Beedubya

Well I don't know about the ins and outs of this Don, but I do know one of my sisters and her husband have sold their home and are renting and using the banked money to travel, etc. They know "somebody" who had to sell up when they went into care........and so made this decision for themselves in the past year or so.......

Mallory

It's not taxable if you earn under a certain amount. I can't remember what the amount is though.

Tyrone

The rules for US Social Security states you can start collecting at 62 years. When I asked my accountant earlier this year he suggested that one files for it in your last year as he says most people will not live long enough to get it all back and the 5% penalty is minimal but he says do not work when you start claiming as you pay alot back in tax penalities, my sister just filed last year and she says you should go 3 months before leaving your job so all the paperwork is filed and they have your banking info all sorted, when I go home in March for a vacation I have an appt with a tax accountant on which county I should file to pay taxes in before I leave the US I.e. leave my money here and withdraw via ATM), I will report back on my return as to what he says and also I was advised not to puchase a house in my return as stated by a lot of you as it gives one freedom to travel and rent apts in other counties for a month or longer to vacation in plus was told what if you were not happy a year after returning or you want to move to another town...
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943-1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 or later 67
For example, if your normal retirement age is 66 and you elect to start benefits at age 62, there are 48 months of reduced benefits. The reduction for the first 36 months is five-ninths of 36%, or 20%. The reduction for the remaining 12 months is five-twelfths of 12%, or 5%. So, in this example, the total benefit reduction is 25%.

... and you'll get credit for delaying
If you delay retirement until after your normal retirement age (prior to age 70), you typically get a credit. For example, say you were born in 1944. Your normal retirement age is 66, but you intend to take your benefits at age 68. By waiting the extra two years, you get a credit of 8% per year, which means your benefit is 16% higher than the amount you would have received at age 66.

Hope this makes sense - hi Windsong I hope all goes well for you withyour job hunting.

Mallory

Another thing to remember, particularly for women, when choosing what age to take SS, especially if hubby is older than you. When you reach the age of 66, if your hubby dies (and you've been married 10 years), you starting drawing his amount of social security. So if you wait to draw your SS until 66, and then hubby dies after a few years, and you revert to his, you probably could never recoup the amount of money you would have got if you had taken it at 62.

cheers

Spot on and my sentiments entirely!
As others have said you can get booted out of a rental but the flip side is you can move when your lease is up so you have some control.

J.J

AFAIK, US SS received in UK will be taxed in UK (not in US) as income according to the prevalent rules of the UK tax regime at the time, combined with whatever other income you may have. i.e. no tax up to the personal allowance limit (currently GBP 6,475 under age 65), then at prevalent tax brackets for income above.

Oh absolutely Windsong, exchange can have a major impact upon income from US.
Brits that moved to Spain struggled when the Pound-Euro took an unfavorable turn in rate in recent years.

Filed in the back of DH's mind for consideration at the due time is to hopefully have enough reserves to live on in UK and if the rate turns unfavorable to save the US pension in US $ (maybe offshore) while the rate is unfavorable, then bring it to GBP when it turns good again.
But exchange rates are very unpredictable, they go up and down yes, but it's not possible to reliably predict when and how much.
here is a website DH uses to watch the movements, it's also the same website we use to transfer $$ to UK.
http://www.xe.com/currencycharts/?fr...o=USD&view=10Y

cheers

If you only have Social for income you wouldn't be making enough for taxes.

cheers

Its a jungle out there.

No waiting in JC Penneys

No waiting in Sears.

Big long line in Target. I left my purchases in the store and left the store.

So you know.

J.J

Thanks for relaying that Tyrone.

We are in middle ground right now,
Younger Husband working in UK on decent salary. Wife qualified for US and UK pensions benefits.
We have delayed my pension benefits while he continues to work to get salary which is higher than my potential pension income, and as you say, avoid taking both and suffering tax loss on pensions because of it. Pensions US and UK do increase by deferring them - but we roll the dice as to will we gain in the long run or fall off our perch before we get back what we deferred.

Once off the perch it won't matter so as long as we feel we doing the right thing and enjoying ourselves for now we are OK, meanwhile keeping a weather eye on when he should retire and we go onto pensions income alone. Roll of the dice.

Mummy in the foothills

You were brave to go out at all
I went online to Amazon and did the black friday hot deals. I am officially finished with the Christmas shopping. All I have to do is send a parcel to UK small weighing less than 2lbs and shop for food.

Fish n Chips 56

Wingsong.
Some homes have built in closets, but still free standing wardrobes are popular.

Check out www.DFS.co.uk they have some nice furniture, I've been in their stores many times, I Love British furniture shops, the Brits have such good taste for comfortable and beautiful things.

windsong

Thanks, FnC. I am saving all these links for when I am over there and ready to buy. In the meantime, they help me dream - and plan to reach my goal

Fish n Chips 56

I understand totally, we are on the same page.

Celticspirit

Thanks for the site. Some really nice furniture.....plus there is a branch in Belfast. Must have leather, it makes life much simpler with dogs!!

Gabgoeshome

LOL ...kids too

Leather is our 'must have' next time !