Are you kidding?
Retiring early... Geographic arbitrage
- Thread starter Vil_Riker
- Start date
- Joined
- Jun 22, 2022
- Messages
- 1,545
What do you mean? Interest income, dividend income, capital gains or social security are exempt from double taxation. You pay tax in Thailand but can claim that as a credit on your 1040.
Rent income is not exempt from double taxation so you pay taxes in both countries.
https://www.irs.gov/pub/irs-trty/thailand.pdf
Ok so when you are paid from an employer, income taxes are taken.
When you buy anything really, taxes are paid.....again...how is that not double?
- Joined
- Jun 22, 2022
- Messages
- 1,545
I'm talking about income taxes for a US citizen who is also a tax resident in Thailand. When you are a US citizen, you pay taxes on all income regardless of where it was earned. In some countries, they require to pay taxes income earned in that country, and income earned overseas like Thailand does.
The US has treaties to reciprocally avoid double taxation in such instances.
VAT, sales tax, tariffs are consumption taxes and if you are not a tax resident, in some countries you have the option of requesting a refund when leaving the country but it's not an easy process.
Retired at 61 4 months almost 13 years ago. I went on a disability four months later had my ssi in full and my pension. Have fantastic health insurance from my union and have never touched my savings. Live comfortably with a 10 and 23 year old vehicles. 1900 sq ft house on 60 acres 52 are woods in the ozarks. Have had the property for 19 years. Rural living only had decent internet the last three years. Doctors other than clinics 6+ weeks out. We drive 110 miles to a larger city for a appointment 4-5 weeks out. And it will get worse with all the lay offs.
That's what I would consider to be a gold plated plan by today's standards.
I recommend you work until 65 before retiring. That way you should have medicare for medical coverage and decent SS income. I made most of my money the last 10 years I worked.
and now SS has raised the income contribution cap from the 164K is was last year to 250K.
I would imagine the biggest concern of retiring aboard would be cultural shock and language barrier. What "isn't affordable" in the US would easily be top 1% income in the local population and unless you plan to fly back to the US regularly for check up you will not be able to make it home easily.
Medical cost in the US is very high out of pocket. Developed world tend to tax a lot to support public healthcare but in the 3rd world, as a non local citizen, you will have to buy your own insurance for that, but that might still be cheaper than living in the US.
This is in my long term plan, I have another 20 years before I have to face the reality and likely will work at least another 15. I do not expect my medicare would be worth much by the time I need it if it is not yet bankrupt by then. Maybe Cuba would still be cheap, maybe Mexico, maybe Malaysia, I don't know it is too early to tell for now.
One thing I do not expect is healthcare in developed countries would be cheaper in the future. People are expecting more life extending treatments and new discoveries would be paid for via expensive patented drugs. Sure you will live another 5-10 years extra but your medical cost would go up another 2-3x as well.
Medical cost in the US is very high out of pocket. Developed world tend to tax a lot to support public healthcare but in the 3rd world, as a non local citizen, you will have to buy your own insurance for that, but that might still be cheaper than living in the US.
This is in my long term plan, I have another 20 years before I have to face the reality and likely will work at least another 15. I do not expect my medicare would be worth much by the time I need it if it is not yet bankrupt by then. Maybe Cuba would still be cheap, maybe Mexico, maybe Malaysia, I don't know it is too early to tell for now.
One thing I do not expect is healthcare in developed countries would be cheaper in the future. People are expecting more life extending treatments and new discoveries would be paid for via expensive patented drugs. Sure you will live another 5-10 years extra but your medical cost would go up another 2-3x as well.
Last edited:
Medicare is a wonderful system. Best in the world.
Good for him. He worked hard for it very hard.
That’s what’s good about being in a free country anyone including anyone in here can make whatever they want.
However, doctors and surgeons have it a bit rougher because they don’t really determine their income. They are limited by what they can realistically charge as insurance companies determine what they will pay for procedures and most doctors have to conform.
If it wasn’t for insurance companies, maybe that neurosurgeon could make 1.8 million instead of 800,000. However, said he can’t charge what he thinks he’s worth. Insurance companies will only pay so much.
I do not understand this. I guess I am not smart enough.
Burger flippers think that they SHOULD be making 100k a year......not sure how your comment is applicable to my comment. Do you really determine your income....really? In the abstract you do, but no one gets to determine their salary, well almost no one. We would sure be in a mess if everyone was a billionaire huh?
How? The USA is the most if not one of the most unhealthy places on the planet, depending on the source......Is the greatness you speak of based off of the premise that they have a bunch of people to take care of? Or is the greatness the ridiculously high cost of healthcare?
I guess I was wrong. I thought you were posting that a surgeon who makes $800,000 is making too much money.
If you are, I disagree with you, except the surgeon income is mostly limited to what an insurance company will pay.
Of course you determine your own income. You choose an occupation with an expected salary range.
Or how about this go into your own business and make whatever you want.
Many people are jealous of people who make a lot of money, I don’t understand why, success and a free market made the USA the most powerful nation on earth and the envy of the world, like it or not. Thing is, some people feel they are entitled to others peoples hard labor.
Last edited:
Something tells me you don’t know much about Medicare. Actually, I know you don’t.
If you feel the USA is unhealthy that is only because you are free to choose the food that you eat. Like rodents, a significant amount of the population each garbage (junk) food but that’s a free choice that they choose to do. Check out the lines outside of every fast junk food place instead of using their own labor to prepare proper meals.
Last edited:
nope never said that or even close. That particular comment was to another poster who was trying to sell the idea that the cost of their office visit was low....but not telling or knowing the whole story
Actually I do know quite a bit about Medicare, as my wife has been on it for most of her adult life, as my two kids....ad they are all disabled due to birth defects. I do know, that Medicare is an umbrella that pays for much more than just office visits and medical care. Some of which goes to construction of new facilities.
So yes i do know a bit about medicare/medicaid, and i know it is a cash cow for the medical industry. I know of no other business, where you can charge whatever you want, give no estimate for service, and exact a toll through garnishment for not paying the unknown bill, forever.
The cost of healthcare is too much for 99 % of people.
I do agree that public health is the root cause, but that is another discussion entirely
It's fine. I added Medicare B and a Medicare Advantage plan. So I have essentially the same coverage I had when I was working for about $200 a month.
Yes despite all the stuff bantied about Medicare and Medicare have not been that different than when I was working
obviously, we don’t agree and never will on any of the points u mention
It seems like your family has greatly benefited from the system
Similar threads
