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Benefits & retiring abroad

Many Americans find that there are substantial benefits to retiring abroad: lower cost of living, relaxed lifestyle and cultural attractions. But do your retirement benefits travel with you?

Social Security benefits can be paid to you abroad, most easily by electronic deposits. You may want to open a dollar-denominated account in your new country and preferably at a bank that cooperates with Social Security (IDD Countries). Alternatively, you can have benefits paid to your bank in the U.S. and transfer funds as needed.

Medicare, however, works only in the U.S., with a few exceptions: Go to medicare.gov and search for "coverage outside the U.S." You'll likely need to buy private insurance either in your new country or before going abroad, making sure your U.S. provider offers overseas coverage.

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