Financial Planning is proud to unveil “Ask an Advisor,” where financial pros answer today’s most pressing investment questions. The topics can include just about anything, from retirement to taxes to wealth management — or even advice on advising — and the questions are from real people.
This week, our query comes from a New York public school teacher on the cusp of retirement. She lives in Manhattan, but is looking elsewhere for a novel investment opportunity. Speaking anonymously, and without divulging every detail of her finances, here’s what she wrote:
Dear advisor,
I am 65 years old, and I live in New York City. I have a savings account worth $200,000. Other monies are tied up but usable in two years. I also have a pension.
I have some money to invest in property and am thinking of buying something abroad. I’d like to invest about $350,000-400,000. Is this a good idea? There are places, like Italy and Portugal, that offer good tax incentives for expat retirees. Or should I wait until I receive Social Security at 66 1/2 before I even consider this option?
— Mulling in Manhattan
Here are the answers we heard from advisors: