Bom dia! New and Improved! Join our Patreon community! Click the link www.patreon.com/itllbefun As always we would like to thank you for watching and for being our subscribers. Each and every one of you mean the world to us! And if you are not already, we invite you to subscribe and become part of our TH-cam community. We would love for you to join us on our journey! Enjoy your journey, Alan and Leslie
Your comment "Life is short - we should have done this sooner" speaks volumes! I own a home-based business and could continue to work and delay taking Social Security but I plan to start when I turn 62 at the end of this year. Relocating to Malaysia and having an enjoyable retirement is more important than the extra money. I'm lucky my benefits plus a small pension are enough to live on in other countries (and I could start another business if I really need/want to).
Ola Linda, Thanks for watching and commenting. It really helps our channel. It sounds like you have a good plan in place. Have a wonderful day Alan and Leslie
Bom dia! (I hope you're reading this in the morning 😉) Your videos remind me so much of the wonderful years I spent in the Azores. They make us want to live on Madeira. Thank you so much for this gift you're giving.
Boa tarde debborah, We are happy you are enjoying them along with us. We are having a wonderful time sharing our adventures. Have a wonderful day Alan, Leslie and Wolf
Just a quick comment on living costs. With the huge increase in energy costs across the world, the fact that you can practically live without any domestic heating for the whole year must be a significant saving for many potential retirees. Another very informative video and some lovely camera work.
Hello, it’s a pleasure to see and hear your stories. We are in the early stages of planning to retire and move to Portugal. You scared us today with your comment about private health insurance cost. My husband would be 72 by the time we move. We look forward to your video on this subject. Thank you for sharing!
Ola Chris and Carmen, Thanks for watching and supporting our channel. Sorry about that. As you know from the Cost of Living video ours is 293 per months for all 3 of us. However many companies will not insure you over 65. So you choices are limited. But still very affordable. Compared to the US. Have a wonderful day Alan and Leslie
Hi Alan and Leslie. Really appreciate the information you share. Very practical and useful information that helps in thinking about the future, and contributes to expanding the thinking in that there are more options than one would normally think of. Appreciate you both very much. Thank you. PS. There is another couple (Doug and Monique) living about where you are who have a Channel called Track Us Down. I think the four of you will enjoy connecting with each other.
Bom dia Vinay, Thanks for watching and supporting our channel. We appreciate your comments. We find it helpful to keep looking at things from many different angles. It allows us to expand our horizons. And we have met Doug and Monique. They are a very nice couple. Have a wonderful day Alan and Leslie
Thanks for another great video, Alan. It really provides retirees or people planning to retire with a great deal to think about in terms of alternatives to trying to cope with the cost of living in their home country. Cheers.
Hi Alan and Leslie Thanks for your great videos. I'm Portuguese but I live in the US From what I know in Portugal even if you don't have health insurance you still can get treatment in hospital paid by the government
Ola Rui, Nice to hear from you again. You are correct. And the prices are fractionally smaller than the US. We do quality for the state health program once residency is completed. Lastly you can buy private health insurance over 65 for a good price. We currently have a wonderful program that we feel is a great price. The options are limited due to age but available. Enjoy your journey Alan and Leslie
Boa tarde Topgun, Thanks for watching again. We hope you get to come here or where ever it is that your next adventure is waiting. Have a wonderful day, Leslie and Alan
Ola Miller Music, Thanks for watching and supporting our channel. We have a.cost of living video with our costs. We are also working on a Healthcare video for the future. Hope this helps. Have a wonderful day Alan and Leslie
I lived and worked in Portugal from '07 until '17. Worked for a Portuguese company and retired in 2013 at 62. Started collecting US Social Security at 64. With increasing prices and the influx of English speaking people I decided to move east in 2017. Made it all the way to Serbia before deciding to settle. Been here 5 years and except returning on the scooter to Portugal several times/year to visit friends and sites along the way I've never looked back. Serbia is pretty nice and many Americans are nervous of moving or even visiting here mostly due to the war in '90. But Serbia is an inexpensive, safe and enjoyable place to live. Portugal is becoming lass Portuguese annually. The govt is pushing harder and harder for more foreign retirees to move into the country. And bring their money.
Ola Europeon2w, Thanks for watching and supporting our channel. Serbia sounds like another great place for people to explore as they work on their next adventure in life. Enjoy your journey Leslie and
Boa tarde Allan, we also enjoyed this video very much and the advise you give about renting right away if you find something, applies to Barcelona as well. My husband also agrees that we should have done this sooner! Está sendo divertido!
Ola Janet, Thanks for watching and supporting our channel. Thanks for asking! The music is composed, performed and recorded by Scott Gorsuch. Alan's little brother. Have a wonderful day Alan and Leslie
Understandably you have to file for your D7 visas while still in the states. How were you able to supply an address in Madeira prior to your relocation?
Just an observation, with rising rentals and the climbing real estate costs, it may be difficult to live on a single social security income. I think you are referring to the combined social security of a couple. And, if people are retiring at age 62 it might be tougher as well. Then the question remains if people are selling a paid off home in the us and buying a property for cash in Portugal. If that is the case, then yes, a couple would be able to live on Social Security if they don't have rent or a mortgage. I enjoy these videos ans I am confident that you realize the many variables when someone tries to estimate a cost of living. Looking forward to more videos. Obrigada!
Bom dia DeseryDweller, Thanks for watching! The variables are endless. If we could all wait until 70 before pulling SS. Life would be great. There are a zillion reasons why this may not be an option for someone. We all do the best we can. But It'll Be Fun! Have a wonderful day Leslie and Alan
Great content! I think I’m one of the luckier ones in our baby boomer retirement explosion. Although I’m single I retired with a pension and have yet to file for social security. The costs of Medicare blew my mind so I simply stopped paying. Because health is insurance is mandatory I got put in a plan that helps itself to my monthly pension providing me with minimal benefits. As a retired nurse I can’t say the US health care system is worth it! I’ve been considering moving abroad and my dual citizenship may come in handy. I’d like to know more about private or public insurance in EU countries.
