November 11, 2025 • 29 mins
Navigating Expat Taxes: Insights for Dream Retirees
Snagged a dream place in Puerto Vallarta or Mykonos… and now the IRS is at the door? Today we’re joined by expat tax expert Michelle Miele (Director of Paperwork) to decode how U.S. taxes work when you retire abroad. We cover Social Security, IRA/401(k)/Roth distributions, self-employment/online business income, countries with and without U.S. tax treaties, foreign tax credits, and common traps (like selling your U.S. home after you change tax residency). Three real-world scenarios—Mexico, Portugal, and Thailand—show you how this plays out.
Key Takeaways:
- Filing ≠ owing. You’ll likely file in the U.S. even after moving, but credits/treaties can prevent double tax.
- Order matters: generally file where you live first, then the U.S., and use foreign tax credits to offset.
- Roth alert: some countries tax Roth distributions; plan timing and residency to protect withdrawals.
- Entity traps: your LLC/S-corp may be treated as a corporation abroad; confirm local treatment before you move.
- Real estate timing: if selling a U.S. primary home, sell while still a U.S. tax resident to preserve exclusions.
- Benefits trade-off: higher taxes in some countries may be offset by much lower healthcare and living costs.
Related Queer Money Episodes:
- Ep 614 — Top 5 Cities for Gay Retirement in Taiwan
- Ep 610 — Best LGBTQ+ Retirement Cities in Greece
- Ep 607 — The $6,000 “Boomer Bonus” Deduction Strategies
- Ep 599 — Affordable Gay-Friendly Cities in Portugal
- Ep 542 — Gay Expats in Mexico: Pacific Coast Edition
Chapters:
- 00:11 - Navigating Taxes as an Expat Retiree
- 03:51 - Understanding Tax Obligations for Expats
- 11:34 - Tax Implications of Living Abroad
- 14:10 - Tax Obligations for Expats: A Case Study
- 21:25 - Retirement Abroad: Tax Implications
- 28:09 - Planning for Retirement Abroad
Mentioned in this episode:
Get Your Portugal Golden Visa Faster Here!
Want a European passport with access to living in nearly any European country? Just click the link below to find out how.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:17):
So you've finally done it.
You've snagged your dreamretirement villa in Mykonos or that
cozy casita in Puerto Vallarta.
But then the IRS comesknocking like your greedy cousin.
What do you do?
Today we're dishing with expattax expert Michelle Milei on what
actually happens when usretirees, especially fabulously gay
ones like you, collect SocialSecurity, dip into retirement accounts,
(00:40):
or even pick up a little sidegig abroad.
The big question, do you haveto pay double the tax to Uncle Sam
and your retirement country?
This is Queer Money episode615, and today we're untangling this
knot and saving you some coins.
So welcome to the show, Michelle.
We are really excited to haveyou on this episode, folks.
(01:01):
One of the reasons why we aredoing this episode is, as many of
you know and probably have,the, the ways that you have found
us recently is over the lastyear or so, John and I have been
talking a lot about movingabroad, whether that's retirement
or because of the political climate.
And a lot of you are veryinterested in this.
And one of the most commonquestions that we get when we talk
(01:24):
about a country or a city or,or a series of cities is, well, what
about the taxes?
How do I plan for taxes?
What do I do if I'm an expator a foreigner or as we like to refer
to us as immigrants, when wemove to another country, we're planning
to stay there.
And you're going to file tax.
You are now an immigrant.
And so we, we, we know thattax planning is unique to every single
(01:50):
person in their familial situation.
Right?
How much you're earning, whereyou're at, what your income sources
are, where you are living, howyou file your taxes as a couple,
filing jointly, single.
All of those factors play intothe answer to those questions.
What about taxes for me?
And so it's really difficultto, in the comments on social media
(02:13):
or Even on these YouTubevideos to say, here's the answer
for you.
And so social media doesn'thave all.
The answers to everything Ineed to know.
Exactly.
Very confused.
So we've invited Michelle onthe show because she has a specialty
that will help us understandthis at least a little bit more.
We want to give you a taste ofwhat you should be thinking about
(02:35):
when, when you're looking atmoving abroad.
And if you, depending on yoursituation, we're going to try to
cover several examples.
We're going to run throughthree real life examples or fake
in real life examples, butexamples that you may be able to
see yourself in.
So before we dive into this,Michelle, thank you again for joining
us.
Would you mind pleaseexplaining to our listeners and viewers
(02:57):
what it is that you do and whythere's a specialty for it?
Because it's hard.
Yes, it can be very hard.
So I have always been a traveler.
I love traveling.
And when I started my ownbusiness two years ago, it was kind
of a natural fit to work withexpats that I've met along the way.
(03:18):
And my company is calledDirector of Paperwork.
We do taxes, we do taxplanning, bookkeeping.
And this specialty is superimportant because as long as you're
a U.S. citizen, you'reprobably going to have to file U.S.
taxes.
And finding someone thatunderstands those specific credits
and exclusions, you know, isso important.
(03:41):
Yeah, I think that especiallyfor those who are wanting to leave
the country for politicalreasons right now.
The country?
Yeah, the country.
Yeah, for political reasons.
A lot of them are probablythinking, how can I not have to give
this government any more moneythan I need to?
Right.
So maybe that's probably oneof the first questions that we have
(04:03):
for you is if I decide toleave the country, do I have to still
file.
Taxes in the U.S. so yes, youusually have to file taxes in the
US Even if you leave.
But filing doesn't necessarilymean that you have to pay or that
you owe.
So it can just depend on yourtax situation.
But you know, some countriesyou don't have to file there, but
(04:25):
you'll have to file in the USand you know, your second obligation
is always the US Tax.
The first is where you're living.
Yeah, gotcha.
So folks, before we go anydeeper, if you're watching us on
YouTube, let us know what yourmaintenance source of income will
be in retirement.
Is it going to be SocialSecurity, IRA or 401k distributions,
Roth pensions, what have you,part time work?
Let us know in the comments ofhow you'll be generating income.
(04:47):
So you just said somethingright there that, that parked, that
piqued my interest.
In certain situations youmight not have to pay taxes.
Tell me more about that.
So it depends on where you're living.
So some countries like thereis no tax, like fully tax free countries,
uae, Cayman Islands, Bahamas,those are some examples.
(05:09):
And those countries, you don'tfile any taxes there, you don't pay
any taxes there, but you'llstill have to file your U.S. tax.
So I guess depending on yoursituation, you may or may not owe
anything to the US But I havea lot of clients who maybe they don't
pay anything where they'reliving and they just file in the
(05:29):
US and they don't owe anythingthere either.
