Do you want to make the most out of your Social Security benefits?
When retiring, people envision seeing the world. Whether you dream of riding a gondola in Venice’s Grand Canal or hiking your way up Machu Picchu, you are seeking experiences. Instead of these dreams being temporary, why not make them permanent. Moving oversees might be the right option for you. It is possible to live abroad in very affordable countries and still receive your Social Security benefits.
Personal finance website, GOBankingRates found that Egypt is a destination for retirees who seek to stretch their Social Security benefits. This is due to their low-cost living.On average, a retiree living in an Egypt can expect to spend $105.93 on food, $157.70 on a one-bedroom apartment, and $19.63 on utilities per month.
Egypt is among a bunch of countries where U.S. citizens are exempt from pay U.S. taxes on their Social Security benefits. Other countries include Canada, Germany, Ireland, Romania, and the United Kingdom. Other countries where you can get favorable tax treatments on your benefits as well as a low cost of living include Romania, Mexico, and India.
When considering a big move like this, take the following into consideration: tax regime, the treaty situation, and the cost of living. Once you figure this out, you are one step closer to completing your adventures.
Anthony Ogorek, CFP®, Ed D.