Retirement is a phase of life that many people eagerly anticipate. It’s a time to unwind, pursue passions, and enjoy the fruits of years of hard work. In recent years, an increasing number of retirees are considering retiring overseas. This trend is driven by the allure of new experiences, lower living costs, and a desire for adventure. However, like any significant life decision, retiring abroad has benefits and challenges. Benefits of Retiring Overseas:
Challenges of Retiring Overseas:
Retiring overseas offers many benefits, from a lower cost of living to the opportunity for cultural immersion and new experiences. However, it has challenges, such as language barriers, healthcare considerations, and the need to build new social networks. Ultimately, retiring overseas can be a life-changing adventure that brings joy, personal growth, and a renewed sense of purpose. By weighing the benefits against the challenges and preparing accordingly, individuals can confidently embark on this exciting chapter, ready to embrace the opportunities that retiring overseas can offer.
DISCLOSURE Investment advisory services offered through Queen B Advisors, LLC, a Registered Investment Advisor, which does business as (d/b/a) Texas Financial Advisory. Insurance products, tax preparation services, and estate planning services are offered through Texas Insurance Advisory, Texas Tax Advisory, and Texas Estate Advisory, respectively, all of which also do business as Texas Financial Advisory. Insurance products, tax preparation, and estate planning are offered separate from investment advisory services. Neither Queen B Advisors nor Texas Financial Advisory offer tax or legal advice. A 529 plan is a college savings plan that allows individuals to save for college on a tax-advantaged basis. Every state offers at least one 529 plan. Before buying a 529 plan, you should inquire about the particular plan and its fees and expenses. You should also consider that certain states offer tax benefits and fee savings to in-state residents. Whether a state tax deduction and/or application fee savings are available depends on your state of residence. For tax advice, consult your tax professional. Non-qualifying distribution earnings prior to 2024 are taxable and subject to a 10% tax penalty. Beginning in 2024, unused 529 plan funds may be rolled into a Roth IRA assuming the following conditions are met: 1) must have owned the 529 plan for 15 years, 2) can only convert funds that have been in the 529 plan for at least 5 years, 3) rollover amount cannot exceed $35,000 and 4) rollovers must be made to a beneficiaries Roth IRA. The post he Benefits and Challenges to Retiring Overseas first appeared on Brooklynn Chandler Willy | Retirement Planning.via Brooklynn Chandler Willy | Retirement Planning http://brooklynnchandlerwilly.com/he-benefits-and-challenges-to-retiring-overseas/
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AuthorFor a dedicated and knowledgable partner in investment and insurance, look no further than Brooklynn Chandler Willy – JD RFC CDFA – a financial services professional specializing in Retirement Planning. Operating in San Antonio, Texas, Brooklynn is the President of Texas Financial Advisory, which she founded in 2008. Archives
February 2024
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