Yes, absolutely, you are eligible for old age social security benefits as long as you have earned enough lifetime credits to qualify, just as if you stayed in the US. For more complicated concerns, check with the Social Security Administration. Their website is http://www.socialsecurity.gov.
This FAQ from the American Association for Retired Persons (AARP) also provides some excellent information about receiving social security abroad:
http://www.aarp.org/worldwide/Articles/a2004-09-30-faq-ssabroad.html
Post your comments and questions about this topic to the following RetireAway Discussion Forums:
Americans Retiring Abroad,
Money Matters,
Taxation for Retired Americans Living Overseas,
or any other appropriate
RetireAway Discussion Forum.