Join Early Retirement Today
Closed Thread
 
Thread Tools Search this Thread Display Modes
Old 01-27-2013, 10:30 AM   #41
Recycles dryer sheets
 
Join Date: Apr 2007
Posts: 111
Khufu,

First of all, great list with lots of great information! Several items I hadn't seen before. I have a couple of questions:

Quote:
Originally Posted by Khufu View Post
Steps I took before retiring abroad (to Thailand):
2. Opened an account with a mail forwarding service, Mail Forwarding Services at St Brendan's Isle (highly recommended). Service must be located in a no-income-tax state, eg. Florida, and should provide a street address, not a PO box. Updated address information with all banks, brokers, etc. while still in the US. I have never notified any institution of my current physical address, only the mailing address in Florida.
Just to confirm, the mail forwarding service is able to provide you with a street address. And this street address is acceptable to the bank? I had previously checked with my bank and they had said that they would need to close my account if I had a foreign address. Perhaps a mail forwarding service address would suffice?

Quote:
Originally Posted by Khufu View Post
7. Switched reporting on all financial accounts to email only. However, there will still be snail mail occasionally, such as tax statements at this time of year. The mail forwarding service scans them for me to read the next day.
I assume you get an e-mail with the scanned documents? Is there reason at all to be concerned about security/privacy since it is sent via e-mail?
__________________

__________________
george76 is offline  
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-27-2013, 10:56 AM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 20,208
Quote:
Originally Posted by george76 View Post
I thought if you lived abroad and wanted to make sure to be a part of Medicare one only had to sign up for Medicare B at age 65, which is currently around $1200 per year.` And the reason was to do it then, otherwise rates would be much higher for each subsequent year. But, as Rob points out, if this doesn't cover drugs, then the cost would actually be much higher.

So, could someone confirm what Rob stated, ie that one would be wise to sign up for part D as well or that that cost would also go up each year? And if so, what would be cost when including Drug coverage? I have years to go before 65, but I am assuming that I would need prescription drugs of some kind at that age.

Thanks in advance!
The availability and costs of these plans varies with state.

In my state, the currently cheapest plan is $15/mo. Prices do go up yearly, and I doubt this $15 plan would buy you much. I use it like you plan to use your plan- to keep the door open. I have had to change plans not quite annually, to stay with the cheapest available to me.

To actually compare plans in detail is more than I have been wiling to do so far. They are very complex.

Ha
__________________

__________________
Insanity in individuals is something rare-but in groups, parties, nations and epochs, it is the rule-Friederich Nietzsche
haha is offline  
Old 01-27-2013, 11:10 AM   #43
Recycles dryer sheets
 
Join Date: Apr 2007
Posts: 111
Quote:
Originally Posted by haha View Post
The availability and costs of these plans varies with state.

In my state, the currently cheapest plan is $15/mo. Prices do go up yearly, and I doubt this $15 plan would buy you much. I use it like you plan to use your plan- to keep the door open. I have had to change plans not quite annually, to stay with the cheapest available to me.

Ha
Thanks ha!

So, it is about $1,200 a year to Medicare B open and another $200 to keep Medicare D open. So a conservative $1,500 a year to keep the critical parts of Medicare open should you happen to need it.
__________________
george76 is offline  
Old 01-27-2013, 12:06 PM   #44
Full time employment: Posting here.
NYEXPAT's Avatar
 
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 524
Quote:
Originally Posted by Khufu View Post
Steps I took before retiring abroad (to Thailand):

1. severed all connections to my home state (NY) to avoid any tax domicile issue later: surrendered NYS driver's license, sold off all property, etc. according to the specific tax domicile rules of NYS. God help you if you are leaving Virginia.

2. Opened an account with a mail forwarding service, Mail Forwarding Services at St Brendan's Isle (highly recommended). Service must be located in a no-income-tax state, eg. Florida, and should provide a street address, not a PO box. Updated address information with all banks, brokers, etc. while still in the US. I have never notified any institution of my current physical address, only the mailing address in Florida.

3. Opened several bank accounts since after having moved abroad it may be difficult or impossible to open a new account and the relative merits of each bank's services are likely to change over time. Bill pay features are relevant because I will always have some bills, e.g. credit cards, to pay in the US. The best banks are those that cater to a military clientele since they are not alarmed if they find out that you live abroad. Recommend USAA Federal Savings and Pentagon Federal Credit Union.

