Ireland, Malaysia, Vietnam, and Panama are all countries from our previous list that have a huge English-speaking population or speak English entirely. However, some other great countries that speak English or widely use English are:
- South Africa
- Peru
- India
- Romania
- Armenia
- Thailand
- Philippines
Can You Collect Social Security If You Retire Outside the U.S.?
Of course, a major part of retiring to another country will involve having the money you need to live in this country. Not being able to collect your social security could really put a damper on your plans. Luckily for most retirees, you can still receive payments while living in most other countries!
The two countries that the Treasury Department will not send money to is Cuba or North Korea. If this is a concern to you, avoid these countries. However, you can recoup these payments once you move to a new area or back to the U.S.
The AARP actually has a full breakdown of how this works and how you can still get your social security money. Visiting the site can help you understand the process more effectively. However, to check on your eligibility to receive benefits in a foreign country, you should:
- Use the Social Security online screening tool for international payments.
- Call the Office of Earnings and International Operations to ask about international payments.
- Contact a Social Security office abroad in the country you are planning to move to.
- Look over the Social Security publication entitled, “Your Payments While You Are Outside the United States.” This document gives you additional information you may need.
How is Money Sent from Social Security?
You are only considered living in a country outside of the United States if you are not in one of the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, the Northern Mariana Islands, or American Samoa. You have to live in an area other than those listed for at least 30 days in a row.
Receiving your social security money when living abroad is pretty simple:
- Most retirees get their Social Security money abroad and the benefits can be deposited electronically.
- You will want to find and set up an account at a U.S. bank if possible. If not find a financial institution that the U.S. has a direct deposit agreement within your new country.
- Be wary of the fact that you can get charged fees on these international transactions. This will be up to you to cover and can lower your payment amounts.
- You will always get payments in U.S. dollars.
Checklist for Retiring Abroad
Now that you have browsed our list of the 13 best countries that you can retire to, you probably have a few key choices in mind. Of course, you will want to do further research into the areas you are considering and ensure your retirement budget will work there.
You also want to keep some legal things in mind, such as:
Check All Visa and Residency Requirements
Like the U.S., most countries will not allow you to simply move there without proper documentation and by following the correct steps. You will want to look into the specific immigration and residency laws for the countries you are considering. You can often find this information online and learn more about the legal steps needed to move into the area.
Look Up Foreign Ownership Rules
If you are planning to purchase property in your new country, you want to look into any rules regarding foreign ownership. Some countries do not allow everyone to own property and can govern how the property is used, which could restrict you from purchasing. You will want to consider these rules before moving to a new area.
Make Sure Your Assets are in Order
Of course, you have probably been paying into a retirement fund or have planned out your retirement budget in some way. However, you want to make sure you have all of your money and assets in order well before you actually retire, including figuring everything out with your social security and sending it to your new country. If you have been retired for some time and are just now moving, relook over all of your financial information and even consult an expert before making this big move.
Always Visit Before Moving
You should absolutely never move to an area that you have not visited for at least a small period of time. Ideally, you will want to spend a few weeks or even months in the area before making your big move just to ensure it lives up to your dreams. There is nothing worse than moving to the area and not loving it so you need to be certain beforehand.
Consider How You Will Keep in Touch with Family
This is a fairly easy process, but you should consider how you will keep in touch with your family back home and ensure your phone plan can be used in foreign countries. Of course, there are also several online options that allow you to chat or communicate with family members. You may also want to consider flight costs to your new country if you plan on traveling back to the U.S. often, this can make closer countries more appealing as they are often less expensive.
Final Thoughts
Hopefully, you now have a better idea of which countries are affordable and safe for retirement. Do your own further research on each country you are considering and be sure to visit the location beforehand, asking questions about healthcare, social security accepting banks, crime rate, and other necessities. Once you have narrowed down your search and found a beautiful country to escape to, enjoy the planning of your dream retirement, you have earned it!
