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Welcome to How to Retire on Time, a show that answers your retirement questions. Say goodbye to the oversimplified advice you've heard hundreds of times. This show is about getting into the nitty-gritty so you can make better decisions as you prepare for retirement. Text your questions to 913-363-1234 and we'll feature them on the show. Don't forget to grab a copy of the book, How to Retire on Time, or check out our resources by going to www.retireontime.com.
Welcome to How to Retire on Time, a show that answers your questions about all things retirement, including income, taxes, Social Security, health care, and more. This show is an extension of the book, How to Retire on Time, which you can grab today on Amazon or by going to www.how to retire on time.com. My name is Mike Decker. I'm the author of the book, How to Retire on Time, but I'm also a licensed financial adviser, insurance agent, and tax professional, which means when it comes to financial topics, we can pretty much cover it all. So that said, please remember this is just a show.
Mike:Everything you hear should be considered informational as in not financial advice. If you want personalized financial advice, then request your wealth analysis from my team today by going to www.yourwealthanalysis.com. With me in the studio today is my colleague, mister David Fransen. Thanks for being here today.
David:Yes. Glad to be here.
Mike:David's job is reading your questions, and I'm gonna do my best to answer them. Now you can send questions in at any time by texting them to 913-363-1234. Again, that's 913-363-1234, or email them to hey mike@howtoreontime.com. Let's begin.
David:Hey, Mike. If I move out of the country, will I still receive my Social Security benefits?
Mike:Oh, this is a great question. Yeah. Yeah. So a lot of people will move out of the country just because it there's a cheaper cost of living, whether it's Mexico or Dominican Republic or pigs. Think of pigs.
Mike:Portugal, Italy, Greece, and Spain. Those are all great. The pigs' countries.
David:Wow. Love that.
Mike:Yeah. A lot of economists refer to the pigs for economic reasons, but there's a reason for that. There's there's cheaper cost of living in many of the parts of those countries. And so a lot of people will retire temporarily or in perpetuity in many of these places. Argentina, was was another popular one.
Mike:So anyway, does your social security I mean, the quick answer is yes. As long as you remain a US citizen. Uh-huh. That's the that's the simple answer. There's all sorts of nuance with it.
Mike:But generally speaking, yeah, as long as you are paying your US taxes, you're a US citizen, you maintain a residency here of some sort, you you you'll probably keep getting your benefit. Now many people don't realize that if you're not a US citizen, you actually still can qualify for Social Security. So if you're if you are a resident, permanent residents, you're here for green card for work, and you've qualified. So you've worked 10 years roughly or you've got you received 40 credits. You would qualify to receive Social Security.
Mike:And the quickest way to know is, are you paying FICA tax? Basically, the social security tax. If you're paying into it, then you're you're gonna get a benefit if you qualify. So in those situations to where you're not a US citizen, and maybe you want you worked here. You you you had your career here.
Mike:And then you moved back home wherever that might be. Then it may be restricted. So when I say restricted, they may give you maybe 6 months of your benefit. And then it stops because you're not here. You're not a citizen here.
Mike:And so that that's where there's some potential nuance, with it all. Now there are exceptions to the rule. Something to look at. You can Google this. US International Social Security Agreements.
Mike:K. I'll say that one more time. US International Social Security Agreements. And by the way, we are podcast. You can just search for the show how to retire on time and listen to this episode over and over again.
Mike:But since the late 19 seventies, the United States tried to kind of establish basically how to maintain Social Security benefits and programs with other countries. And so you can look up those countries and and kind of see, okay, these countries are more congruent with Social Security, and it may be more lenient there. And you've got Italy, Germany, Switzerland, Belgium, Norway, Canada, United Kingdom, Sweden, Spain, France, Portugal, Netherlands, Austria. The list goes on and on. Many of the prominent countries, the ones that you would you just would recognize, you know, Australia, Japan, Denmark, Czech Republic, Poland, Hungary, Brazil.
Mike:You go down the list. Iceland.
David:I love that Iceland is on there.
Mike:Iceland's such a beautiful I've I've never been there. Just seen pictures. Right? Walter Mitty.
David:Bucket list.
Mike:Yeah.
David:Oh, yeah. Gotta go.
Mike:There are many countries that still can support the benefits that even if you're not a US citizen, probably you'll you'll still maintain your benefits. Do some research, look up US international Social Security agreements, and don't don't leave money on the table. That's What
David:if you're like a dual citizen situation?
Mike:That's fine. As long as you maintain US citizenship, then you should be okay. Now that said, you know, policies can change. So stay on top of it as you're preparing for your retirement. Social security is under some financial stress.
Mike:You know, there there's all sorts of ways they could they could change things. And I don't wanna be fear mongering in that sense. It's just you put a plan together and you give yourself enough flexibility to adapt along the way. If you're listening right now and you're going, you know, gosh, there's a lot about social security I probably don't know. Yeah.
Mike:I know my benefit. I know how much I'll get at full retirement age, but I really don't know how to optimize my social security. If you wanna run a proper analysis, not the how do I get the most out of Social Security analysis because that actually could hurt you overall. There's a ripple effect on when you have file and how it affects the rest of your plan. But if you wanna see a proper retirement analysis, a proper Social Security analysis, request it right now by calling 913 363-1234.
Mike:Again, that's 913-363-1234. And then we'll have a a fun conversation, understanding your lifestyle and legacy goals, and then run at no cost your Social Security analysis. Basically, when to file in congruence with your tax strategies, your income strategies, and so on. That's all the time we've got for the show today. If you enjoyed the show, consider subscribing to it wherever you get your podcast.
Mike:Just search for how to retire on time. Discover if your portfolio is built to weather flat market cycles or if you're missing tax minimization opportunities that you may not even know exist. Explore strategies that may be able to help you lower your overall risk while potentially increasing your overall growth and lifestyle flexibility. This is not your ordinary financial analysis. Learn more about Your Wealth Analysis and what it could do for you regardless of your age, asset, or target retirement date.
Mike:Go to www dot yourwealthanalysis.com today to learn more and get started.