Bom dia Susan, Thanks for watching and supporting our channel. We trying appreciate it. Health care and insurance is a tricky one. In the USA it is difficult for most to afford, if they actually need it. The health insurance video is coming soon. Obrigado Leslie and Alan
LOVE your videos. THe pace is great and we are learning alot. Unlike a lot of good videos online for digital nomads, entrepreneurs, young people, etc, your videos are a rarity in they are from actual retirees, and relate to us more. My wife and I are seriously considering retirement in about 8 to 10 years in the Algarve or Madiera. We of course need to start scouting trips, but already have a million questions...was wondering if you have a site or availability where we could ask a few. Most of our questions are about taxes, and how banks there (which as I understand you have to have an account with a Portugese bank) handle your retirement money from a US based retirement portfolio. I also read somewhere after 10 years, emigrants have to pay full Portugese income tax which is much higher? Dont know if this is true or what the details are. Do any of your videos address these concerns? Thank you, and keep the videos coming...great help!
Bom dia Mark, Nice to hear from you again. You have laid out a lot of good questions. Many of them are difficult to answer and will need a good tax lawyer or accountant. We will take these and work on answering them in videos over the next few months. We hope this helps. Obrigada Leslie and Alan
Lots to think about. I am most concerned about end of life plan. As long as you have health it’s all easy enough to figure out. When you lack health then it’s an entirely different kettle of fish.
Good breakdown for Americans. We spoke to an American guy on holiday who told us he was retired, but worked 3 days a week for the benefits, I shook my head in disbelief. We could live easily in Madeira on our Dutch pension and the additional pension we both worked for. Did you know that the average wage in Madeira is about €800 to a €1000 per month. They seem to manage, don't know how, but they do! Travelling for us is easy in Europe, get in the car go north, south or east, no borders, enjoy. We love Madeira and Portugal, but have no desire to live there, we visit, spend, support the economy and leave. I'm wondering what the thoughts of the locals are on the expats coming to Madeira. Paying more for renting a lovely house than the locals could ever afford with their average monthly wage? Genuinely interested in their thoughts, I will ask these questions too, when we visit again in October.
Boa tarde JD Media, Thanks for watching and supporting our channel. Yes, that is very, very common. We do what we need to do. Have a wonderful day Alan and Leslie
Thank you so much for the time and effort you put in to this excellent breakdown. Explaining the Portuguese way of life for at least 60% of the population. It is quite obvious that family is an important factor in your lives, family gatherings, weddings, Christmas, Easter. We do that too, but this feels just different to how we do it in the Netherlands. What we don't usually do, is live in the same house with our parents and grandparents if we can help it! We have dreadful consumerism habits, we just want more and more it seems. Our tour guide in Madeira was earning €800 per month for a 6 day working week, his wife worked too and they live with his parents. He has never left Madeira, never been to the mainland. He owned a very old Renault car that gets him up the mountains with ease, he explained. He came across to me as being perfectly happy with his life in general. We could live easily in Madeira or Portugal with our pension. Portugal is by far our favourite holiday destination. We'll be back on the beautiful island of Madeira in October, come as a tourist, enjoy everything it has to offer, leave and cherish the memories. Once again, thank you.
Hi, I enjoy your videos, Love the BUG!! I'm a BUS guy! :-) so what do you do for insurance? I ask because my wife will be 65 when we planned to go in a couple of years.
Boa tarde, Alan and Leslie. I appreciate the information on Social Security. As an expat, would I still have to pay US taxes (including on Social Security)? Would I have to pay Portuguese taxes? How much do you suspect would be the percentage I should allocate from Social Security to go towards taxes? Many questions, but I appreciate your thoughts on the matter. Best regards from San Antonio!
Under the NHR incentive program in Portugal, pension/ss income is taxed at 10% for the first 10 years living in Portugal. Any taxes paid in Portugal are deducted from taxes owed in the U.S. since there is a no double-taxation treaty between the two countries.
That 107k amount relates to the Foreign earned income tax credit. The money must be FOREIGN EARNED, which means that it is N/A as far as any social security, pension, or similar income originating from the USA. You can, however apply foreign tax credits against USA taxes due so you will not be taxed twice on the same income.
Olá Carlos, Thanks for watching and supporting our channel. Sorry no response to this question early. I don't know why, but it just popped up in our feed. Looks like your question was answered. Remember, for definitive information on this subject, consult a tax advisor regarding this. Obrigado Alan and Leslie
Quote from this video: "The US ranks in the bottom 33% of the developed countries of the world in the percentage of an average worker's wage that is replaced by the public pension program. In the same 2022 article, Portugal ranks fourth among developed nations." - this can be read in more than one way, can't it? For instance, Portugal ranks fourth in the percentage of an average worker's wage that is replaced by the public pension program because most Portuguese have no income from other sources (i.e. investments). If you read it like this then the USA being at the bottom 33% becomes a good thing, right?
Olá Laura, Thanks for the continued support for our channel. Under the NHR tax regime, Portugal taxes pensions and s.s. payments at 10% for ten years. In some cases your income could be taxed higher. Please consult a tax attorney here in Portugal. The USA and Portugal have a tax agreement which prevents double taxation. Again you need to speak with your tax accountant to ensure you are.following all requirements. Obrigado Alan and Leslie
Bom dia Luisa, Thanks for watching and supporting our channel. Yes I still have medicare which only good in the USA. We also have private insurance here in Portugal for the family. Enjoy your journey Alan and Leslie
When you acquired your residency permit visa, is there any requirement that you need to stay in Portugal, lets say 9 months in a year as an example. The question being as I need to travel to other countries like 2 to 3 months at a time. Or the length of stay in Portugal will affect your quest for Portugal citizenship? Thanks for great and eye opening videos.
