October 17, 2018 | by Chris Stein, CFP®, Finance Instructor at Colorado State University
Receiving Benefits While Abroad

When you're done reading, be sure to listen to our audio blog below!

Reader question:  “I will be in Romania for several years.  If I open a bank account there, can my Social Security benefits be sent there?”

Good News While Abroad

There is good news on this one.  The simple answer is yes, generally you can have your benefits sent to you when you are out of the country.  The requirements are pretty basic.

  1. Must be a U.S. Citizen (non-citizens who receive benefits may, or may not be able to receive benefits while out of the U.S.)
  2. Payments cannot be sent to the following countries, but any payments withheld while you are there will be paid when you move to a non-restricted country:
    • Azerbaijan
    • Belarus
    • Cuba
    • Kazakhstan
    • Kyrgyzstan
    • Moldova
    • North Korea
    • Tajikistan
    • Turkmenistan
    • Ukraine
    • Uzbekistan

For non-U.S citizens as well as dependents and survivors, the rules a bit more complicated, but can be found in the Social Security publication here:  https://www.ssa.gov/pubs/EN-05-10137.pdf

Comments are closed

Jim Saulnier and Associates | 970-530-0556 | 506 East Mulberry Street, Fort Collins, Colorado 80524
© 2018 Jim Saulnier, LLC. All rights reserved.

Ed Slott Advisor recognition requires an advisor to be well versed on the rules and regulations regarding IRAs.
The advisor must attend two live training sessions and pass two written exams annually to remain in the program.

Jim Saulnier, Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC to residents of: CO, IA, IN, MA, NY, TN, TX, WI and WY. No offers may be made to or accepted from any resident outside the specific states mentioned. Jim Saulnier, Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Financial Planning services offered through Jim Saulnier and Associates, LLC., a Registered Investment Advisor. Cambridge and Jim Saulnier & Associates, LLC are not affiliated.

Theme by Theme Flames, powered by Wordpress.