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Retirement Migration
Today we hear more and more about Israelis who live abroad after retiring from work. Sometimes they emigrate due to their children and grandchildren, and sometimes without any connection to them. There are countries where the quality of life for people in the golden age is high, and the cost of living is much lower than in Israel, which means that with the pension received from the National Insurance and insurance companies in Israel, one can live much better there. If this option interests you, you can find details in this article.
Immigrating abroad after retirement
it’s possible and even worthwhile Whether you are approaching retirement age or simply thinking about the future, an option worth considering is moving to another country, in order to enjoy a quality of life and tranquility that is hard to find in the Middle East. Relatively few people in Israel still take advantage of this option, compared to places like Britain, where citizens in the golden age emigrate in large numbers to various countries upon reaching retirement age and retiring from work. Among other things, this is due to the fact that Israel’s social security agreements do not allow for the continued receipt of pensions in all EU countries, but only in a small number of them, which may not necessarily be the first choice for every veteran citizen.
One of the more cost-effective countries to move to is Slovakia. If the cost of living and housing in Israel is eating up your pension, it is worth checking out the option of immigrating to Slovakia, which promises you peace, beauty, a comfortable climate, clean European nature, accessibility to other countries, an hour’s drive to Vienna, two hours to Budapest, or three hours to Prague – and the prices will allow you to enjoy all of this, since life in Slovakia is much cheaper.
If you are emigrating at retirement age, you must know about international social security agreements
As of today, Israel has signed social security agreements with the following countries: Austria, Uruguay, Italy, Bulgaria, Belgium, Britain, Germany, Denmark, Holland, Norway, Slovakia, Poland, Finland, the Czech Republic, France, Romania, Russia, Sweden, and Switzerland.
These international agreements entitle residents of Israel and the signatory countries to different benefits when they move between countries, prevent double payment of insurance fees, and allow you to maintain a continuous period of insurance coverage according to specific rules for each agreement.
International social security benefits may include, among other things, the following insurance branches: old age, total disability, work injury, children (child benefit), mothers (maternity benefit), and unemployment. But the main thing is of course the old-age benefit or veteran’s pension, which you can receive even when living abroad. This is in addition to the pension that you can transfer to your account abroad.
If you are specifically interested in the United States, note that according to the Treaty of Friendship and Commerce (which is not a social security agreement) signed between Israel and the United States, anyone who started receiving an old-age pension in Israel and moves to the United States is entitled to continue receiving the pension throughout their stay. But in fact, many Israelis choose to live in European countries, such as Bulgaria or Slovakia, which are closer to Israel (a few hours flight), and the cost of living there is much lower than in Israel and the US. Consider that in Slovakia, a person with a pension of 1000 euros can afford to live well.
Multiplying benefits – What happens if I am entitled to a benefit from more than one country?
Individuals who have accumulated a full insurance period (contribution period) in certain insurance sectors in Israel and in recognized countries may be entitled to benefits in the same sector from two or more countries simultaneously (according to the specific agreements signed with those countries). The entitled parties to multiply benefits are:
- An Israeli resident who temporarily moves to one of the countries that has signed an agreement with Israel.
- A former Israeli resident who accumulated an insurance period in Israel and then moved to a country that has signed an agreement with Israel.
- A resident of a country that has signed an agreement with Israel who moves to live in Israel for work purposes.
In some agreements, there is also entitlement for those working in airlines and shipping companies, public employees, crew members, refugees, and stateless persons who accumulated insurance periods in one of the countries.
Process of realizing social security entitlements
When a person moves from Israel to a recognized country or from a recognized country to Israel, they must contact the Foreign Relations Department of the National Insurance Institute to arrange their social rights entitlements. The forms and approvals needed to realize these entitlements can be obtained on the National Insurance Institute’s website and in their branches (don’t forget to make an appointment). The international agreement on social security signed between Israel and a variety of countries actually regulates all the social entitlements of those who move to another country, whether temporarily or permanently. Of course, it is particularly relevant to those who plan to migrate in retirement age. The entitlements promised by the agreement are:
- Receiving the entitled benefit as required by law.
- Preventing duplication of national insurance payments.
- Maintaining continuity of the insurance period.
Why is this good, actually?
Simply so that you can continue to enjoy all the entitlements that you are entitled to because you paid national insurance all your life in Israel, for example, you will receive your old age pension. It is very important to remember that social security agreements do not include health insurance, which means that you will need to have health insurance in the new country you are planning to move to, according to the law of that country. Israeli national insurance does not cover these costs.
