3 important things to consider before retiring abroad

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Retiring abroad: 3 things to know before you go

Retiring abroad to an exotic destination can be an incredible opportunity for some seniors, where the weather is beautiful and the cost of living is low.

But before you jet off to another country, there are 3 important decisions you should consider before your big move, according to CNBC.

Residency laws vary by country, so make sure you do your research beforehand on important Visa information. Also, consider speaking with an accountant to get your taxes figured out, as you may owe taxes in both places.

EXPLORE MORE: Retire for half the cost in these 5 countries

Another crucial factor to take into account is health care costs. Medicare does not cover expenses outside the U.S., so you should decide if you should purchase private insurance, or check to see if you can get on your new home country's national plan.

Moving abroad can be a great option for retirees, as long as these decisions are taken care of beforehand.

Watch the video above for more!

If you decide to stay in America, check out the best states to retire in 2016 below:

Best states for retirement
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Best states for retirement

1. South Dakota

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2. Iowa

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3. Minnesota

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4. Alaska 

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5. Oregon 

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6. Colorado

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7. Hawaii 

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8. South Carolina

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9. Nebraska

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10. Wisconsin

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