Interesting.
It's kind of like living in ano income tax state.
Right.
So, for example, when we livedin Nevada, we didn't file a state
income tax because they don'thave a state income tax requirement
there.
We did pay a lot in salestaxes, but you know, they're going
to get you.
But it's kind of similar thatthere might be some countries.
(05:51):
So what types of income do Ihave to pay taxes on if I am living
outside the United States?
Or what kind of taxes might Ihave to pay in the foreign country?
So I guess the same as here inthe US if you're working your business
income, your pensions, yourIRAs, your investments, your interest,
(06:14):
I guess one thing, your RothIRAs can sometimes be taxable in
a different country, eventhough they're not taxable in the
US So that's one tricky littlesituation that you always have to
keep in mind.
And how would you find outabout that?
Exactly?
Because I think that that'sactually quite surprising to me and
I imagine most of ourlisteners and viewers weren't aware
of that.
Yeah.
(06:34):
So it depends on the countrythat you're in.
And so lots of them, theydon't like that Roth set up and they
just say, yeah, it's income,you earned it, even though you already
paid tax on it before, you'retaking it now, so you don't always
get that benefit.
Gotcha.
Is there a strategy maybe toavoid that then?
(06:56):
Like, maybe I'm thinking oflike, like 72T distributions.
Although that wouldn't applyto a Roth IRA.
Right.
Or like a Roth conversion.
You've already done that.
Can you just put into yourbank account.
I'm wondering, would you wantto maybe.
Because you don't haverequired minimum distributions with
Roth IRAs, so you may want todelay that in the event that you
(07:21):
move out of that country intoanother country where you do, if
you have another source ofincome, obviously, is that.
Yes, that would be the goal.
Like you would try to plan it,you know, maybe take a little bit
of time so you can reduce yourtaxes or, you know, take it before
you're leaving the US afteryou come back to the US So that you
can kind of strategize whatwould work best.
(07:44):
Interesting.
That's why we have accountants.
Right.
There's all of these different nuances.
So we've heard that, thatthere are some countries that have
tax treaties with the U.S. sodoes that mean that we, if we have
a tax treaty between thecountry, then we don't have to file
taxes in one of thosecountries or how does that work?
So that is not exactly whatthat means.
(08:05):
So that usually means that youwon't be taxed twice on the same
income.
So the US Taxes your worldwideincome, and most other countries
are also going to tax yourworldwide income.
So first you pay taxes whereyou live, and then you pay taxes
in the U.S. second, if you'reliving outside of the U.S. so countries
(08:27):
like Canada, U.K. germany,France, Mexico and Brazil, those
are all tax year worldwideincome, and so does the U.S. so those
treaties help you to make sureyou're not paying double the taxes
in both countries.
So if I'm understandingcorrectly, then if, say we're living
in France, we pay our Frenchtaxes first, and then whatever difference
(08:51):
we may owe the US Governmentis what we pay the US Government.
Correct.
Okay, so you're not paying twice.
So you may only be paying morein taxes if, when you're living in
another country in somesituations, if you have, if you pay
little taxes here in the U.S. right.
Yes, exactly.
(09:11):
Got you.
So France is going to chargeyou because you want that health
care.
Yeah, yeah.
So you, you made a reallyinteresting point.
You said that you file your tax.
I was curious about this.
You file your taxes in thecountry in which you're living first,
as the way to kind ofestablish your basis of what then
what you would pay for taxesin the country.
(09:36):
In this example, it's the USbut of your country of origin.
You might have, say, folksfrom Canada who have moved to Mexico.
We know our viewership andlistenership is worldwide, but you're
basically saying you alwayswant to file your residency taxes
first and then file the other taxes.
And you bring up a good point.
(09:58):
You may have, you may beliving in a country where the tax
rate is higher in that countrythan in your home country.
And in that case, you'reprobably not giving Uncle Sam.
Well, you're probably notgiving Uncle Sam a whole lot, but
a lot of the reasons whypeople want to move to these other
countries is to get better.
(10:19):
In lots of cases, health care.
Yeah, but you got to pay for that.
Is that, that, is that correct?
Yeah, that's right.
So sometimes I've seen it afew times, I guess, specifically
Spain, Portugal, Germany,usually European countries that have
those extra benefits, youmight end up paying more taxes than
you would if you lived in theU.S. but then you're, you're under
their jurisdiction, you gettheir benefits.
(10:41):
And then in those cases, youwon't pay US Taxes and you'll get
credits.
And those can even carryforward for several years.
So if you don't use them all,if you end up paying more, we can
carry it over.
So if you end up moving, youcan still use that tax that you paid
in that other country.
I'm sorry, can you elaborateon that?
So you're saying we wouldpossibly get credits in a country
(11:03):
like Spain or Portugal?
And what does that mean exactly?
And how can I apply that tobenefit me in the future?
So that means that if in, ifin Spain you owed $1,000 and in the
US you owed $500, we wouldtake that $500 and offset.
And the other $500 we wouldcarry forward till next year.
(11:23):
So maybe if your tax situationchanges, we can still use that to
offset your US tax later forup to 10 years.
It's kind of wow, like capitalgains losses that you can carry those
forward.
Yes, exactly.
It's like a little bank account.
Yeah.
Again, why you need anaccountant to help you with this
(11:44):
stuff?
Because you never would havegotten this answer from us if we
just commented on YouTube.
Instag.
So I know that this is allreally kind of complicated and you
gave us some examples here ofcountries that have treaties with
the U.S. what about countriesthat don't have treaties with the
U.S. what happens there?
(12:04):
You can still take tax credits.
There's just a little bit more nuances.
So I guess in some countries,if you're paying Social Security
in Spain, let's say, then youwon't have to pay Social Security
on that same income in theU.S. but if they don't have a treaty,
it could, you know, you mightbe subject to paying into their pension
(12:28):
system and ours as well.
So there is the possibility insome cases you could be double taxed.
Yes.
Usually it's not because wecan take those credits and we still
get to take advantage ofthose, even if there's not a treaty.
But I guess there's certaintypes of income that might be double
taxed.
(12:48):
Gotcha.
Gotcha.
Again, why you need anaccountant to tell you which ones
are.
So what you say if you'veworked with a number of clients who
are doing this, what would yousay are some of the common misconceptions
or maybe pitfalls that peoplefind when they have moved abroad
and maybe have not plannedahead for this, or they maybe are
(13:11):
now doing their taxes and thenall of a sudden something raises
its ugly head and they're surprised?
