Originally Posted by robin1234

Basically, it's the way the US is set up.. you pay through the nose for everything. I do not understand the shortsighted attitude of Republicans & Tea-party folks etc. They want to reduce taxes? So you end up being nickel & dimed to death with fees, copays, contributions, local taxes, county taxes, charitable contributions etc. etc. etc.

Originally Posted by robin1234

I see the conservative crowd are rolling out their "Death Panels" motif again. It really is getting to be time to leave this country.

Originally Posted by Mummy in the foothills

I thought you had to be living in the country that you added the other country's SS contributions too? That doesn't sound right!
So if you live in UK you can add to your UK pension with the US credits and if you live in US you add to those credits with the UK credits. Or am I way off base?

Originally Posted by dunroving

To be honest, I really don't know the answer to that question, but I'd definitely be interested to know.

I also note that you can elect to retire and collect SS at 62, but it looks like you have to stop working in order to do so ... can anyone confirm that?

Originally Posted by J.J

There is nothing to stop you continuing (or returning ) to work after electing to retire and claim SS at 62 BUT your SS benefit payment may be reduced per the "retired earnings test". There is a min earning limit, below which you would not lose benefit.

SSA believes that someone continuing to work after 62 should not receive the full SS retirement amount until they reach normal retirement age.

Calculator http://www.ssa.gov/oact/cola/RTeffect.html

Article dated oct 2010 http://articles.moneycentral.msn.com....aspx?ucsort=2

SSA publication: http://www.ssa.gov/pubs/10069.html

Originally Posted by windsong

Sally, yes, I will have an income.

I am 58 now. I am planning to go back at age 62 because at that point I can begin to receive US SS of $1578 a month. This will be my security blanket over there as I have no relatives in the UK. I can also choose at that time to receive my company pension of $630 a month. I also plan to work in the UK until I am 65, so long as I can find a good job, similar to what I have in the US now.

I am thinking of delaying receiving my company pension until age 65 at which point it will be $850 a month. If I also pay in 5-10 years to the UK NI so I will get a small UK pension.

My goal here is to have as much income secured that is not touchable by the U.S. authorities. I do not trust what is going to happen to social security. Based on what I see happening in this country now that I would never have dreamed of seeing 15 years ago, who knows what could happen. Say the worst happens and SS is wiped out all together, I would still have my company pension of $850 a month (about 500 pounds I think) plus the small UK pension. The company pension and UK pension together are not much at all but it's still more than what the average OAP receives in Britain. Of course, it wouldn't even cover rent or a house payment but it is still something to fall back on if the worst happens.

I can't be stranded in the UK with only US SS income. I don't trust it.

Who knows, the US may decide to stop paying SS to people who are not living in the US, I don't know. More chance of that happening if they renounce their citizenship, I think. I would love to renounce it but I probably better not so as to protect the SS.

This is like trying to navigate a jungle.

Originally Posted by charleygirl

I am interested in the answer to this too, I had heard that our US contributions do not count but on the UK pensions website I believe it says they do. But of course now I cant find what I read earlier!

Originally Posted by chriswinter

Windsong you do know that if you take early US Soc.Sec at age 62, you can only earn a max amount per year/per month? Once you hit that max per year or month...US Soc. Sec. either lessens checks or outright stops SS checks until you are brought in line again. Right now the max earned income while on early SS is $14,160 a year or $1,180 per month. You will have to submit an income tax return...wherein you will state your combined incomes of both earned wages and SS. Once you hit the age of 66, you then can earn as much as you want whether yearly or monthly and will not be penalized by reduced amount of check or stoppage. But you will still have an income tax return to submit and possibility of paying further taxes.
Collecting early SS at age 62 does have some drawbacks, but over long term you will collect more.

Originally Posted by fulwood

also if you have worked long enough in US to get your pension view your company's plan rules. I take phone calls from employees of a major airline (may have said what is is before) you would be surprised by the retirees who are shocked that at 62 irregardless if they take social security or not have their pension offset by the amount of social security. Not all companies do it but some do..They should know about it as it is included in their retirement app but you know how that goes..

Originally Posted by windsong

Either before or after I reach 62, I plan to be living in the UK. I wonder if it will affect me then.

I didn't realize that collecting SS at 62 was considered "early". I thought that after you reached 62 you had a choice of age at which to retire.

So . . . I will be living in the UK collecting US SS - and working in the UK for a while, too. If my SS is reduced because I work in the UK and have to file US tax returns, I may delay taking SS until 65. It's not worth it to give it on one hand and take it away on the other.

Originally Posted by chriswinter

Windsong, I believe I saw on another post that you were born in 1952, is that correct? If so your full retirement age is 66, not 65. For those born 1943-1954 full retirement age is 66. I was born in 1946 and my full retirement age in US is 66. I took early US SS when I was 63.

I'm actually looking forward to turning 65 later this year when I turn 65.... finally, I will be eligible for Medicare.