4. Bought an Ooma voip phone device and ported my home phone number to it. Not the cheapest solution, but high-quality product and service. After arriving in Thailand, plugged the Ooma device into my router and now have free incoming and outgoing US service with the same phone number I had for 30 years in New York City. I probably have the only 212 number in Bangkok. If you go the Ooma route don't buy their current Telo product which has monthly charges. Get the original hub on ebay or somewhere. That product has no monthly charges at all.

5. Selected a bank in Thailand that can accept low-cost ACH transfers from US banks. There is only one such bank in Thailand. Bangkok Bank can do this because it has a branch in NYC and therefore, an ABA number. Other countries may or may not have such a bank, but some banks will have lower charges than others for transfers.

6. Opened a variety of US credit card accounts, since I cannot be sure of being able to open one in the future. However, I subsequently did open one with Capital One without any difficulty. The key for the credit card is that it reimburses all ATM charges and does not charge a foreign exchange transaction fee. Penfed and CapOne cards meet the requirement. There are others that do as well. I make sure to have at least some charges on each credit card every month so that they are never closed for inactivity.

7. Switched reporting on all financial accounts to email only. However, there will still be snail mail occasionally, such as tax statements at this time of year. The mail forwarding service scans them for me to read the next day.

As an expat with US investments your big financial problem long-term is currency risk, which dwarfes inflation in importance. This is assuming that you keep your assets in the US, which is what most of us expats would recommend unless you were to move to Canada, for instance. Start reading books by economist Barry Eichengreen.

You need to make sure that you have a health care solution in your new country. I plan to sign up for Medicare at age 65 even though I can't use the services while outside the country for two reasons: I can never be sure that I will stay forever in Thailand and, even if I were sure of that, I will always need US insurance during annual trips to see the family.

As for destination countries, I wouldn't consider Ireland myself because the cost of living is high. However, I can see the attraction since Ireland was recently rated by somebody as having the best quality of life in the world. Asia has the advantage of lower cost of living, at least in most locations, and relatively lower levels of crime. Latin America would be attractive to me, but for the crime problem, although I am sure there are effective ways of coping in many areas. I have friends who love retired life in Mexico, but the potential for crime there to expand into currently safe areas would certainly give me pause.

I never plan to own anything in Thailand. Renting an apartment is the overwhelmingly best choice here for many reasons. I hire a car and driver when I need to get out of Bangkok.

My other advice is to study the local language full-time until you are fluent. As an older person the mental benefit of language study in itself is substantial. And then, in terms of the new culture you can be a competent person.
Khufu,
Great list and thank you for taking the time to compile it. I plan to keep it in a file as I get asked these questions frequently.

For myself, I have found it to be much simpler just to cut all ties (except passport).

With Medicare (six years out) most people I talk to only have Part A and buy any needed medications, procedures overseas which is far cheaper. I imagine I would have to look into this as I get closer in age.

I was talking to a Canadian (on the street) yesterday about HC and he told me he had to wait several months to get a MRI. So he came to Peru and got one for S./650 ($250) in one day. He forwarded the results and had surgery scheduled and the Canadian system reimbursed him $650.00 or almost three times the cost.
__________________
NYEXPAT is offline  
Old 01-27-2013, 02:12 PM   #45
Moderator Emeritus
Alan's Avatar
 
Join Date: Jul 2005
Location: Houston
Posts: 15,176
Quote:
Originally Posted by Rich View Post
Although I have no intention of becoming an expat I've found this thread to be incredibly informative and interesting. I respectfully suggest it should be made a "sticky" somewhere for folks who really need the practical information it contains.

Rich

Good idea Rich.

We discussed this and decided to move the thread to the FAQ's forum.
Early Retirement FAQs - Early Retirement & Financial Independence Community

I have left a permanent re-direct in the original forum.
__________________

__________________
Retired in Jan, 2010 at 55
Now it's adventure before dementia
Alan is offline  
Closed Thread


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 09:09 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2014, vBulletin Solutions, Inc.

Early Retirement News right to your Email!

Stay up-to-date with all the latest news to your inbox!

unsusbcribe at anytime with one click

Close [X]