Yes, one is Definitely what wementioned already, that you might
end up paying more in taxes,especially in those European countries.
The second I would say thatpeople sometimes forget or they don't
know that they have to payU.S. taxes when they leave the U.S.
(13:32):
so I, you know, I have aclient who left the U.S. 10 years
ago, 20 years ago, I think,and didn't pay taxes.
But there's a special processand you can get caught up.
It's basically like the irs,you know, they let you say oops and
then you can fix it and getcaught up.
(13:53):
So it's like an extra specialprocess for expats who maybe forgot
to file, didn't know they haveto file, and then, you know, when
they realize they're like, oh, no.
But yeah, they can take care of.
I saw you didn't have to paytaxes for 10 years.
Yeah.
Were they filing taxes in thecountry where they were residing?
Yes, they were.
Okay, gotcha.
Okay.
(14:13):
They're on the lam.
They're running from tax haven.
Tax haven.
The whole government's chasingthem down.
Yeah, I mean, we've Cayman Islands.
Right, That's.
Their people are known fortaking their money to the Cayman
Islands to try to avoid paying taxes.
Yes.
So, folks, I did mentionearlier that we were going to cover
a couple of real life examplesand we gave these to Michelle in
(14:34):
advance because as we said,this is complicated.
So we're going to share threeexamples here of different family
types and different incomesituations and different age groups
so that you can get a pictureof this.
And so, Michelle, the firstperson, first group we're going to
talk about, our first family,we're going to talk about is, is
(14:57):
a family that is marriedfiling jointly.
Both of the individuals areunder the age of 65.
They are not taking SocialSecurity, yet they do have an online
business that is domiciled inthe US and let's just say they're
earning about $50,000 fromthat as well as they're withdrawing
(15:19):
money from their retirement accounts.
Specifically, let's use IRAaccounts that are non Roth accounts.
So like money that waspreviously in a 401K.
And this couple lives in Mexico.
So can you give us a pictureof what their tax situation might
look like?
Yeah.
So first, Mexico is one thatdoes tax your worldwide income.
(15:43):
So it doesn't necessarilymatter that your business is domiciled
in the US you might have taxon it.
So I first always recommendyou talk to a local tax professional,
figure out what your taxobligation is there, and then come
to someone with, like me withUS Tax experience who can kind of
help you offset and balance.
So Mexico, what they'reprobably going to tell you is that
(16:04):
those IRA distributions arenot going to be taxable in Mexico,
but they are going to betaxable in the US as far as that
online business, I guess thisis kind of the part that gets a little
bit sticky if you have an llc.
There's a few other countriesthat they don't really like that
LLC status and they see itlike a corporation.
(16:27):
So you always want to makesure that if you are moving to a
country like Mexico and youhave an LLC that you really look
at how that's treated becausethey are going to see that as a corporation
and it's not going to be thebest tax benefit.
So if you're fully selfemployed, if you don't have that
(16:49):
llc, then we can claim thatearned income exclusion.
So it's possible that youwon't have to pay US tax on that
part, but you'll just have topay those self employment taxes.
So Social Security andMedicare on that 50,000 of income.
Gotcha.
So in that scenario would you.
I mean we know a lot of onlinebusinesses who do have LLCs, specifically
(17:10):
an S Corp, right?
Well, some.
We know some who have them asS corps because they have either
full time or part time staffor they've set it up that way so
they can pay themselves.
So what would be the mostbeneficial structure for like Mexico?
I guess probably if you, itwould depend on if you have other
(17:31):
employees still.
But the S Corp status, it'sgoing to be tact as a corporation
and it's not going to flowthrough to you anymore.
They don't really like thatflow through whether you're a single
member LLC or the S Corp. Gotcha.
Okay, okay.
All right, well that makes sense.
And we did this specificallybecause to be honest, we have a number
(17:53):
of people in our community,the personal finance community that
are run online businesses,YouTube channels and.
Yeah, exactly.
All right, so let's move on toanother example.
And in this case we have acouple that is married filing jointly.
They are over 65.
They are taking SocialSecurity and they have a net income
(18:18):
from Social Security of about $3,500.
They are fully retired andthey're withdrawing $75,000 a year
from their IRA accounts, again taxable.
And in this case they'reliving in Portugal.
We seem to be hitting some ofthe high cost countries.
Yeah, yeah, these are reallypopular countries and they are people
(18:41):
who want to move where theywant to move.
So yeah, it Is.
Yeah.
Portugal is seen as a high tax country.
So they are going to tax yourSocial Security and they're going
to tax those IRA distributions.
You'll then report that sameincome on your US Tax return, but
we'll take those credits.
And so more than likely youwon't have a US tax obligation, but
(19:02):
you'll have to file and thenyou'll end up paying those Portugal
taxes instead.
But in a lot of cases, you'llprobably pay net more in taxes in
Portugal than you would herein the US Is that a good assumption?
Yes, most likely.
Yeah.
And did you say, I think yousaid earlier that somebody was surprised
(19:23):
that they had to pay for taxesin another country.
Where do they think they're,how they're paying for their benefits?
Well, yes, I mean, I guess itcan, it can be shocking.
I think when I was lookingthis up, Portugal, you can tax rates
go all the way up to 48%.
You know, that's, that'shigher than the highest tax rate
that we have here in the U.S.so, you know, depending on your income
(19:43):
levels, you, you might end uppaying more.
Yeah, but back when Americawas great, the top tier, the 1% paid
90%.
So.
But we don't seem to betalking about that these days.
I will say I do.
We did talk with somebody wholives in Portugal and they said that
healthcare costs in Portugalare about one tenth of what they
(20:04):
are in the United States forgoing to a private doctor.
And so you're paying thatthrough the taxes right up front
and not necessarily on a pervisit basis.
Right.
Well, and we also know that, Ithink it was Fidelity came out and
said that the average couplein retirement will spend around $168,000
(20:27):
just on medical care.
Just think about that.
If you cut that down to 10%and you're spending only about 16,000,
$17,000 versus 168.
That's a lot of taxes that youmight have coming your way if you
are living there.
Yeah.
But for them, they're notearning their only, I guess their
only earned only income isfrom Social Security and their IRA
(20:49):
distributions.
So they're probably not goingto be in that higher tax bracket.
Right.
The highest tax bracket.
So it might actually bebeneficial for them in the long run
to be in a country like Portugal.
Yeah.
And I think this is the, it's,the important point is to in advance
talk to someone like you,Michelle, who can take a look at
the strategies that they planfor distributions from their account,
(21:10):
various income sources andsay, okay, this might put you in
this tax bracket or this mightbe the strategy that we would use
to lower your taxes in both countries.
