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August 17.2025

2 Minutes Read

Retiring Overseas: Practical Steps for Pre-Retirees to Save Money

Older couple photographing their overseas retirement planning adventure.

Considering Global Options: Why Retirement Abroad Might Be Right for You

In recent years, the dream of retiring overseas has grown for many Americans, particularly as over 35% of Gen Xers and 26% of Baby Boomers have expressed intentions to relocate to foreign countries within the next two years according to recent surveys. With popular destinations like Portugal, Spain, and Panama offering significantly lower living costs, many individuals see this as a feasible option for a more comfortable retirement.

Understanding Cost of Living Differences

One compelling reason to consider an overseas retirement is the cost of living. For instance, if you move to a country where the basic expenses are 30% lower than those in the U.S., you could theoretically retire with a nest egg that’s 30% smaller. This understanding is vital for planning your retirement income as it directly impacts your financial goals. Be sure to explore financial goal setting for seniors to help tailor your plans accordingly.

Create a Comprehensive Retirement Budget

As you prepare for international retirement, a thorough understanding of your anticipated income needs is crucial. The median household income for retirees in the U.S. is $54,710, suggesting that planning around this benchmark can guide your financial decisions. To that end, consider consulting resources like a retirement application process guide or speaking with local retirement advisors near you to ensure all bases are covered.

Expert Financial Planning Tips for a Smooth Transition

Transitioning to retirement living abroad requires sound advice and strategic planning. Fund management, tax-efficient withdrawal strategies, and understanding financial tools for retirement can make a significant difference. Resources like online retirement estimator tools and top-rated financial planning platforms can offer guidance and clarity before your big move.

Taking the Next Steps Toward Your Dream

Once you feel equipped with the necessary knowledge and resources, it’s time to take action. Engaging with a professional financial planner can provide personalized advice that aligns with your retirement aspirations, ensuring your transition is as smooth as possible. As you set out on this journey, remember to eliminate the confusion now—call Terrijo Parker today at 231-571-6100, and explore your best options without any pressure or fees.

Retirement and Financial Security

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Retiring Overseas: Practical Steps for Pre-Retirees to Save Money

Considering Global Options: Why Retirement Abroad Might Be Right for You

Understanding Cost of Living Differences

Create a Comprehensive Retirement Budget

Expert Financial Planning Tips for a Smooth Transition

Taking the Next Steps Toward Your Dream

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