Welcome back to another edition of Retirement Rewind -- episodes so good we played them twice!
Time for travel is by far the number one thing that Retirement Starts Today Radio listeners look forward to in retirement. That’s why I interviewed David Jacoby on to this episode and why it was chosen as a Retirement Rewind.
David Jacoby is a financial planner and travel expert who specializes in helping travelers and expats. David, himself has lived in 4 different countries and even built his business while living abroad. On this episode, he’ll help us understand the unique aspects of retiring abroad. If travel abroad piques your interest then you won't want to miss this interview.
Outline of This Episode
- [2:06] The 3 types of people that are interested in travel abroad
- [5:22] When does traveling extensively turn into living abroad?
- [9:10] How to determine where you might want to live?
- [13:33] How do people plan for their elderly years?
- [15:26] How does health insurance work when you live abroad?
- [17:42] What do people neglect to plan for?
The 3 types of people that are interested in travel abroad
Many people are interested in traveling when they retire, but David Jacoby has found that there are 3 types of people that come to him for his services.
Digital nomads or globetrotters are people who work remotely or are location independent entrepreneurs.
Next are people who want to retire abroad for financial or social reasons. They are looking for the right country to move to.
The last group of people is those who are not quite ready to retire abroad and still live in the U.S. They may be traveling a bit right now to scope out potential locations.
Would you consider living abroad when you retire?
When does traveling extensively turn into living abroad?
Traveling abroad and living abroad aren’t quite the same. Rather than living full time in another country, some people would rather keep their house in the U.S. and spend extended vacations in other parts of the world.
Others just want to sell it all and start fresh in exotic locales. However, before this romantic idea sets in, it’s important to do your homework first. David encourages his clients to visit a place 2-3 times in different parts of the year before making any final plans. Renting a place for 3 months or so will give you a better feel for everyday life in your desired location.
How to determine where you might want to live?
Some people may not know exactly where they want to live, they just have a general idea. They may prefer a tropical climate, be near the ocean, or perhaps they have always wanted to live in Europe.
David can help his clients consider practicalities when choosing a location. Oftentimes visas and taxes play a huge part in choosing where to settle. For instance, Portugal, Spain, and Italy have easily obtainable visas for Americans while other countries in Europe are more challenging for American citizens to move to.
But what about healthcare?
Have you considered travel health insurance? No matter where in the world you choose to settle you’ll need to think about health care especially since Medicare does not work outside the U.S. Depending on where you live you’ll either rely on the local system of care or pay for private health insurance.
Some people even chose to forgo health insurance. This sounds crazy but when you consider that the costs of medicine in many parts of the world are 1/10 of what you pay in the U.S. it isn’t that scary.
You need to understand why you should still enroll in Medicare even if you plan to live abroad for several years, so make sure to listen to this interview with international travel expert, David Jacoby.
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