Yeah, exactly.
Because just because we'repaying higher taxes doesn't mean
like our cost of living is higher.
You know, we might be payingless in rent or paying less in food
or paying less in health care.
(21:30):
So those things can definitely offset.
This is why it's amazing tohave a retirement calculator to work
with and beat the numbers.
We'll talk about more of that later.
All right, our third and finalexample, we're going to go with someone
who is single, who is over theage of 55.
They are not taking Social Security.
(21:54):
Wait, did we say under the ageof 65 or 55?
Right here it says over 55.
Yeah, they are not takingSocial Security.
They are withdrawing fifteenhundred dollars a month from their
retirement account.
But they also sold a home thatthey had for over five years that
had $150,000 in equity.
(22:16):
And they're using that money,they're spending that money to live
off of about $1,000 a month.
And they are living in thecountry of Thailand.
That's another popular countrythat keeps popping.
Up for our community.
Yes, it's a good country.
So I guess the first thingwe'll address is the sale of the
home.
So you want to make sure thatyou sell your US Property while you're
(22:39):
still a US Tax residential.
Because the US has exclusions.
When you sell your primaryhome, it's either completely not
taxable or you get a muchlower capital gain rate.
So that $150,000, as long asyou sell it before you leave isn't
going to be taxable.
If you become a Thai taxresident and you sell It after that,
(23:02):
$150,000 is going to be taxed,Most likely the whole thing.
Yes.
So that's, you know, somepeople say, like, oh, I'll just,
I'll keep it for a few years.
You know, I might want to go back.
But I guess that can be apitfall if, you know, you want to
leave, sell your house and sothat you don't have to deal with
(23:22):
that later interest.
Otherwise what you would haveto then return and establish residence.
Well, not establish.
You just move back to the U.S. right.
And then you could possiblysell before you bounced another country.
Yes, exactly.
So usually you'd have to belike out of that country for a certain
amount of time.
Like usually it's six months,180 days.
(23:44):
Yeah, I was thinking there'sprobably that 180 days, though.
Yeah, you're looking atgetting a, getting a home back in
the US For a while andestablishing your residency back
in the US before you sell.
Yeah, if that's the strategy, go.
That's a really important onebecause there are a lot of people
that we know who are lookingat retiring abroad, but they want
(24:04):
to keep a home in the US andso looking at.
All you people with the homesin Palm Springs, that won't be cheap.
Yeah, exactly.
All right.
And then what about the other income?
So we've got $1,500.
Yeah.
So that IRA income, it's.
You're going to pay tax on itin the US and there's going to be.
(24:26):
Thailand has, it's called aremittance rule.
So you'll pay tax on what youbring into the country.
And so then, you know, similarto what we talked about before, we
can offset that tax that wepaid against our US Tax.
But if we're not spending allthe money, like, if we're not bringing
in all the money to Thailand,then, you know, we might not have
(24:48):
to pay tax on all of it.
Oh, what does that look like?
Exactly.
Because I'm probably not goingto show up with a duffel bag full
of cash.
So is that, like, do I have tokeep track of all my ATM receipts
and for the government of Thailand.
Yeah, I guess it's usuallybased on, like, if you're transferring
it into a bank or they'll lookat your credit card transactions.
Different countries havedifferent ways to tax it.
(25:09):
But when you.
I've lived in Colombia for awhile and, you know, anytime you
make a purchase, you've got toput your scheduler number in, and
they're tracking everypurchase that you're making on credit
cards.
And so they, they at leasthave an idea of what you're spending
in that country.
So if you're spending yourmoney on nefarious things, probably
don't want to do.
That.
(25:32):
On the government of Thailandto know how you're spending your
money.
Yeah.
You know why some people liketo go to Thailand?
Maybe they want to transfer.
They want to establish a Thaibank account and transfer the money
in there, then not have toitemize all their transactions.
Is that how that would.
Yeah.
Yes.
And then, I mean, you canspend cash, but if you're, if it's
coming into the country on a,you know, they can see it come into
(25:52):
a bank account and that's howthey would kind of track it.
Yeah.
Yeah.
Okay.
Yeah.
And keep in mind, there alsonow is a new rule in the Us, Right.
When money is leaving the USthey're looking at it to make sure
that it is.
Also, you're not trying toavoid taxes.
And there's the potential, Ithink now, of 2 and a half to 3%
(26:13):
fee on or tax on top of that.
So we probably should savethat for a completely different conversation.
Yes, that is a different conversation.
But that.
That is true.
It's mostly for that specificrule is targeted at people who are
working within the US andsending money to their families,
like, back home.
(26:33):
Okay.
And then just to be clear,too, everything we've talked about
is you're just expatriating toanother country.
You're not renouncing yourU.S. citizenship and becoming a citizen
in another country.
That's a whole different ballgame, right?
Yes, it is.
Yep.
Well, anything you think wemight have missed that you want to
cover before we wrap it up?
(26:54):
Any important caveats or.
I think just making sure youplan ahead, you know, getting this
stuff addressed before youleave, before you decide to move.
You know, figuring out yourplan is a good idea.
So that way you don't, youknow, have surprises when you get
there.
And I'm curious.
It'd be great for.
Obviously, you want to have anaccountant, both in the US who understands
(27:15):
expat taxes, but also youmentioned earlier having an accountant
in your.
The country where you're goingto reside, who understands that as
well.
Do you have contacts in othercountries, peers in other countries
that you can refer ourlisteners of yours to if they need?
It depends on the place.
I have a few people that Iwork with, like, with my current
(27:35):
clients, and so it justdepends on if I have someone there.
But I. I definitely work withpeople in other countries so that
we're all on the same page.
Nice.
Cool.
And once again, Michelle, howcan folks, if they're interested,
contact you?
Yeah, they can find me on Instagram.
I'm at director of paperwork.
Or you can contact me throughmy website.
It's dopaperwork.com and wefound Michelle through our Happy
(28:00):
Gay Retirement Facebook community.
We posted some things inthere, I think, as well as Mark's.
Mark Goldstein's Where Do Gays Retire?
I think you're in both ofthose groups and have commented several
times, and that's how we connected.
So thank you very much forshedding a little bit more light
on this topic.
I know, folks, this is not acomplete answer for you, and that's
(28:20):
why Michelle is here.
If you want a complete answer,go ahead and reach out to her.
Yeah.
Awesome.
Thanks, guys.
Thank you.
Retiring abroad isn't justabout sipping wine in Tuscany or
beach walks in Fliki.
