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1021223-00006-00
David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
September/October 2024
Is Retiring Abroad on Your Bucket List?
A warmer climate, a lower cost of living, a charming locale — there are many reasons Americans choose to spend retirement living in a foreign country. If retiring outside the U.S. appeals to you, plan your move carefully and consider the impact living abroad may have on your daily life.
Two Bank Accounts
Set up an account at a local bank several months in advance of your move to make sure the account is open and available to you when you arrive. You’ll also want to maintain an account in the states to receive retirement account distributions and Social Security benefits. (Social Security will also deposit benefits in bank accounts in most foreign countries.) Keep in mind that currency exchange rates fluctuate, which can affect the cost of living abroad.Uncle Sam Wants His Share
Your income is subject to U.S. income tax no matter where you’re living, so you will have to file your taxes in the U.S. Some countries have tax treaties with the U.S. that may save you money. Consult a tax professional to make sure you’re taking advantage of any tax benefits available to you.Rent or Buy?
It’s easy to get swept away by the charms of a new place, but it’s smart to spend time in your chosen location before committing to buying a home. An English-speaking relocation consultant can help you with an apartment search and rental agreement. If you eventually decide to buy, hire an attorney who understands the local market.Healthcare Concerns
Medicare will not cover you outside of the U.S., so make sure you evaluate the healthcare system in your chosen country — specifically, what services are covered, the quality of care and the costs. Consider retaining parts of Medicare so you won’t have to re-enroll and incur penalties if you return to the U.S.Enroll in STEP
Open to U.S. citizens traveling or living abroad, the Smart Traveler Enrollment Program (STEP) allows you to enroll your trip/stay with the nearest U.S. Embassy or Consulate. Enrollment helps the Embassy and your family and friends contact you in an emergency.1081087-00001-00
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
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