Managing Finances When Living Abroad

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The lure of a lower cost of living and experiencing exciting cultures has motivated roughly nine million Americans to live abroad. This is especially true when it comes to seniors looking to retire. But besides what to pack, money can be a significant stress point.

As an expat, managing your money can be a challenge. You not only have to worry about living expenses but also banking becomes an issue. What are the tax ramifications of living in a foreign country? There’s much more than knowing what to pack that goes into a move abroad.

Understand Local Currency and Exchange Rates

When living abroad, spending the local currency may feel different than using the U.S. dollar. It’s hard to wrap your head around 100 yen worth $16. But it’s essential to understand the exchange rate of your new country’s currency.