It's about keeping more ofyour money in your pocket for longer.
Before you pack that LouisVuitton and the Labradoodle, run
the numbers, check your FutureCountries treaty with the United
(28:40):
States, know how SocialSecurity is going to be taxed, and
consider shifting yourretirement mix as appropriate if
necessary.
And remember, we're curiouswhat will be your main income stream
in retirement?
Will it be Social Security,your IRA or 401k Roth pension, part
time work, or something else?
Share with us in the comments.
And hey, if you want to seehow close you are to your ideal gay
(29:01):
retirement abroad, grab yourHappy Gay Retirement calculator using
the QR code on the screen withthe link in your podcast player or
this YouTube description.
And then remember, join usnext week when we cover the five
best cities for gay retireesin Ecuador.
And then in two weeks we'regoing to be talking about smart tax
strategies for that $6,000boomer bonus deduction that we mentioned
(29:23):
back in episode 607.
And if you love this episode,please remember to like, subscribe.
Click all the bells andwhistles and share this with friends
and family who also want toretire fabulously abroad.
And until next time, stay fabulous.
So you've finally done it.
You've snagged your dreamretirement villa in Mykonos or that
cozy casita in Puerto Vallarta.
But then the IRS comesknocking like your greedy cousin.
What do you do?
Today we're dishing with expattax expert Michelle Milei on what
actually happens when usretirees, especially fabulously gay
ones like you, collect SocialSecurity, dip into retirement accounts,
(00:40):
or even pick up a little sidegig abroad.
The big question, do you haveto pay double the tax to Uncle Sam
and your retirement country?
This is Queer Money episode615, and today we're untangling this
knot and saving you some coins.
So welcome to the show, Michelle.
We are really excited to haveyou on this episode, folks.
(01:01):
One of the reasons why we aredoing this episode is, as many of
you know and probably have,the, the ways that you have found
us recently is over the lastyear or so, John and I have been
talking a lot about movingabroad, whether that's retirement
or because of the political climate.
And a lot of you are veryinterested in this.
And one of the most commonquestions that we get when we talk
(01:24):
about a country or a city or,or a series of cities is, well, what
about the taxes?
How do I plan for taxes?
What do I do if I'm an expator a foreigner or as we like to refer
to us as immigrants, when wemove to another country, we're planning
to stay there.
And you're going to file tax.
You are now an immigrant.
And so we, we, we know thattax planning is unique to every single
(01:50):
person in their familial situation.
Right?
How much you're earning, whereyou're at, what your income sources
are, where you are living, howyou file your taxes as a couple,
filing jointly, single.
All of those factors play intothe answer to those questions.
What about taxes for me?
And so it's really difficultto, in the comments on social media
(02:13):
or Even on these YouTubevideos to say, here's the answer
for you.
And so social media doesn'thave all.
The answers to everything Ineed to know.
Exactly.
Very confused.
So we've invited Michelle onthe show because she has a specialty
that will help us understandthis at least a little bit more.
We want to give you a taste ofwhat you should be thinking about
(02:35):
when, when you're looking atmoving abroad.
And if you, depending on yoursituation, we're going to try to
cover several examples.
We're going to run throughthree real life examples or fake
in real life examples, butexamples that you may be able to
see yourself in.
So before we dive into this,Michelle, thank you again for joining
us.
Would you mind pleaseexplaining to our listeners and viewers
(02:57):
what it is that you do and whythere's a specialty for it?
Because it's hard.
Yes, it can be very hard.
So I have always been a traveler.
I love traveling.
And when I started my ownbusiness two years ago, it was kind
of a natural fit to work withexpats that I've met along the way.
(03:18):
And my company is calledDirector of Paperwork.
We do taxes, we do taxplanning, bookkeeping.
And this specialty is superimportant because as long as you're
a U.S. citizen, you'reprobably going to have to file U.S.
taxes.
And finding someone thatunderstands those specific credits
and exclusions, you know, isso important.
(03:41):
Yeah, I think that especiallyfor those who are wanting to leave
the country for politicalreasons right now.
The country?
Yeah, the country.
Yeah, for political reasons.
A lot of them are probablythinking, how can I not have to give
this government any more moneythan I need to?
Right.
So maybe that's probably oneof the first questions that we have
(04:03):
for you is if I decide toleave the country, do I have to still
file.
Taxes in the U.S. so yes, youusually have to file taxes in the
US Even if you leave.
But filing doesn't necessarilymean that you have to pay or that
you owe.
So it can just depend on yourtax situation.
But you know, some countriesyou don't have to file there, but
(04:25):
you'll have to file in the USand you know, your second obligation
is always the US Tax.
The first is where you're living.
Yeah, gotcha.
So folks, before we go anydeeper, if you're watching us on
YouTube, let us know what yourmaintenance source of income will
be in retirement.
Is it going to be SocialSecurity, IRA or 401k distributions,
Roth pensions, what have you,part time work?
Let us know in the comments ofhow you'll be generating income.
(04:47):
So you just said somethingright there that, that parked, that
piqued my interest.
In certain situations youmight not have to pay taxes.
Tell me more about that.
So it depends on where you're living.
So some countries like thereis no tax, like fully tax free countries,
uae, Cayman Islands, Bahamas,those are some examples.
(05:09):
And those countries, you don'tfile any taxes there, you don't pay
any taxes there, but you'llstill have to file your U.S. tax.
So I guess depending on yoursituation, you may or may not owe
anything to the US But I havea lot of clients who maybe they don't
pay anything where they'reliving and they just file in the
(05:29):
US and they don't owe anythingthere either.
Interesting.
It's kind of like living in ano income tax state.
Right.
So, for example, when we livedin Nevada, we didn't file a state
income tax because they don'thave a state income tax requirement
there.
We did pay a lot in salestaxes, but you know, they're going
to get you.
But it's kind of similar thatthere might be some countries.
(05:51):
So what types of income do Ihave to pay taxes on if I am living
outside the United States?
Or what kind of taxes might Ihave to pay in the foreign country?
So I guess the same as here inthe US if you're working your business
income, your pensions, yourIRAs, your investments, your interest,
(06:14):
I guess one thing, your RothIRAs can sometimes be taxable in
a different country, eventhough they're not taxable in the
US So that's one tricky littlesituation that you always have to
keep in mind.
And how would you find outabout that?
Exactly?
Because I think that that'sactually quite surprising to me and
I imagine most of ourlisteners and viewers weren't aware
of that.
Yeah.
(06:34):
So it depends on the countrythat you're in.
