Social Security looms large in the American imagination-- at the individual level it is an important component of many retiree’s income and understanding it is crucial to many retirees financial health. However, because Social Security is a relatively complex system it can be daunting to understand, especially for Americans abroad. However, despite the image of Social Security as a nameless, faceless bureaucracy, the Social Security website and administration provides many helpful tools for Americans expats living or retiring abroad. In fact, ssa.gov features a special online tool to determine if you will be eligible to receive benefits should you move outside of the United States (whether or not you are retired).
That said, there are several complications for Americans working abroad or retiring abroad of which they should be aware: chief among them is that, for a variety of reasons, the dollar amount on their statement may not match up with the amount they actually receive.
Good cross-border financial planning takes into account these variations for Americans abroad whether they are still working or retired abroad.
For more information about how your social security and financial planning are affected if you are working abroad click here.
For more information about how your social security and financial planning are affected if you are retiring or retired abroad click here.
To discuss how your financial plan and Social Security might be affected by working or retiring abroad with our Director of International Advisory Services, Keith Poniewaz, click here.