Americans retiring overseas may impact their Social Security benefits, with the number of Americans receiving benefits from abroad increasing from 413,000 to 760,000 in 2022, according to Harvey Law Group.
(Credit: The economics times)
Social Security Abroad: Some Americans choose to retire abroad so they can enjoy a slower pace of life, learn about other cultures, and travel. But before making this big change, there are some important things to think about, especially how it will affect Social Security payments.
You might be wondering if living abroad will change your monthly Social Security income. The answer is yes, you can still get your benefits even though you live abroad. The Harvey Law Group says that between 2019 and 2022, the number of Americans getting Social Security payments from outside of the United States increased from 413,000 to 760,000. This trend shows that more and more people are choosing to spend their golden years in other countries.
With very few exceptions, most American retirees who receive monthly Social Security payments can live abroad while still receiving their benefits.
Fortunately, you can continue to live outside of the United States for as long as you like to receive monthly Social Security benefits. You’ll still be paid as long as the proof of life paperwork is completed, signed, and delivered every year. You will also need to fill out Social Security Form SSA-7162, a two-page form that inquires about changes to your marital status and place of residence, among other things. Either annually or biannually, the forms may be mailed.
According to 2022 data, the US Social Security Administration pays out over $6.1 billion in benefits per year to 760,000 claimants who live outside of the country, as reported by U.S. News and World Report.
It is noteworthy that if you are receiving Social Security payments while residing overseas, you will still need to file a U.S. tax return. Additionally, your Social Security benefits may be lowered if you earn a pension from a foreign country.
Americans who relocate abroad can continue to collect Social Security benefits in practically any nation. There are a few exclusions, though.
Social Security Increase 2025 Disability: Projected Increase in Next Year’s Payment
Payouts are currently not available to residents of the following nations:
If you move to another foreign nation where Social Security payments are permitted, the payments you were not qualified to receive while residing in any of these nine countries will be paid to you retrospectively.
However, you are not entitled to any withheld payments while you are residing overseas if you are in North Korea or Cuba for some time.
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