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And its not just Americans living domestically who have their concerns.
Changes that impact the country as a whole will also inevitably affect expats.
Also seethree changes Trump could make to retirement regulations.
For retirees living abroad, this could mean more money in their pockets and less for Uncle Sam.
This could make it easier to afford the cost of living in another country.
Notably, around 700,000 Social Security recipients live in other countries, according to the Social Security Administration.
Dropping theSocial Security taxcould have a wide-reaching positive effect on current retirees.
But as with anything, theres bound to be some drawbacks.
This could have a ripple effect on working Americans as well.
Rising Healthcare Costs
Its entirely possible that Trump would make changes to existing healthcare policies.
As a result, they could possibly adjust the cost of coverage accordingly.
This could lead to much higher healthcare costs for those with preexisting conditions.
In some cases, it could even lead to more denials for coverage.
As for retirees already living overseas, it might encourage them to purchaseprivate healthcare policiesin their host country.
While this does sound like a great benefit, it might not be as impactful for retirees.
Thats because expats typically have a $126,500 personal tax exemption under the Foreign Earned Income Exclusion.
However, this exemption applies only to those working and earning income while abroad.
It doesnt apply to other types of income, likeSocial Security benefits.
For retirees, an end to the Social Security tax would likely be more beneficial.
This means staying informed aboutcurrent and upcoming policiesto healthcare, taxation and travel.
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