Useful SSN retirement info

[Joker_007]

Receiving Social Security Benefits Outside the US

With the exception of a few countries, workers can receive U.S. Social Security benefits regardless of where in the world they live. In some limited instances, Social Security will stop payments to non-U.S. citizens who have been outside the United States for six full calendar months, but resume them if the person returns to the U.S.

 

These rules are explained in depth in the Social Security booklet "Your Payments While You Are Outside the United States."

 

 

Whether your client is subject to Social Security taxes depends in part on whether they are in the U.S. as a resident or non-resident alien.

[hunkyfunky]

if any one is expecting to get this payment who are below 40 is no.1 fool. especially after events in 2020 ... SSN will be empty before 2040 and no measures are being taken... both Dems and Reps don't want to touch as it is suicidal in short term. 

you may get 1/5th or 1/10th and with inflation those numbers will be peanuts. Current retired people who are living in low cost areas or who don't have mortgate payments are having good time (actually great time)... we are not so lucky. consider this money gone forever. 

[JackSeal]

16 minutes ago, hunkyfunky said:

if any one is expecting to get this payment who are below 40 is no.1 fool. especially after events in 2020 ... SSN will be empty before 2040 and no measures are being taken... both Dems and Reps don't want to touch as it is suicidal in short term. 

you may get 1/5th or 1/10th and with inflation those numbers will be peanuts. Current retired people who are living in low cost areas or who don't have mortgate payments are having good time (actually great time)... we are not so lucky. consider this money gone forever. 

I think social security benefits is a niranthara prakriya , today ur paying ssn taxes and those proceedings are paid to retirees ... tomorrow when u retire you get paid from taxes paid by active employees at that time ... and this cycle continues ... correct me if I’m wrong 

[zarathustra]

5 minutes ago, JackSeal said:

I think social security benefits is a niranthara prakriya , today ur paying ssn taxes and those proceedings are paid to retirees ... tomorrow when u retire you get paid from taxes paid by active employees at that time ... and this cycle continues ... correct me if I’m wrong 

Yes this is how it works, but there is a talk going around that SSN will eventually become bankrupt 

[no01]

4 minutes ago, JackSeal said:

I think social security benefits is a niranthara prakriya , today ur paying ssn taxes and those proceedings are paid to retirees ... tomorrow when u retire you get paid from taxes paid by active employees at that time ... and this cycle continues ... correct me if I’m wrong 

in theory thats how it works but I read somewhere that due to inflation and other factors, the SS tax we pay now is not enough to keep paying back to retire's in future...either fed govt should increase more SS % now or retired ppl should die early  in coming yrs. 

[no01]

Just now, no01 said:

in theory thats how it works but I read somewhere that due to inflation and other factors, the SS tax we pay now is not enough to keep paying back to retire's in future...either fed govt should increase more SS % now or retired ppl should die early  in coming yrs. 

one more is increase retirement age...in both the cases (increase SS tax and age) is not going to happen that easily.

 

[hunkyfunky]

17 minutes ago, no01 said:

one more is increase retirement age...in both the cases (increase SS tax and age) is not going to happen that easily.

 

And to make it worse, trump stopped SSN contributions for some last year.  

 

[Jilchika]

Check your SSN statement. It clearly states that by 2035 only about 79 % of scheduled benefits can be paid. It will be almost nil by the time we retire unless major law changes are done.

[andhra_jp]

Need to work for 35yrs so they will take average and give pension at 67yrs (average is $1,543 and max of $3,148 in 2021(However, a worker would need to earn the maximum taxable amount, currently $142,800 for 2021, over a 35-year career to get this Social Security payment))

https://money.usnews.com/money/retirement/social-security/articles/how-much-you-will-get-from-social-security