Retire Abroad: How to Receive Your Retirement Benefits in Another Country
Have you and your spouse dreamed of spending time abroad after retirement? You can still receive your retirement benefits if you choose to live in another country. Travel the world, put down roots in a beloved city, or split your time here and there. Whatever way you choose to spend your retirement abroad, here’s what you should know about arranging for your retirement benefits.
Choosing a Country for Retirement
The United States actively manages Social Security arrangements with several countries. In many cases, retirees can collect Social Security benefits including retirement, survivors’ benefits, and disability. Since the United States does not support Social Security payments with all countries, you may want to carefully consider where you choose to move upon retirement.
The United States will not send Social Security payments to countries including North Korea, Cuba, Vietnam, Cambodia, Russia, and other countries in most cases. If you have a compelling reason for moving to these or other benefits restricted areas, you may apply for an exception or travel to an approved country to receive payment.
Many of those who choose to retire in another country have additional considerations to think about including dual and foreign citizenship statuses, work circumstances during retirement, and their United States tax histories during years of work abroad. These and other factors can change when and how the Social Security Administration handles your benefits upon retirement.
Great Locations Abroad for Retirement Benefits
Many of the most popular countries for retirement offer robust Social Security support at our embassies and consulates. They have streamlined the transition so hardworking Americans can easily move to another country and enjoy their golden years. A total of 26 countries actively participate in a retirement benefits program with the United States today. Explore the full list.
Some of the most popular and benefits friendly countries include Mexico, Costa Rica, Malaysia, Spain, and the United Kingdom. The top retirement countries offer more than Social Security arrangements. Many also offer a low cost of living without sacrificing quality of life. Retirees often find cost-effective and adequate health care in their new countries. In several countries, they can get more for every dollar they spend on food, housing, and travel.
As you plan for retirement, consider the many benefits of living abroad. Plan early and update your plans routinely to ensure you receive the benefits you deserve regardless of where you choose to live.
Macino Financial
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