ThinkAdvisor, an online resource for financial and investment advisors, recently featured Cardinal Point’s Vice President and Private Wealth Manager Terry Ritchie’s insight into cross-border issues in an article in their online publication. With more than 30 years of experience in cross-border wealth management, Terry was able to shed light on a number of traps retirees commonly face when moving from the U.S. to Canada for their golden years.
From dangerous assumptions and differing tax rules to inadequate health coverage and life insurance considerations, these traps can lead to big financial problems if retirees don’t fully understand the implications of their move.
Check out the article here to learn more about:
- Trap 1: Assuming it’s easy to move wherever you want as a U.S. citizen.
- Trap 2: Relying on your old retirement savings arrangement regardless of your new home country.
- Trap 3: Trying to skirt investment restrictions.
- Trap 4: Leaving gaps in your health coverage.
- Trap 5: Failing to adjust your life insurance.