And so lots of them, theydon't like that Roth set up and they
just say, yeah, it's income,you earned it, even though you already
paid tax on it before, you'retaking it now, so you don't always
get that benefit.
Gotcha.
Is there a strategy maybe toavoid that then?
(06:56):
Like, maybe I'm thinking oflike, like 72T distributions.
Although that wouldn't applyto a Roth IRA.
Right.
Or like a Roth conversion.
You've already done that.
Can you just put into yourbank account.
I'm wondering, would you wantto maybe.
Because you don't haverequired minimum distributions with
Roth IRAs, so you may want todelay that in the event that you
(07:21):
move out of that country intoanother country where you do, if
you have another source ofincome, obviously, is that.
Yes, that would be the goal.
Like you would try to plan it,you know, maybe take a little bit
of time so you can reduce yourtaxes or, you know, take it before
you're leaving the US afteryou come back to the US So that you
can kind of strategize whatwould work best.
(07:44):
Interesting.
That's why we have accountants.
Right.
There's all of these different nuances.
So we've heard that, thatthere are some countries that have
tax treaties with the U.S. sodoes that mean that we, if we have
a tax treaty between thecountry, then we don't have to file
taxes in one of thosecountries or how does that work?
So that is not exactly whatthat means.
(08:05):
So that usually means that youwon't be taxed twice on the same
income.
So the US Taxes your worldwideincome, and most other countries
are also going to tax yourworldwide income.
So first you pay taxes whereyou live, and then you pay taxes
in the U.S. second, if you'reliving outside of the U.S. so countries
(08:27):
like Canada, U.K. germany,France, Mexico and Brazil, those
are all tax year worldwideincome, and so does the U.S. so those
treaties help you to make sureyou're not paying double the taxes
in both countries.
So if I'm understandingcorrectly, then if, say we're living
in France, we pay our Frenchtaxes first, and then whatever difference
(08:51):
we may owe the US Governmentis what we pay the US Government.
Correct.
Okay, so you're not paying twice.
So you may only be paying morein taxes if, when you're living in
another country in somesituations, if you have, if you pay
little taxes here in the U.S. right.
Yes, exactly.
(09:11):
Got you.
So France is going to chargeyou because you want that health
care.
Yeah, yeah.
So you, you made a reallyinteresting point.
You said that you file your tax.
I was curious about this.
You file your taxes in thecountry in which you're living first,
as the way to kind ofestablish your basis of what then
what you would pay for taxesin the country.
(09:36):
In this example, it's the USbut of your country of origin.
You might have, say, folksfrom Canada who have moved to Mexico.
We know our viewership andlistenership is worldwide, but you're
basically saying you alwayswant to file your residency taxes
first and then file the other taxes.
And you bring up a good point.
(09:58):
You may have, you may beliving in a country where the tax
rate is higher in that countrythan in your home country.
And in that case, you'reprobably not giving Uncle Sam.
Well, you're probably notgiving Uncle Sam a whole lot, but
a lot of the reasons whypeople want to move to these other
countries is to get better.
(10:19):
In lots of cases, health care.
Yeah, but you got to pay for that.
Is that, that, is that correct?
Yeah, that's right.
So sometimes I've seen it afew times, I guess, specifically
Spain, Portugal, Germany,usually European countries that have
those extra benefits, youmight end up paying more taxes than
you would if you lived in theU.S. but then you're, you're under
their jurisdiction, you gettheir benefits.
(10:41):
And then in those cases, youwon't pay US Taxes and you'll get
credits.
And those can even carryforward for several years.
So if you don't use them all,if you end up paying more, we can
carry it over.
So if you end up moving, youcan still use that tax that you paid
in that other country.
I'm sorry, can you elaborateon that?
So you're saying we wouldpossibly get credits in a country
(11:03):
like Spain or Portugal?
And what does that mean exactly?
And how can I apply that tobenefit me in the future?
So that means that if in, ifin Spain you owed $1,000 and in the
US you owed $500, we wouldtake that $500 and offset.
And the other $500 we wouldcarry forward till next year.
(11:23):
So maybe if your tax situationchanges, we can still use that to
offset your US tax later forup to 10 years.
It's kind of wow, like capitalgains losses that you can carry those
forward.
Yes, exactly.
It's like a little bank account.
Yeah.
Again, why you need anaccountant to help you with this
(11:44):
stuff?
Because you never would havegotten this answer from us if we
just commented on YouTube.
Instag.
So I know that this is allreally kind of complicated and you
gave us some examples here ofcountries that have treaties with
the U.S. what about countriesthat don't have treaties with the
U.S. what happens there?
(12:04):
You can still take tax credits.
There's just a little bit more nuances.
So I guess in some countries,if you're paying Social Security
in Spain, let's say, then youwon't have to pay Social Security
on that same income in theU.S. but if they don't have a treaty,
it could, you know, you mightbe subject to paying into their pension
(12:28):
system and ours as well.
So there is the possibility insome cases you could be double taxed.
Yes.
Usually it's not because wecan take those credits and we still
get to take advantage ofthose, even if there's not a treaty.
But I guess there's certaintypes of income that might be double
taxed.
(12:48):
Gotcha.
Gotcha.
Again, why you need anaccountant to tell you which ones
are.
So what you say if you'veworked with a number of clients who
are doing this, what would yousay are some of the common misconceptions
or maybe pitfalls that peoplefind when they have moved abroad
and maybe have not plannedahead for this, or they maybe are
(13:11):
now doing their taxes and thenall of a sudden something raises
its ugly head and they're surprised?
Yes, one is Definitely what wementioned already, that you might
end up paying more in taxes,especially in those European countries.
The second I would say thatpeople sometimes forget or they don't
know that they have to payU.S. taxes when they leave the U.S.
(13:32):
so I, you know, I have aclient who left the U.S. 10 years
ago, 20 years ago, I think,and didn't pay taxes.
But there's a special processand you can get caught up.
It's basically like the irs,you know, they let you say oops and
then you can fix it and getcaught up.
(13:53):
So it's like an extra specialprocess for expats who maybe forgot
to file, didn't know they haveto file, and then, you know, when
they realize they're like, oh, no.
But yeah, they can take care of.
I saw you didn't have to paytaxes for 10 years.
Yeah.
Were they filing taxes in thecountry where they were residing?
Yes, they were.
Okay, gotcha.
Okay.
(14:13):
They're on the lam.
They're running from tax haven.
Tax haven.
The whole government's chasingthem down.
Yeah, I mean, we've Cayman Islands.
Right, That's.
Their people are known fortaking their money to the Cayman
Islands to try to avoid paying taxes.
