Social Security For Former US Residents Abroad

- Social Security Law Blog

[Social Security For Former US Residents Abroad @SocSecurityLaw]

Social Security payments while living outside the United States https://t.co/IHhP2P1Q96

[Texas Bubba @rwellis2831]

Concerning Social Security payments, my contributions were made for over 40 years on every salary I received. Those jobs may not have always been the work I wanted to be doing at the time, BUT I always had a job.
The Social Security check is now (or soon will be) referred to as a "Federal Benefit Payment?" I'll be part of the one percent to forward this. I am forwarding it because it touches a nerve in me, and I hope it will in you. Please keep passing it on until everyone in our country has read it.
The government is now referring to our Social Security checks as a "Federal Benefit Payment." This isn't a benefit. It is our money paid out of our earned income! Not only did we all contribute to Social Security but our employers did too. It totaled 15% of our income before taxes.
If you averaged $30K per year over your working life, that's close to $180,000 invested in Social Security.
If you calculate the future value of your monthly investment in social security ($375/month, including both you and your employers contributions) at a meager 1% interest rate compounded monthly, after 40 years of working you'd have more than $1.3+ million dollars saved!
This is your personal investment. Upon retirement, if you took out only 3% per year, you'd receive $39,318 per year, or $3,277 per month.
That's almost three times more than today's average Social Security benefit of $1,230 per month, according to the Social Security Administration. (Google it – it’s a fact).
And your retirement fund would last more than 33 years (until you're 98 if you retire at age 65)! I can only imagine how much better most average-income people could live in retirement if our government had just invested our money in low-risk interest-earning accounts.
Instead, the folks in Washington pulled off a bigger "Ponzi scheme" than Bernie Madoff ever did. They took our money and used it elsewhere. They forgot (oh yes, they knew) that it was OUR money they were taking. They didn't have a referendum to ask us if we wanted to lend the money to them. And they didn't pay interest on the debt they assumed. And recently they've told us that the money won't support us for very much longer.
But is it our fault they misused our investments? And now, to add insult to injury, they're calling it a "benefit", as if we never worked to earn every penny of it.
Just because they borrowed the money doesn't mean that our investments were a charity!
Let's take a stand. We have earned our right to Social Security and Medicare. Demand that our legislators bring some sense into our government.
Find a way to keep Social Security and Medicare going for the sake of that 92% of our population who need it.
Then call it what it is: Our Earned Retirement Income.
99% of people won't Cut and Paste this to their timelines. Will you?
Please, for the sake of our country, Copy & Paste. It's important.

[John Richardson - Counsellor for US persons abroad @ExpatriationLaw]

@Sei02579989 @Congressman_JVD @SocSecurityLaw I disagree. The WEP issue was perceived as discrimination against US citizen public employees. This is about ending SS payments to non-citizens (good revenue offset).

[HS in Tokyo @Sei02579989]

@ExpatriationLaw @Congressman_JVD @SocSecurityLaw But one amendment called for overseas pensioners to be excluded from and it failed. Anyway I hope this fails or at least those already in the system will nig be screwed over.

[Tree @aseoane123]

@ExpatriationLaw @Congressman_JVD @SocSecurityLaw not sure depriving them from benefits would hold up in court then

[John Richardson - Counsellor for US persons abroad @ExpatriationLaw]

@aseoane123 @Congressman_JVD @SocSecurityLaw The US already does this. Undocumented aliens pay into US Social Security but don't benefit. Perhaps discrimination based on citizenship. @TAP

[John Richardson - Counsellor for US persons abroad @ExpatriationLaw]

Yesterday I learned about a @USCitizenAbroad with US Social Security being a major portion of her annual income. As a US citizen she paid little or no US tax on her Social Security. By renouncing she became a nonresident alien which meant her US Social Security is subject to a 25% US withholding tax and NOT taxed in her country of residence!! ! She had VERY BAD advice. Different rules for differnet countries!!
https://t.co/FifGvzyqh1

[Social Security For Former US Residents Abroad @SocSecurityLaw]

American Bar Association recommends (among other things) that there should be no 3520 requirement for Canadian TFSAs. https://t.co/T7mDc68EAz

[Social Security For Former US Residents Abroad @SocSecurityLaw]

https://t.co/xx9bckuqLD

[Social Security For Former US Residents Abroad @SocSecurityLaw]

https://t.co/MXxFUh7TiI

[Inequality Media @InequalityMedia]

Here's how the super-rich are killing Social Security.

[Social Security For Former US Residents Abroad @SocSecurityLaw]

https://t.co/qUyu9PUcJA

[Inequality Media @InequalityMedia]

Here's how the super-rich are killing Social Security.

[John Richardson - Counsellor for US persons abroad @ExpatriationLaw]

This couple -although living in Portugal - is probably better off under existing @citizenshiptax regime because they are living primaily off US @SocSecurityLaw. https://t.co/gGB4cC8WvA

[AmeriPrep Financial - In a @citizenshiptax world @AmeriPREP]

https://t.co/yrKSeLtSeE

[John Richardson - Counsellor for US persons abroad @ExpatriationLaw]

The WEP reduces benefits for some workers who receive pensions from jobs in which they were not required to pay Social Security taxes. - https://t.co/8Gh88XX3sH

[Social Security For Former US Residents Abroad @SocSecurityLaw]

A US Social Security Primer: What you didn't know and didn't know to ask! https://t.co/Y5U19cSyCh via @expatriationlaw

[Social Security For Former US Residents Abroad @SocSecurityLaw]

The Importance Of US Social Security For Americans Abroad https://t.co/F5zyUMcEmB

[Social Security For Former US Residents Abroad @SocSecurityLaw]

My answer to What will happen to the Social Security earned while working in the US if a US permanent resident moves back permanently to for example, the Netherlands where they are a citizen? https://t.co/9iWlpiJNWM

[Social Security For Former US Residents Abroad @SocSecurityLaw]

My answer to If a person from the US whose main income was Social Security were to move to Spain, what would happen to their SS? Presumably Spain would tax it? https://t.co/ncXDChqVgm

[Social Security For Former US Residents Abroad @SocSecurityLaw]

Excellent discussion of the taxation of non-US Social Security payments. General principle is that the US can tax them, this can be altered by treaty and that different treaties can lead to different results ... https://t.co/3dVolgiMPj

[Social Security For Former US Residents Abroad @SocSecurityLaw]

My answer to What will happen to the Social Security earned while working in the US if a US permanent resident moves back permanently to for example, the Netherlands where they are a citizen? https://t.co/9iWlpiJNWM