November 14, 2022 – In today's Lifetime Planning episode, Financial Sense Newshour speaks with International Living's Jennifer Stevens about best places to retire overseas when it comes to weather, health care, cost-of-living and other factors. Jennifer says the top three places where Americans are retiring overseas currently are Panama, Costa Rica, and Portugal.
Here's some of what she has to say about each of them in today's interview:
1. Panama: below hurricane belt with warm, beach-like weather. Can live a comfortable lifestyle for around $3000/mo. Has great medical care. A lot of the physicians were trained in the US. Panama makes sense for a lot of folks.
2. Costa Rica: Cost of living similar to Panama. Great weather in Costa Rica's Central Valley where some areas are known as having the best weather in the world, not requiring heat or AC. Very friendly culture, great food, and you don't have to be fluent to live there.
3. Portugal: You can live very comfortably for $3-4k a month. Is quickly becoming a top destination for many people that desire to live and spend time in Europe but at a cheaper price than elsewhere.
One of the questions that often arises for Americans looking to retire overseas is whether you can use Medicare in another country? Jennifer discusses add-ons to Medicare that can cover you, but only if you are living there part-time. As well, it may make sense for some individuals to keep their Medicare plan active when moving abroad since there are penalties if you cancel and then try to activate it again, should you decide to move back to the US.
What about inflation in the US vs. some of the best places to retire overseas? This is also something that is receiving much more attention given the soaring rates of inflation in the US. Jennifer explains some key differences when it comes to food and points out that, depending on where you choose to retire overseas, heating and electrical bills may be dramatically lower due to temperate weather alone.
Jennifer also discusses concerns over cultural language barriers, whether you need to be fluent in a language to live there, and practical tips for everyone to consider before deciding to move or retire overseas.