As baby boomers continue to redefine retirement, many are looking to settle abroad to launch the next chapter in their life.
Whether you are seeking a warmer climate, better tax advantages or more adventure, financial planners say retiring to a foreign land can present a number of financial challenges.
To help create a retirement guidebook for boomers looking to leave the country to live out their golden years, I spoke with Michael Ward, CEO of USForex - North America and Europe, who detailed how retirees can preserve their income and avoid losing money when living abroad. Here’s what he had to say:
Boomer: How can baby boomers retiring abroad avoid transferred retirement funds being hit by exorbitant bank fees?
Ward: The good thing for anyone looking to transfer money overseas is that there are plenty of providers to choose from. Among these, many low-cost options from reliable non-bank providers are available to convert your U.S. dollars into foreign currency.
The exchange rate for your transfer can and does vary between providers, so be sure to compare the total cost of your international money transfer. Make sure to ask providers beforehand for the "customer rate" and their fees so you can identify the best pricing options for your budget.
Also, ask if you can lock in a binding exchange rate today for a future transfer. If the exchange rate is in your favor that month, the binding exchange rate may save you a little extra.
Finally, it’s important to f...