UK Pension and SS - WEP question
Jul 15th 2014, 6:01 pm
#1
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Joined: Jul 2014
Location: Sarasota, Florida
Posts: 8
UK Pension and SS - WEP question
I have started receiving my UK Pension (I contributed for 17 years so it is not a full pension) and have it paid directly into a sterling offshore account in Isle of Man. It accumulates.
I live in the US and I am expecting to retire in another 4 years or so. By then I would have worked in the US for 30 years. I have 3 questions.
1. If I work for 30 years and have contributed to SS all that time do I avoid WEP?
2. If I retire a little sooner with only having worked here for say 28 years, does WEP apply and how much will it be reduced because of my UK pension?
3. Will keeping the pension in an offshore account be OK (tax free) until it tops $10,000 and then I will be liable to pay tax on it?
Hope someone can give me some advice.
Thanks
I live in the US and I am expecting to retire in another 4 years or so. By then I would have worked in the US for 30 years. I have 3 questions.
1. If I work for 30 years and have contributed to SS all that time do I avoid WEP?
2. If I retire a little sooner with only having worked here for say 28 years, does WEP apply and how much will it be reduced because of my UK pension?
3. Will keeping the pension in an offshore account be OK (tax free) until it tops $10,000 and then I will be liable to pay tax on it?
Hope someone can give me some advice.
Thanks
Jul 15th 2014, 9:47 pm
#2
MODERATOR
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,077
Re: UK Pension and SS - WEP question
Hi Magnum16h and welcome to BE
I see you have asked this question in the Financial section and hopefully someone will be able to help you there, Might be worth also posting in the US section.
Hope you get the answers you need. Best wishes
I see you have asked this question in the Financial section and hopefully someone will be able to help you there, Might be worth also posting in the US section.
Hope you get the answers you need. Best wishes
Jul 15th 2014, 10:11 pm
#3
Just Joined
Thread Starter
Joined: Jul 2014
Location: Sarasota, Florida
Posts: 8
Re: UK Pension and SS - WEP question
Oh I'm sorry I thought this was the right place as it was headed pensions. Can tell me exactly where I should post it?
Thanks
Thanks
Jul 16th 2014, 4:56 am
#4
MODERATOR
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,077
Re: UK Pension and SS - WEP question
no need to apologise, this is the Welcome Inn so somewhere just to introduce yourself and ask any questions re how to post in the Forum
US forum is here USA - British Expats
hopefully with these few posts someone will be able to help you
US forum is here USA - British Expats
hopefully with these few posts someone will be able to help you
Jul 16th 2014, 2:58 pm
#5
Just Joined
Thread Starter
Joined: Jul 2014
Location: Sarasota, Florida
Posts: 8
Re: UK Pension and SS - WEP question
Thank you! I did post it in another forum/thread and received some good feedback.
I appreciate your kindness.
I appreciate your kindness.
