisors Named 2020 Retirement Coach Catalyst by Retirement Coaches Association

I have dedicated my career to helping my clients understand the importance of planning for both the financial and non-financial aspects of retirement. My goal is to help lead them on a path toward a fulfilling retirement.

He joins a growing group of financial professionals who have earned the Certified Financial Fiduciary® designation and can immediately and clearly demonstrate how they practice a fundamental obligation to always put their clients’ best interest first.