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Retiring early or living luxuriously during retirement doesn’t have to be complicated. According to Tommy Sikes, a certified financial planner and founder of Traveltirement, one major factor that can significantly impact your expenses is where you choose to live. While planning for life in retirement involves an extensive and complex industry worldwide, Sikes stresses that figuring out the perfect destination should remain straightforward as possible – starting by focusing on more affordable regions like Southern Italy instead of overly expensive cities such as Paris or Rome.
Sikes suggests looking beyond popular tourist destinations to find less costly yet still charming locations in rural areas with infrastructure, including high-speed internet and medical offices, but that don’t necessarily come off as “glitzy” or “glamorous.” It’s crucial to research the country’s laws concerning owning property since different nations have distinct policies for Americans purchasing land abroad. Luckily for American retirees, both France and Italy welcome foreigners with zero restrictions on buying properties without requiring citizenship or residency status in these countries.
For those who prefer a half-and-half approach to living overseas permanently during retirement, they can explore the Schengen area’s visa policies that allow U.S passport holders up to 90 days of stay every 180-day period across Europe except for Ireland and Cyprus – meaning they could divide their time between three months in different areas. But retirees who want full residency should investigate the country’s citizenship or visa requirements carefully, as international tax treaties can significantly impact how distributions from retirement accounts are handled overseas.
While it’s vital to consider financial matters and bureaucratic obstacles while planning for a European retirement, Sikes emphasizes that working with professionals is crucial in ensuring success – especially when dealing with foreign languages or legal documents during real estate transactions. By following these tips and consulting local experts who can offer insights into the region you wish to retire in, living your best life overseas may be easier than expected!
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