Author: N C, 2021-06-21

Retirement Traps for Overseas Clients

If you’ve got clients who intend to retire abroad, check out these potential retirement traps covered in the latest MDRT annual meeting. Potential pitfalls include:

• Different tax rules and arrangements
• Adjusting life insurance to meet the new country’s tax rules and maintain the intended bequest amounts
• Issues of residence and non-residence

According the article, “each country has its own retirement savings arrangements and tax rules, and that arrangements that may offer tax advantages in the United States, such as variable annuities, may offer fewer or no advantages in other countries.”  Read more here.