Retire Abroad and Still Collect Social Security? Avoid These 9 Countries Where It’s Not Possible
Dreaming of retiring to a sun-drenched beach or a quaint village? Many Americans envision spending their golden years abroad, savoring the delights of new cultures and landscapes. However, an essential part of this dream hinges on the financial stability provided by Social Security benefits. Before packing your bags and bidding farewell, it’s crucial to know that not all countries play by the same rules when it comes to collecting these benefits overseas. Here are the nine countries where your dream of retiring abroad could hit a snag, as Social Security benefits don’t cross every border. Avoid living in these countries so your retirement plans don’t get lost in translation.
Azerbaijan
Azerbaijan, nestled between Europe and Asia, offers a rich tapestry of cultural heritage, stunning landscapes, and a blend of Eastern and Western influences. From the ancient city of Baku to the picturesque Caucasus Mountains, retirees may find an intriguing mix of tradition and modernity in this vibrant nation.
Belarus
Belarus, known for its timeless architecture and pristine landscapes, invites retirees to explore its tranquil countryside and charming towns. With a fascinating history and warm hospitality, Belarus offers a unique retirement experience in the heart of Eastern Europe.
Cuba
Cuba’s vibrant culture, colorful streets, and rhythmic music beckon retirees seeking a laid-back lifestyle in the Caribbean. From the vintage charm of Havana to the idyllic beaches of Varadero, Cuba offers a tantalizing blend of history, art, and natural beauty.
Kazakhstan
Kazakhstan’s vast steppes, soaring mountains, and cosmopolitan cities paint a picture of diversity and adventure. Retirees can immerse themselves in Kazakh traditions, explore the modern metropolis of Nur-Sultan, and marvel at the natural wonders of this Central Asian gem.
Kyrgyzstan
Kyrgyzstan’s rugged landscapes, nomadic heritage, and welcoming people make it a captivating destination for adventurous retirees. From trekking in the Tien Shan mountains to experiencing the nomadic way of life, Kyrgyzstan offers an escape into untouched wilderness and timeless traditions.
North Korea
North Korea’s enigmatic allure and tightly controlled society offer a glimpse into a world shrouded in mystery. Retirees may be intrigued by the country’s socialist ideology, iconic landmarks, and secluded lifestyle, albeit within the confines of government restrictions.
Tajikistan
Tajikistan’s breathtaking scenery, ancient Silk Road heritage, and warm hospitality create an enchanting backdrop for retirement adventures. Retirees can explore historic cities, embark on epic mountain treks, and immerse themselves in Tajik culture amidst the rugged beauty of Central Asia.
Turkmenistan
Turkmenistan’s desert landscapes, architectural wonders, and rich cultural heritage capture the imagination of adventurous retirees. From the gleaming white marble city of Ashgabat to the ancient ruins of Merv, Turkmenistan offers a journey through time and tradition.
Uzbekistan
Uzbekistan’s storied past, intricate Islamic architecture, and bustling bazaars offer retirees a feast for the senses. From exploring the ancient Silk Road cities of Samarkand and Bukhara to indulging in flavorful cuisine, Uzbekistan promises an unforgettable retirement experience in the heart of Central Asia.
How to Receive Social Security Abroad
The Social Security Administration (SSA) facilitates the electronic payment of benefits via direct deposit into foreign bank accounts.
Receiving Social Security benefits while overseas involves a periodic check by the SSA, which comes in the form of a questionnaire SSA-7162, verifying your ongoing eligibility for benefits. The frequency of mailing these forms, which can be annually or biannually, depends on the individual’s age and country of residence. Failing to respond to these questionnaires could lead to a suspension of your benefits.
Managing Your Social Security Benefits from Abroad
Living outside the U.S. doesn’t mean you’re disconnected from Social Security benefits. You have the option to apply for these benefits online, no matter where you are in the world with the exception of a few countries. Since the list of countries could change, it would be advisable to always consult the payments outside the U.S. tool before planning your move abroad.
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Escape the Rat Race: Focusing on the Two Key Numbers for Financial Independence
You want to retire, but it seems too far away. Most people can’t quit until they hit a specific number in their bank account. But every financial calculator spits out generic numbers. Discovering the road to financial independence starts with understanding just two crucial numbers. Let us delve into the key metrics of retirement expenses and safe withdrawal rate, and how you can calculate it for your lifestyle.
Escape the Rat Race: Focusing on the Two Key Numbers for Financial Independence
John Dealbreuin came from a third world country to the US with only $1,000 not knowing anyone; guided by an immigrant dream. In 12 years, he achieved his retirement number.
He started Financial Freedom Countdown to help everyone think differently about their financial challenges and live their best lives. John resides in the San Francisco Bay Area enjoying nature trails and weight training.
Here are his recommended tools
M1 Finance: John compared M1 Finance against Vanguard, Schwab, Fidelity, Wealthfront and Betterment to find the perfect investment platform. He uses it due to zero fees, very low minimums, automated investment with automatic rebalancing. The pre-built asset allocations and fractional shares helps one get started right away.
Personal Capital: This is a free tool John uses to track his net worth on a regular basis and as a retirement planner. It also alerts him wrt hidden fees and has a budget tracker included.
Streitwise is available for accredited and non-accredited investors. They have one of the lowest fees and high “skin in the game,” with over $5M of capital invested by founders in the deals. It is also open to foreign/non-USA investor. Minimum investment is $5,000.
Platforms like Yieldstreet provide investment options in art, legal, structured notes, venture capital, etc. They also have fixed-income portfolios spread across multiple asset classes with a single investment with low minimums of $10,000.
