More and more Americans are retiring abroad due to escalating healthcare costs and the general cost of living in the United States. The strong dollar makes even well-developed countries an attractive destination for cash-strapped retirees. This is a trend likely to become pronounced as Gen Xers retire. About 40% have nothing saved and will rely mainly on Social Security.
It is possible to live frugally on Social Security in the United States or comfortably in some foreign countries. Countries like Costa Rica offer retirement visas that necessitate only $1,000 a month for living expenses. Many developing nations provide good medical facilities and amenities for foreign residents.
American citizens can receive Social Security payments while living abroad but not in countries where the US government disallows it. Following the correct procedures is crucial to avoid unexpected issues.
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