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Social Security for retirees abroad

Aug 02, 2010 | | Comments Comments Off

Dear Liz: I have been reading about people retiring overseas so they can live better on less money. But if you retire overseas, don’t you stop getting Social Security? If not, how does that work at tax time?

Answer: If you earn your benefits here, you can receive them pretty much anywhere you want, said Kathleen Peddicord, author of “How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad.”

The Social Security Administration sends more than half a million checks every month to recipients in other countries. You also have the option of having your Social Security check deposited in a U.S. bank account that you can access anywhere in the world with an ATM card.

But no matter where you go, if you’re a U.S. citizen you’ll have to file a U.S. tax return, and you’ll probably have to file a return with your host country as well. Make sure you get solid tax advice before making the move.

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Categories : Q&A, Retirement