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Living on Social Security Abroad: A Feasible Retirement Strategy for Some

Apr 04, 2026 11:10 UTC
Long term

A growing number of Americans are considering retirement abroad on Social Security benefits. This article explores the financial viability of such a move.

  • 17% of Americans 55 and older are ready to move abroad.
  • Average 2026 Social Security benefit is $2,071.
  • Panama, Belize, and Portugal are viable options for living on these benefits.
  • Larger cities in Portugal may require higher budgets.
  • Visa requirements and Social Security eligibility are critical factors.

A record number of Americans are considering or planning to move abroad, with 17% of those aged 55 and older expressing readiness to relocate. The allure of stretching Social Security benefits in countries with lower living costs is a key motivator. The average monthly Social Security benefit in 2026 is $2,071, with higher amounts for those who delay claiming until age 70. Countries like Panama, Belize, and Portugal offer potential destinations where these benefits could cover basic living expenses. For instance, Panama's cities such as Boquete and Panama City can be managed on $1,500 to $2,000 monthly. Belize allows couples to live on less than $2,000, while Portugal's smaller towns require $1,600 to $2,200. However, larger cities in Portugal may demand higher budgets. Prospective expats should research visa requirements and ensure the country is on the approved list for continued Social Security payments. While feasible for some, this strategy requires lifestyle adjustments and thorough preparation.

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