Retirees stretching their Social Security checks are finding that the money goes further outside the United States, but getting there isn’t always simple. The average benefit, hovering around $1,900 a month, can comfortably cover rent, food and healthcare in countries like Portugal, Mexico and Panama. Trouble is, affording a place and being allowed to live there are two different things.
Visa requirements often trip people up. Some countries want proof of a minimum monthly income before they’ll grant residency, and that threshold isn’t always something Social Security alone can meet. Others require health insurance, background checks or a lengthy paperwork process that takes months to clear.
Portugal, for example, has become a favorite for Americans chasing warm weather and lower costs, but its D7 visa demands documented passive income above a set line. Mexico and Panama tend to be friendlier for retirees on a fixed income, with simpler application processes.
Financial planners suggest doing the homework early. Understanding a country’s residency rules matters just as much as knowing the cost of a grocery run.
My Take…
So your $1,900 Social Security check buys you a nice life in Portugal, Mexico, or Panama. Cool. Except showing up with cash and a dream isn't the plan, genius, you need paperwork. Visas demand income minimums, insurance, background checks. Portugal's picky. Mexico and Panama? More chill. Homework first, piña colada later.
Click on the link below for the full article:
https://www.thestreet.com/retirement/can-you-retire-abroad-on-social-security-alone-we-checked-4-countries