Olá Sean, Thanks for watching and supporting our channel. In your case, the Golden visa may be the one for you. It requires only 7 days in country per year. The D7 Visa requires 183 consecutive days in Portugal. Check with your consulate for exact details. Obrigado Alan and Leslie
My retirement is gone because I had a husband that had a rare disease and it cost us our retirement before we could get medical he was 33 when he had his first at 44 he went into a Annie passed away at 50. We were the same age and I am now 57 and starting all over from scratch I had to take a couple of years off because of my own health I have no idea what my future and honestly I'm a little worried about it. Thank you for doing the video it gives me information and Hope
Olá Bev, Thanks for watching and supporting our channel. Thanks for sharing your thoughts and concerns. Hopefully you can find peace, and discover happiness. Obrigado, Alan, Leslie and Wolf
I waited until full retirement age and am lucky that my social security will be closer to a couple's social security than a single person's who retires at 62.
Ola DesertDweller Thanks again! And guess what the one of the next videos is about. Waiting as long as you can to file so you get full advantage of all your benefits for the rest of your life. Have a wonderful day Leslie and Alan
@@ItllBeFun I remember when advisors were saying you can't count on your government pensions or social security and to save A LOT. Now the the 401Ks and IRAs are in trouble. I like your videos because they communicate overcoming limitations creatively. In general, that's the way most of us can live our best lives. Boa Tarde!
Ola Jay Gold, Thanks for watching and supporting our channel. No Walmart to shop in! Ole my! No just means we spend our money locally and supporting the economy. Have a wonderful day Alan and Leslie
It's different here in the UK. We get a much smaller state pension, about £9600 a year. But we have the free health care, which although not perfect is still really good. I guess if you never get seriously ill the US version wins but if you do then UK wins as health care costs in the US is scary.
Ola Spencer T, Thanks for watching and supporting our channel. You have no idea how right you are. My mother was bedridden before she passed and every single dime including all SS went to her health care. Leaving hard working people with no home or way to feed themselves. Enjoy your journey Leslie
Hello Sir ? How much are the 2bd 2bath apts trying to get an accurate pricing want to live in Portugal in 2yrs..I'm on Social security & pension check also is $2700 a month good?
Ola Christine, Thanks for watching and supporting our channel. We have a video on rentals. It should give you an idea of what you can get for your money. Have a wonderful day, Leslie and Alan
Be sure to apply for the NHR regime in Portugal so pension/ss income is only taxed at 10% for the first 10 years living in Portugal. These taxes paid are then deducted from U.S. taxes owed, due to the treaty between countries preventing double-taxation.
@@JP7onEarth Please contact a finance person who is familiar with international taxes and especially Portugal. There are ways to potentially set up these withdrawals to be more tax friendly if you do this before moving or so I have been told by watching finance/tax videos on Portugal....I have to look more into this also, but may withdraw those payments for 10 years instead of 30 as planned (but I have not talked to a finance person yet). My understanding is after 10 years you will then be paying the higher Portugese taxes......make sure you talk to an international finance person BEFORE you move.
Ola J Matt, Thanks for watching and supporting our channel. As US citizens we are required to pay taxes regardless of where we live and earn in the world. However the US has agreements with many countries so you do not get double taxed. But this has rules. Also you do pay tax in Portugal. But they have an NHR tax program you can review which works nicely for 10 years. Enjoy your journey Leslie and Alan
I'm planning to survive on a State Pension, Social Security, and I put a lot of money in cash over the last few months and converting it to euros. Otherwise we're screwed!
Ola Carlos, Thanks for watching and supporting our channel. They say you should estimate at least 2/3rd's for one person. Hope this helps. Have a wonderful day Leslie and Alan
@@ItllBeFun thanks. 2/3 of 2300 for 1 person to have a good quality of life is great !!!. Bases on that, it seems that people in Portugal who make minimum wage really struggle to make ends meet. Will you make a video con cost of furniture and appliaces on the island? Thanks
Ola Mark, Thanks for watching and supporting our channel. Yes, I do still have Medicare but it is only good in the USA. So it is currently being re evaluated. Enjoy your journey Alan
Olá Thant, Thanks for the continued support for our channel. Public is free, but we choose to add private health care as well. Obrigado Alan and Leslie
I have not heard of anyone so far being charged 800 a month for private insurance....the most I have heard is 100 per month. I am wondering if there might be another option for you.
Ola Shari, Thanks for watching and commenting. It really helps our channel. I think our message must be confusing. Sorry. We have private insurance for a great price. See the Cost of living video. However if you run Alan on some of the private health insurance company sites the prices can be that high or they just do not cover him at all. Have a wonderful day Leslie and Alan
@@ItllBeFun Thanks for letting me know that. ....I am sorry, I know I watched your cost of living video but could not remember that detail....so I just watched it again and it said 286 for a couple which was inline with what we have heard......we are in our 50s so I really am not worried about us as I have seen healthcare price videos for people our age (even the different levels of private ins.)....but was considering my later 70s parents possibly moving to Portugal too....If Alan's prices at 66 was 800, then insurance for later 70s might just be out of reach (they pay 200/month now under medicare).....so the amounts you were quoting being so much higher than I have seen for private insurance makes me think a move for them to Portugal is not possible, unless of course there are private insurance options that you just have to hunt a little harder for. If you know anyone in that age range that has private insurance and could share that monthly amount or company, that would be incredibly helpful. There are not too many people in their late 70s making videos and sharing their experiences....so it is definitely harder to figure out what it will be for them.
Hi Alan and Leslie. Thanks again for an interesting video. Trish, my wife and I, receive 25% of the basic Canadian old age pension (without supplement) based on the years of residence we spent in Canada between age 16 and 30/ 31, respectively, when we left Canada, and a small Canada pension based on our earnings during that same period. After that we have lived in Norway, where we have earned a pension that is more than adequate to meet our needs. Our Canadian pensions are only large enough to cover our expenses when we visit Canada on holiday. It would be interesting to know if you will be eligible for any Portuguese benefits (health care, pension) after you become Portuguese citizens in five years time?