Yes.
So, folks, I did mentionearlier that we were going to cover
a couple of real life examplesand we gave these to Michelle in
(14:34):
advance because as we said,this is complicated.
So we're going to share threeexamples here of different family
types and different incomesituations and different age groups
so that you can get a pictureof this.
And so, Michelle, the firstperson, first group we're going to
talk about, our first family,we're going to talk about is, is
(14:57):
a family that is marriedfiling jointly.
Both of the individuals areunder the age of 65.
They are not taking SocialSecurity, yet they do have an online
business that is domiciled inthe US and let's just say they're
earning about $50,000 fromthat as well as they're withdrawing
(15:19):
money from their retirement accounts.
Specifically, let's use IRAaccounts that are non Roth accounts.
So like money that waspreviously in a 401K.
And this couple lives in Mexico.
So can you give us a pictureof what their tax situation might
look like?
Yeah.
So first, Mexico is one thatdoes tax your worldwide income.
(15:43):
So it doesn't necessarilymatter that your business is domiciled
in the US you might have taxon it.
So I first always recommendyou talk to a local tax professional,
figure out what your taxobligation is there, and then come
to someone with, like me withUS Tax experience who can kind of
help you offset and balance.
So Mexico, what they'reprobably going to tell you is that
(16:04):
those IRA distributions arenot going to be taxable in Mexico,
but they are going to betaxable in the US as far as that
online business, I guess thisis kind of the part that gets a little
bit sticky if you have an llc.
There's a few other countriesthat they don't really like that
LLC status and they see itlike a corporation.
(16:27):
So you always want to makesure that if you are moving to a
country like Mexico and youhave an LLC that you really look
at how that's treated becausethey are going to see that as a corporation
and it's not going to be thebest tax benefit.
So if you're fully selfemployed, if you don't have that
(16:49):
llc, then we can claim thatearned income exclusion.
So it's possible that youwon't have to pay US tax on that
part, but you'll just have topay those self employment taxes.
So Social Security andMedicare on that 50,000 of income.
Gotcha.
So in that scenario would you.
I mean we know a lot of onlinebusinesses who do have LLCs, specifically
(17:10):
an S Corp, right?
Well, some.
We know some who have them asS corps because they have either
full time or part time staffor they've set it up that way so
they can pay themselves.
So what would be the mostbeneficial structure for like Mexico?
I guess probably if you, itwould depend on if you have other
(17:31):
employees still.
But the S Corp status, it'sgoing to be tact as a corporation
and it's not going to flowthrough to you anymore.
They don't really like thatflow through whether you're a single
member LLC or the S Corp. Gotcha.
Okay, okay.
All right, well that makes sense.
And we did this specificallybecause to be honest, we have a number
(17:53):
of people in our community,the personal finance community that
are run online businesses,YouTube channels and.
Yeah, exactly.
All right, so let's move on toanother example.
And in this case we have acouple that is married filing jointly.
They are over 65.
They are taking SocialSecurity and they have a net income
(18:18):
from Social Security of about $3,500.
They are fully retired andthey're withdrawing $75,000 a year
from their IRA accounts, again taxable.
And in this case they'reliving in Portugal.
We seem to be hitting some ofthe high cost countries.
Yeah, yeah, these are reallypopular countries and they are people
(18:41):
who want to move where theywant to move.
So yeah, it Is.
Yeah.
Portugal is seen as a high tax country.
So they are going to tax yourSocial Security and they're going
to tax those IRA distributions.
You'll then report that sameincome on your US Tax return, but
we'll take those credits.
And so more than likely youwon't have a US tax obligation, but
(19:02):
you'll have to file and thenyou'll end up paying those Portugal
taxes instead.
But in a lot of cases, you'llprobably pay net more in taxes in
Portugal than you would herein the US Is that a good assumption?
Yes, most likely.
Yeah.
And did you say, I think yousaid earlier that somebody was surprised
(19:23):
that they had to pay for taxesin another country.
Where do they think they're,how they're paying for their benefits?
Well, yes, I mean, I guess itcan, it can be shocking.
I think when I was lookingthis up, Portugal, you can tax rates
go all the way up to 48%.
You know, that's, that'shigher than the highest tax rate
that we have here in the U.S.so, you know, depending on your income
(19:43):
levels, you, you might end uppaying more.
Yeah, but back when Americawas great, the top tier, the 1% paid
90%.
So.
But we don't seem to betalking about that these days.
I will say I do.
We did talk with somebody wholives in Portugal and they said that
healthcare costs in Portugalare about one tenth of what they
(20:04):
are in the United States forgoing to a private doctor.
And so you're paying thatthrough the taxes right up front
and not necessarily on a pervisit basis.
Right.
Well, and we also know that, Ithink it was Fidelity came out and
said that the average couplein retirement will spend around $168,000
(20:27):
just on medical care.
Just think about that.
If you cut that down to 10%and you're spending only about 16,000,
$17,000 versus 168.
That's a lot of taxes that youmight have coming your way if you
are living there.
Yeah.
But for them, they're notearning their only, I guess their
only earned only income isfrom Social Security and their IRA
(20:49):
distributions.
So they're probably not goingto be in that higher tax bracket.
Right.
The highest tax bracket.
So it might actually bebeneficial for them in the long run
to be in a country like Portugal.
Yeah.
And I think this is the, it's,the important point is to in advance
talk to someone like you,Michelle, who can take a look at
the strategies that they planfor distributions from their account,
(21:10):
various income sources andsay, okay, this might put you in
this tax bracket or this mightbe the strategy that we would use
to lower your taxes in both countries.
Yeah, exactly.
Because just because we'repaying higher taxes doesn't mean
like our cost of living is higher.
You know, we might be payingless in rent or paying less in food
or paying less in health care.
(21:30):
So those things can definitely offset.
This is why it's amazing tohave a retirement calculator to work
with and beat the numbers.
We'll talk about more of that later.
All right, our third and finalexample, we're going to go with someone
who is single, who is over theage of 55.
They are not taking Social Security.
(21:54):
Wait, did we say under the ageof 65 or 55?
Right here it says over 55.
Yeah, they are not takingSocial Security.
They are withdrawing fifteenhundred dollars a month from their
retirement account.
But they also sold a home thatthey had for over five years that
had $150,000 in equity.
(22:16):
And they're using that money,they're spending that money to live
off of about $1,000 a month.
And they are living in thecountry of Thailand.
That's another popular countrythat keeps popping.
Up for our community.
Yes, it's a good country.
So I guess the first thingwe'll address is the sale of the
home.
