Senior citizens in the U.S. seeking adventure after retirement Opens a New Window. may want to consider fleeing the country, particularly to parts of the world where Social Security benefits Opens a New Window. last the longest.
There are plenty of ways to boost Opens a New Window. your retirement income Opens a New Window. — from delaying retirement past the age of 65 to ensuring you work a full 35 years — but moving is one of the best options, especially if you live in a state that taxes Social Security benefits.
So far, at least 13 states impose taxes on Social Security benefits. They include Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia. In February, a 14th state (Illinois) reportedly Opens a New Window. said it was mulling a state income tax on Social Security benefits.
“Social Security is largely a pay-as-you-go program. This means that today’s workers pay Social Security taxes into the program and money flows back out as monthly income to beneficiaries,” the National Academy of Social Insurance explains online Opens a New Window. , adding that roughly 170 million Americans pay Social Security taxes and more than 60 million individuals collect benefits each month.
- Saudi Arabia
- South Africa
- Costa Rica