As people approach retirement, more are looking at retiring abroad. CNN reports the number of Americans considering an overseas retirement has tripled in the past 30 years according to recent polling. While leaving the states may not be for everyone, there are factors motivating some to consider it.
Both in Europe and Latin America, housing can be more affordable, social services like healthcare are readily available, and there’s ample public transportation, which reduces the need for a car.
However, there are downsides to consider. For many, it’s hard to leave family behind, particularly aging parents, adult children, and grandchildren. You also might need to learn a foreign language to really fit in. Finally, dealing with a new bureaucracy regarding finances, taxes, and basic citizen rights can be confusing.
Data shows there are 450,000 Americans living overseas who collect Social Security as of 2022. That’s a significant jump from the 307,000 recorded in 2008. Some countries are reducing their in-migration regulations to attract Americans with solid incomes.
Social Security Needs to be Strengthened
The fact that more and more Americans are opting to leave the country in retirement proves Social Security needs to be strengthened. That’s why here at Council of Seniors, we’re dedicated to getting Congress to pass The SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) has been inadequate in recent years, the amount of $581 was withheld from seniors. This bill will ensure that money is returned.
Sign our petition right away to give Congress a wake-up call to get its priorities refocused.
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