Robert M. Ryerson, a Certified Financial Planner in New Jersey, works with clients at New Century Planning and teaches topics on retirement and cryptocurrency. Passionate about travel, Robert M. Ryerson recently visited Ecuador and is interested in establishing an office in the city of Cuenca to address the financial planning needs of the many American expats in the area.
For American retirees who are thinking of moving to a foreign land, researching the visa requirements and health care in the destination country is important. Visa requirements vary by country and can cause problems with a retiree’s plans.
Several countries, including Mexico and Ireland, maintain special retirement visas that may be granted if a person’s health, ability to speak the language, and retirement funds are adequate. Some countries provide health care to retirees if they have a retirement visa. However, the standard of health care may be lower than that to which Americans are accustomed.
Finances may also be tricky for retirees abroad. One of the major benefits of retiring in another country is the ability to enjoy a good lifestyle on a moderate budget. To prepare for this, individuals should lower their cost of living early. Further, expats should keep most of their cash in a bank in the United States.