mikej49

Hello,I have just joined the group today.
I am a 63 yr old male Brit (Registered nurse) who has worked here in Texas since 1977(Green card holder) except for a year back working in the UK for a year in 89.
I have made the decision to move back home to Yorkshire to be closer to family, they want me back also, I am single with no ties except for some great friends.
My question is can I have my 401k payments and SS payements transferred to a UK bank, I have payed into the 401k plan for many years and the same for social security, I will be 64 when I return and want to taker early retirement.
Am thinking about using the Mayflower international moving company to transfer the few things I am taking back, the rest I will sell or give away.

I would really appreciate any advice from the Expat community
Sincerely
Mike J

Mummy in the foothills

I don't know about 401's But the US embassy in London has a Social security admin office inside. Also Jasper on here in the over 50's thread has retired and is living in UK he'd know about having it sent to a UK bank.
Also are you getting your US citizenship before you go?

mikej49

No I dont plan on doing that, I want to keep my British Nationality
I really appreciate your advice and will see if I can get in touch with Jasper in the over 50s, am really new to this site (today actually) and finding it a bit hard to navigate but am getting there
Once again thank you for the info on the social security admin office in US embassy in London
mwj49

Mummy in the foothills

You don't lose your British nationality by attaining US one, you get to be a dual national. We have done it seeing our children were born here and should they all move back we'd want to come and go as we please. Also all our pensions are tied up here so we want to make sure we stay able to come back for whatever reason if needed.

mikej49

Hello again
thanks again for your valued info and understand the need for duel ciitizenship because of your children
Will see if I can find that link you talked about in the over 50s returning to UK
Sincerely
mwj49

Bar66949

If you are not a US citizen are you allowed to get your social security retirement if you move to another country? Once you move from the USA and are no longer a permanent resident do your social security retirement benefits stop at some time?

mikej49

Hello
I hope not, I have payed into the system for many years, I thought that the UK and USA had some reciprical aggreements
Has anyone any thoughts ?
MWJ49

nun

Yes you can have those payment paid to you in the UK. The next question is how they will be taxed. You will have to file a 1040 or 1040NR depending on your status (if you return permanently to the UK you'll obviously have to give up the green card) and a UK self assessment tax form.

The US SS is relatively easy. Under the US/UK tax treaty US SS payments made to a resident of the UK are not taxable in the US, only in the UK. So you have to claim a treaty exemption on your us taxes so none of it is taxed in the US and include the SS on your UK tax form.

The 401k is also covered by the Treaty so that gains within it are free of UK and US tax until you take income out. How it will be taxed depends on your citizenship and residency. Assuming you give up the green card and become resident in the UK and you do not take US citizenship the income from the 401k will only be taxable in the UK. You'll have to file a W-8BEN to claim 0% withholding and also let your 401k provider know your status as a NRA claiming a tax treaty exemption.

The situation will change if you become a US citizen.

Mummy in the foothills

This is one of the reasons wanted me to have USC, he says reciprocal agrees can change with the times and he will have paid over 30 years into SS and wants to make sure he doesn't get cut off in the future for moving out of the US.

mikej49

Thank you so much for this information, I do plan on giving up my green card and living the rest of my life at home in the UK and I will talk to my 401k provider
Is a NRA a non returning Alien ?
Sincerely
mwj49

nun

Non Resident Alien

mikej49

Thank you !
of course, Non Resident Alien,I should have figured that, you have been a great help

mikej49

Hello again Ex pats
Am slowly sorting through my stuff and throwing a lot out and donating stuff to my local charity Shop.
I have made some enquiries re shipping of my articles back to UK.
I think I am going to go with Mayflower, an agent is coming over to look at what I have to ship and will give me a quote, they seem to have a good reputation.
Any Suggestions ?
Mikej49

Celticspirit

Hi, I am also in the Dallas area. I have been here almost 40 years with two attempts at going back ;0( Hopefully third time will be a charm :-) used Mayflower once and Allied once. Both times a full 40 foot container........and back. We had no problems with either company even with a Steinway 1906 grand piano!!!

mikej49

Hello Celticspirit
Many thanks for your advice re shipping companys, I decided to go with Mayflower and their local agent here in the Dallas/ Fort Worth area is Darryl Flood.
I had a rep visit me last week and she took an inventory of the things I wanted to take back home, just got my quote back and it was in the ball park I was thinking of, so am pleased about that.
Wow you had two moves there and back with a piano !!
Again, thank you
Mike