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Forum: USA
Feb 4th 2020, 12:00 pm
Replies: 25
Views: 1,554
Posted By retman

Re: Charlotte- Mecklenburg: Securing a school place

My son went through the CMS school system from elementary, middle and high school. We lived on the South side (the wedge). Plenty of properties to rent or purchase. We could not afford private...
Forum: USA
Jan 30th 2020, 1:59 pm
Replies: 3
Views: 410
Posted By retman

Re: Transferring US SEP IRA pension to a UK based pension

A transfer from a IRA to another IRA is classified as a rollover, no tax implications. A transfer from an IRA to a UK pension fund which is a non-qualified retirement vehicle in the eyes of the IRS...
Forum: USA
Jan 26th 2020, 2:05 pm
Replies: 1,682
Views: 432,909
Posted By retman

Re: UK state pension and USA social security

I suggest calling the SSA direct on 1-800-772-1213. You may have to hold. I did for about 5 minutes. They took my details over the phone initially. I believe you can transact business by email and...
Forum: USA
Jan 26th 2020, 11:44 am
Replies: 1,682
Views: 432,909
Posted By retman

Re: UK state pension and USA social security

Some think WEP is fair, others not. You have to understand how US SOC SEC benefits are calculated, based on your record of contributions into the system. I am in the same situation and have just...
Forum: USA
Jul 15th 2019, 5:58 pm
Replies: 1,682
Views: 432,909
Posted By retman

Re: UK state pension and USA social security

costar:
Under the terms of the US/UK Totalization Agreement your US social security contributions assist in being able to claim UK state pension based on 6 years contributions. On its own 6 years of...
Forum: USA
Apr 29th 2019, 12:39 pm
Replies: 61
Views: 5,648
Posted By retman

Re: Medicare choices

sid nv,

I went online to Medicare.gov and reviewed Medicare Advantage plans for my zip code. You are correct. I confused matters be referring to "deductibles" when the correct term is "out of...
Forum: USA
Apr 28th 2019, 7:20 pm
Replies: 61
Views: 5,648
Posted By retman

Re: Medicare choices

sid nv,

You have raised good points as you delve deeper into Medicare and as you continue to research more and more questions arise. And yes, you have to start researching individual insurance...
Forum: USA
Apr 28th 2019, 12:12 pm
Replies: 61
Views: 5,648
Posted By retman

Re: Medicare choices

Giantaxe,
There are three ways in which premiums are : issue age, age attained and community rated. It is explained on Medicare .Gov.

There is definitely a push towards Medicare Advantage plans...
Forum: USA
Apr 27th 2019, 7:03 pm
Replies: 61
Views: 5,648
Posted By retman

Re: Medicare choices

A reputable agent values their reputation, so no I do not believe as a standard mode of operating they are trying to squeeze the largest amount of commission. I was recommended an insurance company...
Forum: USA
Apr 27th 2019, 12:33 pm
Replies: 61
Views: 5,648
Posted By retman

Re: Medicare choices

Plan F is being discontinued as the Government wants everyone to pay something, hence Plan G with its deductible of $185 becomes the best default. I think you need to view Agents in this situation a...
Forum: USA
Apr 26th 2019, 7:41 pm
Replies: 61
Views: 5,648
Posted By retman

Re: Medicare choices

I have just enrolled in Medicare at 65. Here is my take having "studied" MEDICARE for several months so as to fully understand the options and various nuances.

1. I suggest you work with a broker...
Forum: USA
Dec 28th 2018, 6:33 pm
Replies: 4
Views: 686
Posted By retman

Re: Pension Lifetime Allowance and NT tax code

Whether the 25% is tax free or not has been debated for a number of years. The general consensus, it is taxable for a resident or citizen of the US. There is a "Savings Clause" found in the treaty...
Forum: USA
Oct 17th 2018, 5:49 pm
Replies: 46
Views: 4,315
Posted By retman

Re: UK pension transfer to USA

While HMRC may have given the ok for a number of companies to accept QROPs, HMRC cannot speak on behalf of the IRS. The IRS has made it clear QROPs are not acceptable. If one were to try, you would...
Forum: USA
Jul 3rd 2018, 4:35 pm
Replies: 1,682
Views: 432,909
Posted By retman

Re: UK state pension and USA social security

A. The Totalization Agreement between the UK and USA will enable you to qualify for a UK State Pension. Your 34 yrs of US SS contributions makes you eligible. However it will be for an amount based...
Forum: USA
Mar 20th 2018, 12:05 pm
Replies: 3
Views: 743
Posted By retman

Re: Anyone know anything about getting U.K. pension paid into our U.S. Bank?

Many private pension providers will transfer funds to your US Bank. It is common these days. With regard to the 25% lump sum payment, for US citizens and residents it is considered taxable in the US...
Forum: USA
Mar 18th 2018, 6:30 pm
Replies: 1,682
Views: 432,909
Posted By retman

Re: UK state pension and USA social security

Agreed.

I also ran the screening tool questionnaire for WEP on the SSA website under International Programs. About the fourth question in it asks have you got 30 years substantial earnings.It...
Forum: USA
Mar 18th 2018, 5:39 pm
Replies: 1,682
Views: 432,909
Posted By retman

Re: UK state pension and USA social security

OAP,

My understanding is that if 30 years of substantial earnings is attained after FRA age 66 and then claims benefits at 70, then no WEP will apply. It does not matter that the 30yrs occurred...
Forum: USA
Mar 18th 2018, 4:38 pm
Replies: 1,682
Views: 432,909
Posted By retman

Re: UK state pension and USA social security

OAP,

I agree with your comments and that WEP amount will vary dependent on when social security is taken. The "bend point" at age 62 is the starting point for the WEP calculation. My focus was...
Forum: USA
Mar 18th 2018, 2:50 pm
Replies: 1,682
Views: 432,909
Posted By retman

Re: UK state pension and USA social security

The most that the WEP formula can reduce a person's benefit amount is by 50% of the first 'bend point' that applies for their year of birth. A person's benefit rate is calculated based on 1 to 3...
Forum: USA
Jan 16th 2018, 10:11 pm
Replies: 15
Views: 2,189
Posted By retman

Re: Over 55. Can I withdraw a UK private pension directly?

The HMRC linked document differentiates between a US Citizen and a US resident. According to HMRC a US resident who is NOT a US citizen is not taxed on 25% lump sum, whereas a US citizen is. I'm not...
Forum: USA
Apr 7th 2012, 9:36 pm
Replies: 2
Views: 1,075
Posted By retman

Taxes filed FORM 8938 and 1040 incorrect. What to do?

Taxes filed for 2011, form 8938 incorrectly completed, missed reporting large income amount and also on form 1040.. .
FBARs fully completed for all previous years, still holding onto 2011 for now....
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