So you want to make sure thatyou sell your US Property while you're
(22:39):
still a US Tax residential.
Because the US has exclusions.
When you sell your primaryhome, it's either completely not
taxable or you get a muchlower capital gain rate.
So that $150,000, as long asyou sell it before you leave isn't
going to be taxable.
If you become a Thai taxresident and you sell It after that,
(23:02):
$150,000 is going to be taxed,Most likely the whole thing.
Yes.
So that's, you know, somepeople say, like, oh, I'll just,
I'll keep it for a few years.
You know, I might want to go back.
But I guess that can be apitfall if, you know, you want to
leave, sell your house and sothat you don't have to deal with
(23:22):
that later interest.
Otherwise what you would haveto then return and establish residence.
Well, not establish.
You just move back to the U.S. right.
And then you could possiblysell before you bounced another country.
Yes, exactly.
So usually you'd have to belike out of that country for a certain
amount of time.
Like usually it's six months,180 days.
(23:44):
Yeah, I was thinking there'sprobably that 180 days, though.
Yeah, you're looking atgetting a, getting a home back in
the US For a while andestablishing your residency back
in the US before you sell.
Yeah, if that's the strategy, go.
That's a really important onebecause there are a lot of people
that we know who are lookingat retiring abroad, but they want
(24:04):
to keep a home in the US andso looking at.
All you people with the homesin Palm Springs, that won't be cheap.
Yeah, exactly.
All right.
And then what about the other income?
So we've got $1,500.
Yeah.
So that IRA income, it's.
You're going to pay tax on itin the US and there's going to be.
(24:26):
Thailand has, it's called aremittance rule.
So you'll pay tax on what youbring into the country.
And so then, you know, similarto what we talked about before, we
can offset that tax that wepaid against our US Tax.
But if we're not spending allthe money, like, if we're not bringing
in all the money to Thailand,then, you know, we might not have
(24:48):
to pay tax on all of it.
Oh, what does that look like?
Exactly.
Because I'm probably not goingto show up with a duffel bag full
of cash.
So is that, like, do I have tokeep track of all my ATM receipts
and for the government of Thailand.
Yeah, I guess it's usuallybased on, like, if you're transferring
it into a bank or they'll lookat your credit card transactions.
Different countries havedifferent ways to tax it.
(25:09):
But when you.
I've lived in Colombia for awhile and, you know, anytime you
make a purchase, you've got toput your scheduler number in, and
they're tracking everypurchase that you're making on credit
cards.
And so they, they at leasthave an idea of what you're spending
in that country.
So if you're spending yourmoney on nefarious things, probably
don't want to do.
That.
(25:32):
On the government of Thailandto know how you're spending your
money.
Yeah.
You know why some people liketo go to Thailand?
Maybe they want to transfer.
They want to establish a Thaibank account and transfer the money
in there, then not have toitemize all their transactions.
Is that how that would.
Yeah.
Yes.
And then, I mean, you canspend cash, but if you're, if it's
coming into the country on a,you know, they can see it come into
(25:52):
a bank account and that's howthey would kind of track it.
Yeah.
Yeah.
Okay.
Yeah.
And keep in mind, there alsonow is a new rule in the Us, Right.
When money is leaving the USthey're looking at it to make sure
that it is.
Also, you're not trying toavoid taxes.
And there's the potential, Ithink now, of 2 and a half to 3%
(26:13):
fee on or tax on top of that.
So we probably should savethat for a completely different conversation.
Yes, that is a different conversation.
But that.
That is true.
It's mostly for that specificrule is targeted at people who are
working within the US andsending money to their families,
like, back home.
(26:33):
Okay.
And then just to be clear,too, everything we've talked about
is you're just expatriating toanother country.
You're not renouncing yourU.S. citizenship and becoming a citizen
in another country.
That's a whole different ballgame, right?
Yes, it is.
Yep.
Well, anything you think wemight have missed that you want to
cover before we wrap it up?
(26:54):
Any important caveats or.
I think just making sure youplan ahead, you know, getting this
stuff addressed before youleave, before you decide to move.
You know, figuring out yourplan is a good idea.
So that way you don't, youknow, have surprises when you get
there.
And I'm curious.
It'd be great for.
Obviously, you want to have anaccountant, both in the US who understands
(27:15):
expat taxes, but also youmentioned earlier having an accountant
in your.
The country where you're goingto reside, who understands that as
well.
Do you have contacts in othercountries, peers in other countries
that you can refer ourlisteners of yours to if they need?
It depends on the place.
I have a few people that Iwork with, like, with my current
(27:35):
clients, and so it justdepends on if I have someone there.
But I. I definitely work withpeople in other countries so that
we're all on the same page.
Nice.
Cool.
And once again, Michelle, howcan folks, if they're interested,
contact you?
Yeah, they can find me on Instagram.
I'm at director of paperwork.
Or you can contact me throughmy website.
It's dopaperwork.com and wefound Michelle through our Happy
(28:00):
Gay Retirement Facebook community.
We posted some things inthere, I think, as well as Mark's.
Mark Goldstein's Where Do Gays Retire?
I think you're in both ofthose groups and have commented several
times, and that's how we connected.
So thank you very much forshedding a little bit more light
on this topic.
I know, folks, this is not acomplete answer for you, and that's
(28:20):
why Michelle is here.
If you want a complete answer,go ahead and reach out to her.
Yeah.
Awesome.
Thanks, guys.
Thank you.
Retiring abroad isn't justabout sipping wine in Tuscany or
beach walks in Fliki.
It's about keeping more ofyour money in your pocket for longer.
Before you pack that LouisVuitton and the Labradoodle, run
the numbers, check your FutureCountries treaty with the United
(28:40):
States, know how SocialSecurity is going to be taxed, and
consider shifting yourretirement mix as appropriate if
necessary.
And remember, we're curiouswhat will be your main income stream
in retirement?
Will it be Social Security,your IRA or 401k Roth pension, part
time work, or something else?
Share with us in the comments.
And hey, if you want to seehow close you are to your ideal gay
(29:01):
retirement abroad, grab yourHappy Gay Retirement calculator using
the QR code on the screen withthe link in your podcast player or
this YouTube description.
And then remember, join usnext week when we cover the five
best cities for gay retireesin Ecuador.
And then in two weeks we'regoing to be talking about smart tax
strategies for that $6,000boomer bonus deduction that we mentioned
(29:23):
back in episode 607.
And if you love this episode,please remember to like, subscribe.
Click all the bells andwhistles and share this with friends
and family who also want toretire fabulously abroad.
And until next time, stay fabulous.
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