Bom dia Brock, Thanks for the great information. We also appreciate you watching and supporting our channel. We do not think we will qualify for any pension or SS type funds here in Portugal. But it is an interesting question. Sounds like a new project! Enjoy your journey Leslie and Alan
Bom dia Alan e Leslie, My wife and I appreciate all your efforts in creating these videos. Although you make it look easy we know it’s a tremendous amount of work. Do you have a recommendation for an immigration attorney. We’re moving from USA to Madeira within the next few years.
Olá df squared, Thanks for watching and supporting our channel. We used EImagrante.pt, and they provided us a lawyer. You can find the information in the video description. Obrigado Alan and Leslie
Hello, are you collecting social security now or are you waiting till you turn 67. I ask because I think for my age group (53) we need to wait for 67 to collect max benefits and 65 for Medicare? Thanks
Ola Gabe G, Thanks for watching and supporting our channel. We will wait as long as possible before collecting. Our goal is to wait until 70. Enjoy your journey Leslie and Alan
Ola DesertDweller, Nice to hear from you again. Thanks for your continued support. We think the same way. If I can use leverage to make the purchase I will. That way I keep my savings working for me. Have a wonderful day Alan and Leslie
@@ItllBeFun I am fully committed to be there if all goes well with the D7 Visa. I am not willing to put it off. Like many of us, I hope the strategies I plan to put in place will work out for me. I think it will be fine for the next ten years but after the NHR is over, it might be a little more challenging without a purchasing a property. Ten years is a long time so I have given up trying to predict what the realities will be then.nAs you say, life is short...
i really like your walking tours. i think you should make you videos longer and live stream them. Maybe, 20min to 30min.The larger you tubers do one or even two hour videos and i love them. they also put out the small 10 min videos of the main video if 1 hour is to long. It may be too much work. However, you'll be about to interact with your viewers more and if you get them to vote. saying 1 or two, it will upgrade your you tube standing. they will also be able to super chat with small dollar donations. Don't be shy. we are paying for content and entertainment. just a thought. good luck.
Olá William, Thanks for watching and supporting our channel. We've only been doing TH-cam videos for about 5 months, and we are still learning. Maybe a livestream in the future, but for now we'll concentrate on our style that we have developed. Thanks for your kind words and suggestions. Obrigado Alan and Leslie
Ola Rodimussuprime Thanks for being here and supporting our channel. Yes they do. If you sign up for the NHR tax program then it will be around a 10% tax since it is passive income and not active.
hey guys saw your bug at leivie today and I wanted to put a message on your window but I didn't have a pen and paper lol. Amanda and I would love to meet up with you guys! that is all🙏🙏 let me know how I can Whatsapp u👍
Bom dia! New and Improved! Join our Patreon community! Click the link www.patreon.com/itllbefun
As always we would like to thank you for watching and for being our subscribers.
Each and every one of you mean the world to us!
And if you are not already, we invite you to subscribe and become part of our TH-cam community.
We would love for you to join us on our journey!
Enjoy your journey,
Alan and Leslie
Your comment "Life is short - we should have done this sooner" speaks volumes! I own a home-based business and could continue to work and delay taking Social Security but I plan to start when I turn 62 at the end of this year. Relocating to Malaysia and having an enjoyable retirement is more important than the extra money. I'm lucky my benefits plus a small pension are enough to live on in other countries (and I could start another business if I really need/want to).
Ola Linda,
Thanks for watching and commenting. It really helps our channel.
It sounds like you have a good plan in place.
Have a wonderful day
Alan and Leslie
Boa tarde Everyone. Please let us know how this works for you. Every country is different.
Your videos are so informative. I really enjoy your dry sense of humor!
Ola Janet,
Thanks for your continued support.
And thanks for the lovely compliment.
Enjoy your journey
Alan and Leslie
Bom dia! (I hope you're reading this in the morning 😉)
Your videos remind me so much of the wonderful years I spent in the Azores. They make us want to live on Madeira.
Thank you so much for this gift you're giving.
Boa tarde debborah,
We are happy you are enjoying them along with us. We are having a wonderful time sharing our adventures.
Have a wonderful day
Alan, Leslie and Wolf
Just a quick comment on living costs. With the huge increase in energy costs across the world, the fact that you can practically live without any domestic heating for the whole year must be a significant saving for many potential retirees. Another very informative video and some lovely camera work.
Olá Peter,
Thanks for supporting and watching our channel.
Yes, just another reason to give a nod to Madeira.
Obrigado
Alan and Leslie
Hello, it’s a pleasure to see and hear your stories. We are in the early stages of planning to retire and move to Portugal. You scared us today with your comment about private health insurance cost. My husband would be 72 by the time we move. We look forward to your video on this subject. Thank you for sharing!
Ola Chris and Carmen,
Thanks for watching and supporting our channel.
Sorry about that. As you know from the Cost of Living video ours is 293 per months for all 3 of us. However many companies will not insure you over 65. So you choices are limited. But still very affordable.
Compared to the US.
Have a wonderful day
Alan and Leslie
For the health insurance topic also check out: “Our Rich Journey”. Those guys are great and extremely thorough.
@@ItllBeFun so to clarify, are you saying, you are able to get inexpensive health insurance (293), after 65, by finding the right provider?
Hi Alan and Leslie. Really appreciate the information you share. Very practical and useful information that helps in thinking about the future, and contributes to expanding the thinking in that there are more options than one would normally think of. Appreciate you both very much. Thank you. PS. There is another couple (Doug and Monique) living about where you are who have a Channel called Track Us Down. I think the four of you will enjoy connecting with each other.
Bom dia Vinay,
Thanks for watching and supporting our channel.
We appreciate your comments. We find it helpful to keep looking at things from many different angles. It allows us to expand our horizons.
And we have met Doug and Monique. They are a very nice couple.
