We are considering retiring early, one of the biggest expenses and unknowns is health care. We are thinking of moving to Europe, which has a nice socialized health care system. My husband is a European citizen, and I am an American.
As far as I can tell, from what I have read here and there, this would be the perfect scenario since being residents in Europe would entitle us to free healthcare, but having our retirement accounts in the US would mean we are still taxed in the US, right.
I am looking for information regarding this. It is my understanding that being a US citizen we would still be taxed in the US, not Europe. But I dont know how this applies to my husband, would his IRAs and ROth account still be taxed in the US, even though he is a European citizen. How about our taxable accounts, they are joint accounts, so I am not sure what applies to them. Having to sell everything and pay penalties on the retirement accounts in order to be able to retire would be a deal breaker.
Can someone point me in the right direction. I have been searching the net, but cant seem to get good information on what exactly it would cost in terms of tax dollars. Is there an office, or profession that would know. I asked an accountant and he didnt know. Not sure where I can get the information I need.
I am assuming theres a catch, I cant imagine them giving free healthcare when you are not contributing to their coffers.
As far as I can tell, from what I have read here and there, this would be the perfect scenario since being residents in Europe would entitle us to free healthcare, but having our retirement accounts in the US would mean we are still taxed in the US, right.
I am looking for information regarding this. It is my understanding that being a US citizen we would still be taxed in the US, not Europe. But I dont know how this applies to my husband, would his IRAs and ROth account still be taxed in the US, even though he is a European citizen. How about our taxable accounts, they are joint accounts, so I am not sure what applies to them. Having to sell everything and pay penalties on the retirement accounts in order to be able to retire would be a deal breaker.
Can someone point me in the right direction. I have been searching the net, but cant seem to get good information on what exactly it would cost in terms of tax dollars. Is there an office, or profession that would know. I asked an accountant and he didnt know. Not sure where I can get the information I need.
I am assuming theres a catch, I cant imagine them giving free healthcare when you are not contributing to their coffers.