Ben Loughery | Source | Lock Wealth Management

Ben emphasizes the need for retirement visas, proof of income, and private health insurance, noting, "Medicare is not covered abroad." He advises consulting international tax planners and updating estate plans, especially when purchasing property. Filing taxes remains mandatory, and the foreign earned income exclusion doesn't apply to Social Security or pension income.

Ben highlights Italy's appeal with its history, cuisine, and affordable living. Retirees need an elective residence visa, proof of income, and health insurance. Ben notes, "Italy's healthcare ranks high globally," and tax agreements prevent double taxation. Tuscany and Rome are popular spots, with frequent US flights. Consulting a cross-border financial planner is recommended for a smooth transition.

Ben explains that a 401(k) loan allows borrowing up to $50,000 without penalties, but risks taxes if not repaid in 60 days after job change. Traditional IRAs offer $10,000 penalty-free withdrawals for first-time buyers, while Roth IRAs allow tax-free withdrawals of contributions. Consider taxes, penalties, and lost compounding against the benefit of avoiding PMI with a larger down payment.