Have a wonderful day
Alan and Leslie
Yes I am also following their channel. (Track US down.)
Thanks for another great video, Alan. It really provides retirees or people planning to retire with a great deal to think about in terms of alternatives to trying to cope with the cost of living in their home country. Cheers.
Olá John,
Thanks for the continued support for our channel.
Glad to be able to help.
More to come.
Obrigado
Alan and Leslie
Hi Alan and Leslie
Thanks for your great videos.
I'm Portuguese but I live in the US
From what I know in Portugal even if you don't have health insurance you still can get treatment in hospital paid by the government
Will like to know more about that… tkx!
Ola Rui,
Nice to hear from you again.
You are correct. And the prices are fractionally smaller than the US.
We do quality for the state health program once residency is completed.
Lastly you can buy private health insurance over 65 for a good price. We currently have a wonderful program that we feel is a great price. The options are limited due to age but available.
Enjoy your journey
Alan and Leslie
Thank you once again for an awesome video and straight forward info, like that wanna move there just don’t know when yet….
Good luck to you guys!!!
Boa tarde Topgun,
Thanks for watching again. We hope you get to come here or where ever it is that your next adventure is waiting.
Have a wonderful day,
Leslie and Alan
Love your videos.Greetings from Florida. I plan to move in another 2 to 3 years to Madeira. Can't wait!
Ola Bernadette
Thanks for being here.
The planning stage is all part of the fun.
Enjoy your journey
Leslie and Alan
Boa tarde! How do you like this subject matter?
Interesting
Very interesting.. I live in NY and hope
One day to move to My Dad’s birth place (Madeira) Camara De Lobos. Thank You for sharing all this info.
Very interested in the cost of private insurance for older people!
Ola Miller Music,
Thanks for watching and supporting our channel.
We have a.cost of living video with our costs. We are also working on a Healthcare video for the future.
Hope this helps.
Have a wonderful day
Alan and Leslie
I lived and worked in Portugal from '07 until '17. Worked for a Portuguese company and retired in 2013 at 62. Started collecting US Social Security at 64. With increasing prices and the influx of English speaking people I decided to move east in 2017.
Made it all the way to Serbia before deciding to settle. Been here 5 years and except returning on the scooter to Portugal several times/year to visit friends and sites along the way I've never looked back. Serbia is pretty nice and many Americans are nervous of moving or even visiting here mostly due to the war in '90. But Serbia is an inexpensive, safe and enjoyable place to live.
Portugal is becoming lass Portuguese annually. The govt is pushing harder and harder for more foreign retirees to move into the country. And bring their money.
Ola Europeon2w,
Thanks for watching and supporting our channel.
Serbia sounds like another great place for people to explore as they work on their next adventure in life.
Enjoy your journey
Leslie and
Boa tarde Allan, we also enjoyed this video very much and the advise you give about renting right away if you find something, applies to Barcelona as well. My husband also agrees that we should have done this sooner! Está sendo divertido!
Olá Luciana,
Thanks for watching and supporting our channel. Keep watching. More to come.
Obrigado
Alan and Leslie
I do wonder: what is the music you use?
Ola Janet,
Thanks for watching and supporting our channel.
Thanks for asking! The music is composed, performed and recorded by Scott Gorsuch. Alan's little brother.
Have a wonderful day
Alan and Leslie
Great video 📹 👍 👏 keep up... the good work
Olá dance rico,
Thanks for supporting and watching our channel.
Obrigado
Alan and Leslie
Understandably you have to file for your D7 visas while still in the states. How were you able to supply an address in Madeira prior to your relocation?
Ola Jim,
Nice to hear from you.
Great question. We rented an apartment before fileing for our D7.
Hope this helps
Have a wonderful day
Leslie and Alan
The house you see at the beginning is 300 years old. and for sale in case you are interested.
Yes
Just an observation, with rising rentals and the climbing real estate costs, it may be difficult to live on a single social security income. I think you are referring to the combined social security of a couple.
And, if people are retiring at age 62 it might be tougher as well. Then the question remains if people are selling a paid off home in the us and buying a property for cash in Portugal. If that is the case, then yes, a couple would be able to live on Social Security if they don't have rent or a mortgage. I enjoy these videos ans I am confident that you realize the many variables when someone tries to estimate a cost of living. Looking forward to more videos. Obrigada!
Bom dia DeseryDweller,
Thanks for watching! The variables are endless. If we could all wait until 70 before pulling SS. Life would be great. There are a zillion reasons why this may not be an option for someone. We all do the best we can. But It'll Be Fun!
Have a wonderful day
Leslie and Alan
Great content! I think I’m one of the luckier ones in our baby boomer retirement explosion. Although I’m single I retired with a pension and have yet to file for social security. The costs of Medicare blew my mind so I simply stopped paying. Because health is insurance is mandatory I got put in a plan that helps itself to my monthly pension providing me with minimal benefits. As a retired nurse I can’t say the US health care system is worth it!
I’ve been considering moving abroad and my dual citizenship may come in handy. I’d like to know more about private or public insurance in EU countries.
Bom dia Susan,
Thanks for watching and supporting our channel. We trying appreciate it.
Health care and insurance is a tricky one. In the USA it is difficult for most to afford, if they actually need it. The health insurance video is coming soon.
Obrigado
Leslie and Alan
Hi guys! Great video and we really enjoyed the day out with you in Porto da Cruz!! 🙂
Olá Bee With Us,
Thanks for supporting and watching our channel!
Yes, it was a good trip.
More to come.
Obrigado
Alan and Leslie
LOVE your videos. THe pace is great and we are learning alot. Unlike a lot of good videos online for digital nomads, entrepreneurs, young people, etc, your videos are a rarity in they are from actual retirees, and relate to us more. My wife and I are seriously considering retirement in about 8 to 10 years in the Algarve or Madiera. We of course need to start scouting trips, but already have a million questions...was wondering if you have a site or availability where we could ask a few. Most of our questions are about taxes, and how banks there (which as I understand you have to have an account with a Portugese bank) handle your retirement money from a US based retirement portfolio. I also read somewhere after 10 years, emigrants have to pay full Portugese income tax which is much higher? Dont know if this is true or what the details are. Do any of your videos address these concerns? Thank you, and keep the videos coming...great help!
