Puerto Rico Retirement Cash Flow
Description
How to fill out Retirement Cash Flow?
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FAQ
It is possible to live comfortably in Puerto Rico for around $2,000 a month. However, there are still many ways that you can keep it affordable if that is what you are looking for as it is generally cheaper for grocery, healthcare, education and daily expenses.
If you're a U.S. citizen, this means an easy transition for you. No need for work permits or visas if you decide to relocate. In other words, living in Puerto Rico is almost like living abroad, but without either the paperwork hassle or the immigration concerns.
Pension, 401K, and IRA income receives an Island tax of 4% and no Fed tax; however, you may have to first withdraw and roll over your funds into a Puerto Rican retirement product.
If you take a Qualified Retirement Plan distribution early, taxes can take a big bite out of your retirement savings. Lump sum distributions from a P.R. Qualified Retirement Plan are generally subject to P.R. income tax rates at 20% (as of 06/30/2020) to be withheld at source.
Puerto Rico is a relatively inexpensive place to retire, and your Social Security benefits may be enough to cover most of your expenses, depending on your benefit amount and cost of living.
It is possible to live comfortably in Puerto Rico for around $2,000 a month. However, there are still many ways that you can keep it affordable if that is what you are looking for as it is generally cheaper for grocery, healthcare, education and daily expenses.
Retirees will have no trouble settling into life in Puerto Rico. The island is a retirement haven and is home to big, active and well-established communities of retirees from the U.S. mainland.
Pension, 401K, and IRA income receives an Island tax of 4% and no Fed tax; however, you may have to first withdraw and roll over your funds into a Puerto Rican retirement product.
The cost of living in Puerto Rico compares favorably to U.S. cities such as Orlando, FL or Austin, TX, and is 15%-30% less expensive than Miami or Seattle. When compared to expensive cities like Washington, D.C., San Francisco, or New York City, you can live 50% cheaper in Puerto Rico.
