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As a US citizen you would still need to report all your income to the US. Your tax reporting does not change even if you move to Spain.
Your SS can continue even though you are outside the US.
Transferring the money to a bank in Spain would not be disallowed but that opens you up to an additional reporting possibility. FATCA. The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.
The reporting requirement for Form 8938 is separate from the reporting requirement for the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”) (formerly TD F 90-22.1). An individual may have to file both forms and separate penalties may apply for failure to file each form.
As afar as how much you can move to the bank in Spain you would have to speak with the US bank.
Whether the Wisconsin Teachers Pension can direct deposit to a foreign bank is a procedural question you should broach with the state plan. Here is a link to the change form
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