Bom dia Mark,
Nice to hear from you again. You have laid out a lot of good questions. Many of them are difficult to answer and will need a good tax lawyer or accountant. We will take these and work on answering them in videos over the next few months. We hope this helps.
Obrigada
Leslie and Alan
Lots to think about. I am most concerned about end of life plan. As long as you have health it’s all easy enough to figure out. When you lack health then it’s an entirely different kettle of fish.
Olá Ana,
Thanks for watching and supporting our channel.
Good luck with your journey.
Obrigado
Alan and Leslie
Good breakdown for Americans. We spoke to an American guy on holiday who told us he was retired, but worked 3 days a week for the benefits, I shook my head in disbelief. We could live easily in Madeira on our Dutch pension and the additional pension we both worked for.
Did you know that the average wage in Madeira is about €800 to a €1000 per month. They seem to manage, don't know how, but they do!
Travelling for us is easy in Europe, get in the car go north, south or east, no borders, enjoy. We love Madeira and Portugal, but have no desire to live there, we visit, spend, support the economy and leave.
I'm wondering what the thoughts of the locals are on the expats coming to Madeira. Paying more for renting a lovely house than the locals could ever afford with their average monthly wage? Genuinely interested in their thoughts, I will ask these questions too, when we visit again in October.
Boa tarde JD Media,
Thanks for watching and supporting our channel.
Yes, that is very, very common. We do what we need to do.
Have a wonderful day
Alan and Leslie
Thank you so much for the time and effort you put in to this excellent breakdown. Explaining the Portuguese way of life for at least 60% of the population. It is quite obvious that family is an important factor in your lives, family gatherings, weddings, Christmas, Easter. We do that too, but this feels just different to how we do it in the Netherlands.
What we don't usually do, is live in the same house with our parents and grandparents if we can help it! We have dreadful consumerism habits, we just want more and more it seems.
Our tour guide in Madeira was earning €800 per month for a 6 day working week, his wife worked too and they live with his parents. He has never left Madeira, never been to the mainland. He owned a very old Renault car that gets him up the mountains with ease, he explained. He came across to me as being perfectly happy with his life in general.
We could live easily in Madeira or Portugal with our pension. Portugal is by far our favourite holiday destination. We'll be back on the beautiful island of Madeira in October, come as a tourist, enjoy everything it has to offer, leave and cherish the memories.
Once again, thank you.
@@donnacosta5633 Thank you for your reply, sounds wonderful
I am watching your videos now and loved it 😊❤️
Bom dia Sinh Huynh,
Thanks for watching. We appreciate it.
Have a wonderful day
Leslie and Alan
Hi, I enjoy your videos, Love the BUG!! I'm a BUS guy! :-) so what do you do for insurance? I ask because my wife will be 65 when we planned to go in a couple of years.
Olá altx67,
Thanks for watching and supporting our channel 😀. Insurance thru ACP.
Very reasonable.
Obrigado
Alan
Thanks Alan for this great Vlog with great information.
Bom dia Cleaning Time,
Thanks for watching. It is great to hear from you again. Glad you liked our VLOG.
Have a wonderful day
Leslie and Alan
Boa tarde, Alan and Leslie. I appreciate the information on Social Security. As an expat, would I still have to pay US taxes (including on Social Security)? Would I have to pay Portuguese taxes? How much do you suspect would be the percentage I should allocate from Social Security to go towards taxes? Many questions, but I appreciate your thoughts on the matter. Best regards from San Antonio!
Under the NHR incentive program in Portugal, pension/ss income is taxed at 10% for the first 10 years living in Portugal. Any taxes paid in Portugal are deducted from taxes owed in the U.S. since there is a no double-taxation treaty between the two countries.
@@az2pt Thank you, very much.
There definitely IS a tax treaty in place between USA and PT.
That 107k amount relates to the Foreign earned income tax credit. The money must be FOREIGN EARNED, which means that it is N/A as far as any social security, pension, or similar income originating from the USA. You can, however apply foreign tax credits against USA taxes due so you will not be taxed twice on the same income.
Olá Carlos,
Thanks for watching and supporting our channel.
Sorry no response to this question early. I don't know why, but it just popped up in our feed. Looks like your question was answered. Remember, for definitive information on this subject, consult a tax advisor regarding this.
Obrigado
Alan and Leslie
Quote from this video: "The US ranks in the bottom 33% of the developed countries of the world in the percentage of an average worker's wage that is replaced by the public pension program. In the same 2022 article, Portugal ranks fourth among developed nations." - this can be read in more than one way, can't it? For instance, Portugal ranks fourth in the percentage of an average worker's wage that is replaced by the public pension program because most Portuguese have no income from other sources (i.e. investments). If you read it like this then the USA being at the bottom 33% becomes a good thing, right?
Ola Pedro,
Thanks for watching and supporting our channel.
Thanks for sharing your thoughts.
Have a wonderful day
Alan and Leslie
How do taxes work? I know that you have to pay Federal taxes but will Portugal tax you as well? So double taxed?
Olá Laura,
Thanks for the continued support for our channel.
Under the NHR tax regime, Portugal taxes pensions and s.s. payments at 10% for ten years. In some cases your income could be taxed higher. Please consult a tax attorney here in Portugal. The USA and Portugal have a tax agreement which prevents double taxation. Again you need to speak with your tax accountant to ensure you are.following all requirements.
Obrigado
Alan and Leslie
@@ItllBeFun Thank you for the feedback!
Very important information thanks! ….. question: do you still have your Medicare or Medicare Advantage in USA? 😊
Bom dia Luisa,
Thanks for watching and supporting our channel.
