I am US by birth and came to Canada as a PR after I retired (yes, indeed). I am now a Canadian citizen. I have no intention of returning to the US at this point in my life.
The politics in the US make me quite ill, it's become like Idiocracy, the movie, in part. Even so, I do not plan to renounce my US citizenship. There are a number of "good" reasons not to do so but there's the consideration that situations may change. So I don't want to burn my bridges behind me.
The "good" reasons not to renounce include the exit income tax. I'm not certain how much this would cost me, if anything (I am above the asset range to have to consider this). And I currently collect a hefty Social Security retirement benefit; I could live just fine without this but I would rather not endanger it (although the clowns in Washington may run this program into the ground yet). And there is Medicare (retirement medical insurance for retirees): I've cancelled the coverages that I would have to pay monthly premiums for (eg: Part B and Part D) but Part A is "free" to me and there's no need to terminate it. But should I ever go back to the US permanently it would be very good not to mess around with Medicare.
So my case is that I worked my entire career in the US and all of my retirement assets (Social Security and personal investments) are in the US. Those younger than me will have different situations and considerations. Someone in their 20's might find it worthwhile, financially and emotionally, just to renounce and cut all ties to the US. Those who emigrated in their 30's-40's might need to weigh their particular circumstances and beliefs, and ties to the US. Anyone emigrating at an older age might benefit by not renouncing.
Good luck!
