One of the most complex activities you will encounter when you leave a country with a different currency to where you're moving, is the transferring of assets. Timing is everything. The US dollar to Euro exchange rate can vary quite a bit from year to year. On 19 November, 2018, one USD was worth 0.9032 Euros. On 25 September 2022, a US dollar was equal to 1.0320 Euros and as of 18 November 2024, a US dollar was worth 0.9435. So if you are transferring large sums as we do when we sell property and set up shop in a new country; the currency exchange difference can mean quite a lot.
A year on in my new home in Ireland and I still have a US credit card, a checking (current) account, my retirement accounts and of course my Social Security account which will always reside there. I am thankful we live in a digital world where I can access paperless credit card and bank statements as well as utility bills. A physical address is required to be attached to your US accounts though. Some US banking institutions allow international mailing addresses while others require a US address. Most people departing the US have a family member or friend that will oblige and let you use their mailing address - as my dear aunt in Los Angeles has done for me. Or there is the option to pay for a virtual mailbox. This is a service that will scan mail that is received under your name at your previous address so that you can access it digitally. Something to think about as you tie up loose ends. You need to plan this a few weeks before you leave the country though as there is a process to validate before leaving the country. Check out https://www.ipostal1.com.
We live in an age where cyber security is of the utmost importance so nowadays your mobile (cellphone) number is the key to accessing your international accounts. That's why I decided to transition my US number to Google Voice. For a one-time fee of $20, I was able to retain ownership of my cell number and this allows me to use the Google Voice App to receive text messages and phone calls to my US number through the Voice app on my phone. What an invaluable service. The key here is that you need to start the process to port your US number to Google Voice a few days before your permanently leave the country so that the porting happens while you are in the US. I highly recommend this cost effective, easy to use solution. Wish everything were this simple. I have been able to successfully access all of my US accounts with the help of Voice and have received some messages from US friends who have yet to download WhatsApp!
US citizens and residents who are eligible for Social Security should get familiar with checking their statements and for those above forty, modelling out retirement scenarios is a must. You can project your access and project your future social security benefit payments on https://www.ssa.gov/.
You can start receiving your US Social Security retirement benefits as early as age 62, but the benefit amount will be lower than your full retirement benefit amount if you do so. Normal retirement age in the US for anyone born in 1960 or later is 67. If you wait until age 70 to start your social security benefits, your benefit amount will be higher because you will receive delayed retirement credits for each month you delay filing for benefits. A lot to consider and I haven't even started talking about US tax obligations. More to come on that in a later post.
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