Yes I still have medicare which only good in the USA. We also have private insurance here in Portugal for the family.
Enjoy your journey
Alan and Leslie
Thank you for the information 🙂
You are welcome. Thank you for supporting our channel.
Have a wonderful day
Leslie and Alan
When you acquired your residency permit visa, is there any requirement that you need to stay in Portugal, lets say 9 months in a year as an example. The question being as I need to travel to other countries like 2 to 3 months at a time. Or the length of stay in Portugal will affect your quest for Portugal citizenship? Thanks for great and eye opening videos.
Olá Sean,
Thanks for watching and supporting our channel.
In your case, the Golden visa may be the one for you. It requires only 7 days in country per year. The D7
Visa requires 183 consecutive days in Portugal.
Check with your consulate for exact details.
Obrigado
Alan and Leslie
My retirement is gone because I had a husband that had a rare disease and it cost us our retirement before we could get medical he was 33 when he had his first at 44 he went into a Annie passed away at 50. We were the same age and I am now 57 and starting all over from scratch I had to take a couple of years off because of my own health I have no idea what my future and honestly I'm a little worried about it. Thank you for doing the video it gives me information and Hope
Olá Bev,
Thanks for watching and supporting our channel. Thanks for sharing your thoughts and concerns. Hopefully you can find peace, and discover happiness.
Obrigado,
Alan, Leslie and Wolf
Awesome Video !!!
Bom dia Irish Rover,
We appreciate the support.
Obrigado
Alan
Alan
I waited until full retirement age and am lucky that my social security will be closer to a couple's social security than a single person's who retires at 62.
Ola DesertDweller
Thanks again!
And guess what the one of the next videos is about. Waiting as long as you can to file so you get full advantage of all your benefits for the rest of your life.
Have a wonderful day
Leslie and Alan
@@ItllBeFun I remember when advisors were saying you can't count on your government pensions or social security and to save A LOT. Now the the 401Ks and IRAs are in trouble. I
like your videos because they communicate overcoming limitations creatively. In general, that's the way most of us can live our best lives. Boa Tarde!
@@desertdweller8520 We do too!
Is Portugal public healthcare is free? Thank you for making the video.
Olá Thant,
Thanks for watching and supporting our channel.
Yes, public health care is free.
Have a great day
Alan and Leslie
Where's the Walmart?
Ola Jay Gold,
Thanks for watching and supporting our channel.
No Walmart to shop in! Ole my!
No just means we spend our money locally and supporting the economy.
Have a wonderful day
Alan and Leslie
So true.
It's different here in the UK. We get a much smaller state pension, about £9600 a year. But we have the free health care, which although not perfect is still really good. I guess if you never get seriously ill the US version wins but if you do then UK wins as health care costs in the US is scary.
Ola Spencer T,
Thanks for watching and supporting our channel.
You have no idea how right you are. My mother was bedridden before she passed and every single dime including all SS went to her health care. Leaving hard working people with no home or way to feed themselves.
Enjoy your journey
Leslie
Hello Sir ? How much are the 2bd 2bath apts trying to get an accurate pricing want to live in Portugal in 2yrs..I'm on Social security & pension check also is $2700 a month good?
Ola Christine,
Thanks for watching and supporting our channel.
We have a video on rentals. It should give you an idea of what you can get for your money.
Have a wonderful day,
Leslie and Alan
Your income should give you a great quality of life depending on your preferences. Best of luck
Thank you for your reply appreciate it.🙋♀️
Thanks Alan. Any ideas on the Taxes owed in Social Security when living in Portugal. We are moving soon. Thanks JP
Be sure to apply for the NHR regime in Portugal so pension/ss income is only taxed at 10% for the first 10 years living in Portugal. These taxes paid are then deducted from U.S. taxes owed, due to the treaty between countries preventing double-taxation.
@@az2pt Obrigado. Next challenge is to get a better grasp around taking withdrawals from investments. JP
@@JP7onEarth Please contact a finance person who is familiar with international taxes and especially Portugal. There are ways to potentially set up these withdrawals to be more tax friendly if you do this before moving or so I have been told by watching finance/tax videos on Portugal....I have to look more into this also, but may withdraw those payments for 10 years instead of 30 as planned (but I have not talked to a finance person yet). My understanding is after 10 years you will then be paying the higher Portugese taxes......make sure you talk to an international finance person BEFORE you move.
@@sharilove6222 Thank you! I have arranged those conversations with several Tax folks .
Ola J Matt,
Thanks for watching and supporting our channel.
As US citizens we are required to pay taxes regardless of where we live and earn in the world. However the US has agreements with many countries so you do not get double taxed. But this has rules.
Also you do pay tax in Portugal. But they have an NHR tax program you can review which works nicely for 10 years.
Enjoy your journey
Leslie and Alan
Great video!
Bom dia Tom,
Nice to hear from you again.
Thanks for watching and helping us to grow.
Enjoy your journey
Alan and Leslie
I'm planning to survive on a State Pension, Social Security, and I put a lot of money in cash over the last few months and converting it to euros. Otherwise we're screwed!
Ola DesertDweller,
Totally understand! Sounds very familiar.
Thanks for your support.
Enjoy your journey
Leslie and Alan
Bom dia! If $2300 in total expenses is an average for 2 people, what is your estimate for 1 person?
Ola Carlos,
Thanks for watching and supporting our channel.
They say you should estimate at least 2/3rd's for one person.
Hope this helps.
Have a wonderful day
Leslie and Alan
@@ItllBeFun thanks. 2/3 of 2300 for 1 person to have a good quality of life is great !!!. Bases on that, it seems that people in Portugal who make minimum wage really struggle to make ends meet. Will you make a video con cost of furniture and appliaces on the island? Thanks
Hi Alan and Leslie. You have good videos with a lot of information. Do you still have Medicare?
Ola Mark,
Thanks for watching and supporting our channel.
