Do I get Social Security if I renounce US Citizenship?
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- Опубліковано 4 жов 2024
- What happens with your Social Security if you renounce US citizenship?
Thankfully, even if you decide not to be a US citizen anymore, social security benefits are still due to you.
Of course, there are some rules that you need to abide by, but the quick answer is that you still have right to your social security money.
It's also important to have restrictions in mind, as there is a number of countries to which the US government won't send SS benefits.
If you're not certain what you're owed, then you can simply go to the SS website, enter your personal information and you'll get a clear idea of how much money you have.
This is the situation for now, but it can be changed at any time, so it's important to keep yourself informed.
So, if you're considering renouncing US citizenship, but you're worried whether or not your SS benefits will stay in place, you now have your answer.
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What about Disability benefits?
Most of your clients don’t need social security. Their tax savings alone would cover the cost likely.
Forget about social security; it is just icing on the cake. Build your own retirement income through wise investments, especially real estate.
UltimateBargains ...yes, that's a better option, but if a person has already paid into SS, then that person is entitled to their money that he has paid all those years. Plus, I don't want the US gov to keep my money.
So, SS is an entitlement? The truth is that the SS law doesn't require the government to provide for the return *on* your *investment* or the return *of* your investment. SS contributions are a tax, nothing more. You will only get that money if you vote for the *right* politicians who are holding that money as hostage in exchange for your vote. Therefore, SS *is* an entitlement program, not a savings program or retirement account. You were robbed.
You pay into it when you work anyway so you cannot forget about it. It is yours so get it.
@@UltimateBargains So vote for them.
You got to be the main guys brother,,,,,,look and sound like him,
Hi Andrew. I saw a recent video of yours where Patrick Bet David would pay $275,000.00 to anyone who would renounce their US citizenship and agree never to come back. I was under the misconception that if I renounced my citizenship, I would lose my SS benefits. Well, if I get to keep my SSI, then there's no reason to maintain my citizenship. If Pat's going to pay for it, could I hire your firm to handle it?
I would like to see a Visa of a former born US citizen
You don't want a ssn, that pulls you back into their jurisdiction.. But all you gotta do is become a state National
The biggest punishment is the requirement to return to the U.S. if out of the country for more then what 3 months to return for a full month..ask yourselves why..this is a punishment. An UnConstitutional Taking. Burdensome onerous punishment. Freedom isn't retiring when the Social Security Administration makes a leash around your neck to get what's owed to you. The reason most would leave is to live where the little the Social Security gives is enough to live a decent life..the intent of the program. Yet..the cost to fly back stay a full month or they turn if off rules are unConstitutional Taking and punishment. Everyone should take this to Congress and fix it
I'm 64 and living on my SS and pension. I've also got a 457 plan and a Roth IRA. If I renounce my U.S. citizen ship will I still have to pay U.S. taxes after I've left? I don't need a 7 figure income, but I do need the full amount of my SS and pension.
The only group of people who put into social security but are legally barred from collecting social security are those who have been deported from the US. These arr ussually green card holders who ran a foul with the law. Most people deported can apply for reentry back to the US after a period of time I believe 10 years. If they ever gain approval for rentry to the US they can then get their social security.
What countries will they send to?
Hi Andrew
I love your channel!
I have a question : What tax residencies offer you the possibility of not paying social security?
I've readen Georgia does, if that's true, maybe others do as well.
Sorry for not asking question on topic , can someone help me please, I can’t find any information in the internet. So, I want to run up a business in Georgia (cafe), can I open company somewhere in offshores and then can I do business in Georgia via that company in purpose of reducing tax or it sound too stupid, if yes please answer why it will not work, or if it will work please answer me which jurisdiction I should choose or what criteria’s should be met in this situation
Hello Andrew, I gave up Citizenship in 2010 in Bangkok, I now what to start to collect my social security (I am 65) and live in Thailand, any suggestions on how to proceed? thank you kindly
I would advice everyone to call SSA and verify based on your actual circumstances. There are a lot of weird rules, based on agreements with various countries. For example, if you renounce US citizenship, and become a citizen of New Zealand residing there, you cannot receive SSA benefits, even if you’ve completed 40 quarters. But if you’re a New Zealand citizen, residing in Australia, you are eligible for benefits. But if you’re an Aussie citizen, residing in NZ, you can get benefits. That’s just an example, there’s a lot of weird rules.
That's right . SSA wants you to claim the u.s. as your residency before they'll give you YOUR social security.
You need a total of 40 quarters to claim including credit for paying into Social Security in countries with Totalisation agreements. I’d recommend sting Social security upto to 90% bend point ($1024 in 2022) as it’s the best retirement annuity money can buy.
Remember you can claim social security from multiple countries. A few years of US, a few of the UK, a few from France… etc. they make you work 50 years to claim so make sure you get 50 years worth buy shopping around as you move around.
But I dont think they'll pay it overseas.
I would still pay into social security overseas even if you dont plan to take it.
Why? Because health insurance for elderly is a bitch to get or is prohibitively expensive. Say you get cancer at 40. Your private health care caps at probably $1million dollars. So organ transplant and you are done. You still need post transplant drugs for life. But i live in a socialized medicine country. They also cap benefits on a variety of criteria, but softly. You are only approved for this or that.
You need the Social security safety net which enables medicare to pay for what you cant get elsewhere.
So pay SS, fica, and medicare as a low cost low probability castrophic health care or elderly care insurance.
if I would move to africa could still get my social security
I learned that the SSA may take 25.5% of your payment as a mandatory tax (for non-citizens). Do you know if you can get that back at the end of the year, if your income is low enough? Or is that a cut that they never return? Thanks.
Try asking devin Carroll he have youtube channel and focused on social security.
I found this question silly, maybe just because there are some benefits of SSN, people are asking it. But for me, this question is like asking, will you still be charged after renouncing U.S citizenship lol
Not that it matters b/c those programs are bankrupt
M D not true it is the surplus that was borrowed to bail out banks, corporations by both parties.
The world is bankrupt
Apparently, some folks were able to use their SSN as the account number and their local district or county number designation as the routing number were able to make initial acquisition of purchases until some sort of error, something to look into.. Is not our social security number an account in our name, or a corporation created in our name without our consent?
So if the US social security goes bankrupt and you're a dual citizen can you just move to your other country of citizenship and collect some kind of benefits?
But there is not going to be any social security soon. So why worry, LOL