Re: UK state pension and USA social security
Originally Posted by Lechtenberg
(Post 11929828)
A number of people have told me they don't report there pensions because the US gov. Takes a chunk of them away. I know it's illegal, but I can't say I blame them.
As far as my being lucky my husband and I have more money than most. It has nothing to do with luck. It has to do with working hard. Both in school and life. We, don't have anything we didn't earn. It wasn't a "windfall". Neither of us came from wealthy families. No one gave us free money. And as far as I'm concerned I didn't pay into the system for it to be given randomly to someone else, who quite possible is in need because they don't want to work. If I want to give some of my hard earned money away I'd rather choose who It goes to so that I can make sure its someone deserving of it. It's important to note that WEP is nothing to do with being wealthy, though. Folks who are just scraping by on a couple of mediocre pensions could be subject to it, and in their case it could be devastating. |
Re: UK state pension and USA social security
Originally Posted by Lechtenberg
(Post 11929828)
As far as my being lucky my husband and I have more money than most. It has nothing to do with luck. It has to do with working hard. Both in school and life. We, don't have anything we didn't earn. It wasn't a "windfall". Neither of us came from wealthy families. No one gave us free money. And as far as I'm concerned I didn't pay into the system for it to be given randomly to someone else, who quite possible is in need because they don't want to work. If I want to give some of my hard earned money away I'd rather choose who It goes to so that I can make sure its someone deserving of it.
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Re: UK state pension and USA social security
Originally Posted by lansbury
(Post 11929842)
In your original post you didn't say anything about your husbands SS. How many years has he paid into it, and is he subject to WEP?
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Re: UK state pension and USA social security
Originally Posted by robin1234
(Post 11929865)
I certainly think the word "windfall" in WEP is unfortunate, and borderline insulting. I don't like WEP either, my wife and I are both subject to it, in my case because of the British State Pension, in her case because of the British State Pension and a Massachusetts teachers pension.
It's important to note that WEP is nothing to do with being wealthy, though. Folks who are just scraping by on a couple of mediocre pensions could be subject to it, and in their case it could be devastating. It seems to me this is yet another example of legislators making bad laws that aren't thought through and catch everyone ad hoc in the net. |
Re: UK state pension and USA social security
Originally Posted by Lechtenberg
(Post 11929874)
No he won't be subject to WEP. He was born in America and has just retired. He's paid SS and all relevant taxes on all his earnings.
If 50% of your husbands SS pension is more than your own, my understanding is you receive the higher amount. A spouse pension is not subject to WEP. |
Re: UK state pension and USA social security
Originally Posted by lansbury
(Post 11929878)
Then you should look into claiming a spouse SS pension based on your husbands' earnings. I claim a spouse pension and it is 50% of my wifes' maximum SS pension.
If 50% of your husbands SS pension is more than your own, my understanding is you receive the higher amount. A spouse pension is not subject to WEP. they ever will. |
Re: UK state pension and USA social security
Originally Posted by Lechtenberg
(Post 11929934)
..... I believe it's intended to affect US citizens working abroad who are not paying the applicable taxes in their home country and then claim SS. People like me are caught in the middle. .....
I happened, by dumb luck, to arrive in the US young enough to be likely to earn my way out of the claws of WEP entirely, all being well. But I also have my British state pension, which I am making voluntary contributions to, and I have several private pension funds in the UK from several jobs I had there, and my 401k. |
Re: UK state pension and USA social security
Originally Posted by Pulaski
(Post 11929938)
No. As I think has already been explained above, the primary intent was to claw back some social security from US citizens who have a government pension, because they pay into the government scheme, not social security. To some degree everyone else is collateral damage, and the impact is fairly random, as you said, in the ways that were unpredictable, or at least couldn't be planned for.
I happened, by dumb luck, to arrive in the US young enough to be likely to earn my way out of the claws of WEP entirely, all being well. But I also have my British state pension, which I am making voluntary contributions to, and I have several private pension funds in the UK from several jobs I had there, and my 401k. |
Re: UK state pension and USA social security
Originally Posted by Lechtenberg
(Post 11929945)
I tried to make some extra payments some years ago with the intent of qualifying for a full British pension. I couldn't get a staight answer from the pension dept. then they told me it was too late as I was within a certain number of months/years from pension age. I'll have to check now about those 6 years that you mentions.
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Re: UK state pension and USA social security
I just got my pension forecast. It says I have 40 years of contributions.
I'm 50 and have lived here almost exactly 10 years. According to that I paid since the age of 10. It was bloody hard work in't mill at that age I can tell tha. |
Re: UK state pension and USA social security
Originally Posted by g1ant
(Post 11930037)
I just got my pension forecast. It says I have 40 years of contributions.
I'm 50 and have lived here almost exactly 10 years. According to that I paid since the age of 10. It was bloody hard work in't mill at that age I can tell tha. |
Re: UK state pension and USA social security
Originally Posted by lansbury
(Post 11930041)
Sure it wasn't 40 quarters?
full pension. I'm not complaining. |
Re: UK state pension and USA social security
Originally Posted by g1ant
(Post 11930052)
No, UK forecast. 40 years.
full pension. I'm not complaining. |
Re: UK state pension and USA social security
Just an update to my previous posts regarding the WEP provision where the US gov. takes a chunk out of your Soc. security because you get a British pension. Next year when my husband gets his S.S. Pension I know I can claim half of his as its so much more than mine. However, I've been knformed by the S.S. Office that they will still deduct $200 from the amount I get to allow for the "windfall" I received for twelves years of work in England.
My husband will get his full amount as he has worked for the requisite amount of quarters and had paid SS tax on all of them. |
Re: UK state pension and USA social security
If you only have 36 quarters is it possible to be "self employed" for another year to get up to the 40 quarters.
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