How to Retire Abroad with David Jacoby

Do you know what you need to do to travel or retire abroad? We asked and you answered. The number one thing that our listeners would like to do in retirement is travel. That’s why I found financial travel expert, David Jacoby from RemoteFinancialPlanner.com to help us understand all the nuances of travel and living abroad in retirement. David has actually lived in 4 different countries and built his business while living abroad. He’ll walk us through the unique aspects of retiring abroad that you may not have considered and what the financial ramifications may be. 

Listen to this episode of RetirementStartsToday with David Jacoby @RemoteFP as he walks us through the unique aspects of retiring abroad that you may not have considered. Share on X

Outline of This Episode

  • [3:12] David works primarily with 3 different groups of people
  • [5:47] How does he walk people through the decision to live abroad?
  • [9:32] How does he help clients narrow down where they want to live?
  • [13:33] What do people plan for their final years?
  • [15:26] How does health insurance work abroad?
  • [17:42] What do people neglect to plan for?

Who is David’s client base?

David primarily works with 3 types of people. He works with digital nomads which include people who work remotely or entrepreneurs that can work from anywhere in the world. Traveling often allows them financial and tax benefits including the foreign income exclusion. He also works with those that would like to retire abroad for financial or social reasons. He helps them find the right country to move to and helps them organize their finances. David also works with people that live in the U.S. presently but would like to retire abroad at some point in the future. 

Learn what you need to consider before packing up and retiring abroad. @RemoteFP Share on X

How does he walk people through the decision to retire abroad?

Traveling and living abroad are 2 completely different things. Some people would rather keep their house in the U.S. and spend extended vacations out of the country. But there are others that would like to sell the farm and start anew in another country. But before packing up the house and shipping all of your belongings across the ocean it is important to be sure that you are making the right choice. David encourages people to visit a place 2-3 time before making any final plans. He thinks that renting a house for 3 months or so will give you a better feel for the day-to-day life in the location you’re interested in. 

How does he help clients narrow down where they want to live?

Some people may not know exactly where they want to live, they just know they want a tropical climate, or to live in Europe. David can help them discover the most important factors to consider when choosing a location. Often times visas and taxes play a huge part in choosing where to settle. For instance, Portugal, Spain, and Italy have easy visas for Americans. Other countries in Europe have more challenging visa structures. 

What are the most important factors when considering where to move abroad? Share on X

How does health insurance work abroad?

No matter where in the world you choose to settle you’ll need to think about health care especially since Medicare does not work outside the U.S. Depending on where you live you’ll either rely on the local system of care or pay for private health insurance. Some people even chose to forgo health insurance. This sounds crazy but when you consider that the costs of medicine in many parts of the world are 1/10 of what you pay in the U.S. it isn’t that scary. Listen to this interview with David Jacoby to find out why you should still enroll in Medicare even if you plan to live abroad for several years. 

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