Yes, I do still have Medicare but it is only good in the USA. So it is currently being re evaluated.
Enjoy your journey
Alan
Is Portugal public healthcare is free?
Olá Thant,
Thanks for the continued support for our channel.
Public is free, but we choose to add private health care as well.
Obrigado
Alan and Leslie
I have not heard of anyone so far being charged 800 a month for private insurance....the most I have heard is 100 per month. I am wondering if there might be another option for you.
Ola Shari,
Thanks for watching and commenting. It really helps our channel.
I think our message must be confusing. Sorry. We have private insurance for a great price. See the Cost of living video. However if you run Alan on some of the private health insurance company sites the prices can be that high or they just do not cover him at all.
Have a wonderful day
Leslie and Alan
@@ItllBeFun Thanks for letting me know that. ....I am sorry, I know I watched your cost of living video but could not remember that detail....so I just watched it again and it said 286 for a couple which was inline with what we have heard......we are in our 50s so I really am not worried about us as I have seen healthcare price videos for people our age (even the different levels of private ins.)....but was considering my later 70s parents possibly moving to Portugal too....If Alan's prices at 66 was 800, then insurance for later 70s might just be out of reach (they pay 200/month now under medicare).....so the amounts you were quoting being so much higher than I have seen for private insurance makes me think a move for them to Portugal is not possible, unless of course there are private insurance options that you just have to hunt a little harder for. If you know anyone in that age range that has private insurance and could share that monthly amount or company, that would be incredibly helpful. There are not too many people in their late 70s making videos and sharing their experiences....so it is definitely harder to figure out what it will be for them.
@@sharilove6222 Ola Shari,
Thanks for your support. Try contacting Mgen.PT for a quote from them.
@@ItllBeFun Obrigada ....that was so very helpful. You both are the best.
Thanks again for your support!
Hi Alan and Leslie. Thanks again for an interesting video. Trish, my wife and I, receive 25% of the basic Canadian old age pension (without supplement) based on the years of residence we spent in Canada between age 16 and 30/ 31, respectively, when we left Canada, and a small Canada pension based on our earnings during that same period. After that we have lived in Norway, where we have earned a pension that is more than adequate to meet our needs. Our Canadian pensions are only large enough to cover our expenses when we visit Canada on holiday. It would be interesting to know if you will be eligible for any Portuguese benefits (health care, pension) after you become Portuguese citizens in five years time?
Bom dia Brock,
Thanks for the great information. We also appreciate you watching and supporting our channel.
We do not think we will qualify for any pension or SS type funds here in Portugal. But it is an interesting question. Sounds like a new project!
Enjoy your journey
Leslie and Alan
Bom dia Alan e Leslie, My wife and I appreciate all your efforts in creating these videos. Although you make it look easy we know it’s a tremendous amount of work. Do you have a recommendation for an immigration attorney. We’re moving from USA to Madeira within the next few years.
Olá df squared,
Thanks for watching and supporting our channel.
We used EImagrante.pt, and they provided us a lawyer.
You can find the information in the video description.
Obrigado
Alan and Leslie
Hello, are you collecting social security now or are you waiting till you turn 67. I ask because I think for my age group (53) we need to wait for 67 to collect max benefits and 65 for Medicare? Thanks
Ola Gabe G,
Thanks for watching and supporting our channel.
We will wait as long as possible before collecting. Our goal is to wait until 70.
Enjoy your journey
Leslie and Alan
Hallo new frien salom from indonesia supo you fist view🇮🇩🇮🇩
Olá ilman,
Thanks for supporting and watching our channel.
Obrigado
Alan and Leslie
You are welcome my fro salom succes 🌹🌹👏🏻👏🏻🇮🇩🇮🇩
If I but a place, I will need a mortgage but it will be paid off quickly due to age limits in Portugal.
Ola DesertDweller,
Nice to hear from you again. Thanks for your continued support.
We think the same way. If I can use leverage to make the purchase I will. That way I keep my savings working for me.
Have a wonderful day
Alan and Leslie
I've heard that foreigners must pay cash for real estate in Portugal. I could be wrong.
Also, there are required deposits and age limits, but those are separate matters.
@@ItllBeFun I am fully committed to be there if all goes well with the D7 Visa. I am not willing to put it off. Like many of us, I hope the strategies I plan to put in place will work out for me. I think it will be fine for the next ten years but after the NHR is over, it might be a little more challenging without a purchasing a property. Ten years is a long time so I have given up trying to predict what the realities will be then.nAs you say, life is short...
@@watcher9997 Hi! You can get loans but there are different rules than the US. Golden VISA applicants use cash.
i really like your walking tours. i think you should make you videos longer and live stream them. Maybe, 20min to 30min.The larger you tubers do one or even two hour videos and i love them. they also put out the small 10 min videos of the main video if 1 hour is to long. It may be too much work. However, you'll be about to interact with your viewers more and if you get them to vote. saying 1 or two, it will upgrade your you tube standing. they will also be able to super chat with small dollar donations. Don't be shy. we are paying for content and entertainment. just a thought. good luck.
Olá William,
Thanks for watching and supporting our channel.
We've only been doing TH-cam videos for about 5 months, and we are still learning.
Maybe a livestream in the future, but for now we'll concentrate on our style that we have developed.
Thanks for your kind words and suggestions.
Obrigado
Alan and Leslie
Does Portugal tax your Social Security?
Ola Rodimussuprime
Thanks for being here and supporting our channel. Yes they do. If you sign up for the NHR tax program then it will be around a 10% tax since it is passive income and not active.
😍😍
Bom dia!!
hey guys saw your bug at leivie today and I wanted to put a message on your window but I didn't have a pen and paper lol. Amanda and I would love to meet up with you guys! that is all🙏🙏
let me know how I can Whatsapp u👍
Ola Jeff Ward,
You should have came and sat with us at the table. Send us an email.
Obrigado
Alan and Leslie