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Retiring Overseas? Consider Locations, Costs & Online Business Opportunities

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Thinking of retiring overseas? You need to Consider locations, costs and starting your own business to supplement income during your retirement years.

Have you been thinking about retiring overseas? Well, then you are not alone! With 10,000 baby boomers retiring each day in America they are all thinking – “Where do I go from here?” In the article, “The Top 5 Overseas Retirement Havens for Americans”, on the website cbs.com, statistics found by the Wharton School at University of Pennsylvania in 2012 cited “that about 350,000 American retirees were receiving their Social Security benefits outside of the U.S. It also noted some anecdotal reports that more than 3 million baby boomers are making plans to retire overseas.”

Location, Location, Location Where will you live-

Over the past few years, there have been more and more articles with information indicating many baby boomers are choosing to retire overseas. They are moving to countries like Costa Rica, Panama, Belize, Portugal, Nicaragua, Ecuador, Philippines, and Thailand to name a few. Of course, Europe has always held an appeal and still does with the strength of the dollar compared to the Euro.

Why Retire Overseas?

There are several reasons Americans are choosing to retire overseas. There are lower healthcare costs, lower monthly expenses, favorable taxes, and of course, nice climates. Many Americans are facing the possibility that their retirement savings may not last as long as they need them too if they stay in the United States. Why not, consider enjoying your retirement years overseas with lower costs for healthcare, lower living expenses all while living in your desired “paradise”!
Healthcare is a very big concern for baby boomers who are either looking at retirement soon or are already retired. One of the biggest expenses in retirement is health insurance and healthcare. In the article, “Why Are Millions of Baby Boomers Retiring Overseas?” on huffingtonpost.com, the authors Suzan Haskins and Dan Prescher discuss the issue of monthly healthcare costs being a primary reason for them moving to Costa Rica in their retirement. They report that they were able to save $11,000 per year in health insurance costs by moving overseas.

Do What You Love in Retirement!

Many retirees do not just want to lounge around in PJs all day or sip cocktails at the beach for eternity, but they want to do something they love. Many retirees have the desire to continue to bring income into their lives by starting their own business. They are many business ideas for retirees including turning a trade or craft they love into a business, starting a travel blog, becoming a photographer/tour guide or starting an online business. All these business opportunities will give them the freedom and flexibility they are looking for in retirement.
retirees at laptop (1)There are many online business ideas for retirees. A great reason to consider owning an online business when retiring overseas is that you can take your online business with you! It’s portable and it will allow you to work wherever you are. Plus, many countries have favorable tax laws for income that you make while living there. In the article “How to Retire Overseas In 7 Steps”, they mention “If you’re earning an income as a resident of another country, the first $100,800 in an annual year is exempt from U.S. tax. If you will be earning income in your new country of residence, you could also have associated tax obligations in that country, which you should discuss with a local tax specialist.”
When starting an online business overseas you will need to do your research to understand the laws, taxes, shipping, products, vendors, availability and other resources you might need. If you will have non-retirement income while living overseas, you should seek advice from a tax advisor with experience helping Americans stay tax compliant. Owning an online business can allow you to not only work from any location, but you will be able to bring in additional income during your retirement.
Living in your dream location in retirement, lower healthcare monthly expenses, along with the ability to own an online business overseas – are all great reasons to consider retiring overseas. Furthermore, you may want to immerse yourself in another language or experience a different climate and culture. You may want an adventure as you begin a new chapter in your life!
If you find yourself interested in moving overseas and begin to research possible locations, the website www.expatexchange.com/retire.cfm has helpful information about living in specific countries as an “expatriate”. It’s time for you to start living where you want, while experiencing the perks of retirement all while doing something you love.
If you are considering starting an online business in retirement, you can check out these other blog posts for more insight.
Learn more about starting your own online business at www.pure-ecommerce.com. Go out and live the life you want in your retirement years!

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