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Are you really a Retired NRI?

Updated: Oct 28, 2023

What is a RetiredNRI?

NRI (Non-Resident Indian) is a way to describe Indians who live abroad. They may or may not be a citizen of India but they are still considered an Indian. NRIs play a significant role in the global Indian diaspora and economy and maintain strong connections to their homeland. NRIs are also making major strides in their adoptive countries.

Indians/NRIs have significant populations in countries like the United States, the United Kingdom, Canada, the Middle East, Australia, and Southeast Asia. Many left for the US during the 'brain drain' of India in the 1960s/1970s when the US was desperate for help in building their infrastructure and many came recently to work within the technology sector. Whether they come to the US for employment opportunities, education, family reunification, or for other personal or professional purposes, they still remain connected to India.

Enjoy your golden years, spend cherished time with family, travel, learn new hobbies and party with friends.

​Many of you may decide to find an encore occupation, start a business or train for a new part time career. Some of you will volunteer your time and energy to non profit activities either in India or abroad. We have many RetiredNRIs who've gone back to India and made a significant difference in other people's lives.

Whatever you decide to do, do it!

Keep yourself engaged and busy - physically and mentally.

Find others who share your passion and build a RetiredNRI community. Now, it's time to reflect and do whatever you've always wanted to do - volunteer, travel, etc....

But before anything else, you need to get some experts to help you strategize and plan out next steps:

Is this RetiredNRI truly sleeping?
RetiredNRI contemplating next steps!

  1. Financial Planning: Assess your financial situation, including pensions, retirement savings, investments, and any other sources of income. Create a retirement budget to ensure you can maintain your desired lifestyle.

  2. Residency Status: Decide whether you want to maintain your NRI status or return to India permanently. Your tax obligations, investment options, and financial planning will depend on this choice.

  3. Taxation: Understand the tax implications in both the US and India. Seek advice from tax professionals to optimize your tax situation.

  4. Healthcare: Ensure you have adequate health insurance coverage, both in USA and India. Consider any medical expenses that may arise during retirement.

  5. Property and Assets: Review your property and assets in both countries. Decide if you want to sell, rent, or manage your property from abroad. Go through your home and sort through all your 'stuff' and memorabilia. What you deem valuable may become a nuisance for your heirs. In Scandinavian countries, this concept of clearing out your belongings before you pass is referred to as Swedish Death cleaning.

  6. Investments: Reevaluate your investment portfolio to align with your retirement goals and risk tolerance. Diversify your investments to reduce risks and optimize returns.

  7. Social Security and Pension Benefits: Understand the eligibility and process for receiving social security or pension benefits from the US, if you decide to move to India.

  8. Estate Planning: Create or update your will and estate plan. Decide how you want to distribute your assets and ensure it complies with the legal requirements of both countries.

  9. Health and Wellness: Pay attention to your physical and mental health. Retirement can be an opportunity to focus on well-being and leisure activities.

  10. Community and Social Engagement: Consider getting involved in community activities or social groups or volunteer to stay connected and engaged in both the US and India.

  11. Family and Personal Relationships: Plan how you will maintain relationships with family and friends in both countries. With technology, staying connected with people living far away is much easier.

  12. Travel and Leisure: Embrace the opportunity to travel and explore both the US and India. There are retirement communities that cater to NRIs in the US and many have opened up in India.

  13. Legal and Immigration Matters: Stay informed about any changes in immigration laws or regulations that may affect your residency status or ability to travel between countries.

  14. Consult with Experts: Seek advice from financial advisors, tax consultants, legal experts, and other professionals who specialize in cross-border retirement planning.

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