--- title: How to Retire Abroad | TIME description: What you need to know about retiring overseas. canonical: https://time.com/video/ngnrU4UX/ og:title: How to Retire Abroad og:description: What you need to know about retiring overseas. og:url: https://time.com/video/ngnrU4UX/ og:image: https://cdn.jwplayer.com/v2/media/ngnrU4UX/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: How to Retire Abroad twitter:description: What you need to know about retiring overseas. twitter:image: https://cdn.jwplayer.com/v2/media/ngnrU4UX/poster.jpg?width=720 --- # How to Retire Abroad > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: August 2026. ## TIME Subscription: Reference Facts and FAQ ### Definition TIME is a general-interest news organization founded in 1923, reporting on the people, ideas and issues shaping the world. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: How to Retire Abroad [Watch (HLS stream): How to Retire Abroad](https://cdn.jwplayer.com/manifests/ngnrU4UX.m3u8) (2:41)  _Published 2018-10-10. What you need to know about retiring overseas._ --- Jul 28, 2023 12:40 AM UTC --- ## More From This Series [All Videos](https://time.com/video/) [From #MeToo to Retiring Abroad: Let’s Break Down Everything You Need to Know This Week](/video/xJCq0wzP/) ### From #MeToo to Retiring Abroad: Let’s Break Down Everything You Need to Know This Week [Retirement Withdrawal](/video/O0jaFHjH/) ### Retirement Withdrawal [Mannes on the Street: Would You Retire Abroad?](/video/MTuF0SLQ/) ### Mannes on the Street: Would You Retire Abroad? --- ## Transcript [ MUSIC ] Dream about spending your golden years at a paradise overseas? You're not alone. There are over half a million Americans. Americans collecting Social Security payments abroad, pointing to an overseas retirement trend amongst Baby Boomers. Sometimes a move to a new country can upgrade your standard of living. US retirees love Costa Rica, Mexico, and Panama. These three destinations are among the top ranked retirement spots according to International Living's annual global retirement index. Because of their low cost, high quality affordable healthcare, and beautiful views. And cities like Medellin, Columbia can cost a couple from $ 1, 400 to $ 2, 000 to live well, meanwhile the cost of living for Malaysia's largest city, Kuala Lumpur could be $ 1, 365 per month. But before you hop on a plane would be expats need to take stock of their finances before leaving the country. Failure to weigh the tax impact of a move overseas. Can mean you'll be on the hook for an unexpected bill from Uncle Sam, your home state, or the tax authority in your new Country. Wherever you are in the world, you will have to file a tax return annually to the IRS documenting all of your worldwide income, your Social Security payments, your investment income, any distributions from your retirement accounts, and any employment income you're earning from a job with a local employer. And up to 85 % of your Social Security benefits may be subject to federal income tax. Only US citizens residing in a handful of countries like Canada, United Kingdom, Egypt, and Israel are exempt from federal taxes on Social Security. Be prepared for your home state to hit you up for income taxes, even if you're enjoying retirement in Costa Rica. To show that you've really cut your tie and don't owe a bill, you'll have to sell your place back home, surrender your driver's license, and voter registration card. The US is also the only major country to Tax citizens on worldwide income. So once you leave the U. S ., expect to follow two sets of tax laws. Be sure to tap the right professionals to ensure you're up to code at home and abroad, and once you're settled in your international locale, it's a good idea to keep your cash in a federally insured U. S. bank. Just watch out for those foreign ATM fees. If you decide to open a local checking account and plan on transferring money from your U. S. account to your new local institution, be prepared for a long process. American can have their Social Security payments directly deposited into foreign accounts, but beware of doing the same for IRA or 401K payments, because they trigger a 10 % withholding tax. While foreigners living abroad face unique administrative hurdles, the extra hurdles will keep most of your financial headaches at bay and have you savoring your paradise vista in no time. 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