Is anyone in my situation?
My very first job was in another country (which I'm also a citizen off and has a tax treaty with the US). I have two options with the retirement benefits of that job:
a) Take the defined benefit as a pension of about US$10K a year.
b) Take a lump sum of about US170K a year.
Since I can take a) or b) at 55 option a) makes much better fiscal sense if I live to say 80 and it also has survivorship benefits.
But then I heard that the WEP is applicable to foreign pensions. Clearly I wasn't paying SS when I had this first job (I wasn't even a US permanent resident then) but then I wasn't a citizen then either.
So does WEP apply to me?
The SS WEP screening tool has this hard to parse question:
"Are you entitled to, or eligible for, both a U.S. Social Security benefit and a foreign pension not based on employment before January 1, 1986?"
I was employed b/w 1992 and 1996. Does it apply to me?
My very first job was in another country (which I'm also a citizen off and has a tax treaty with the US). I have two options with the retirement benefits of that job:
a) Take the defined benefit as a pension of about US$10K a year.
b) Take a lump sum of about US170K a year.
Since I can take a) or b) at 55 option a) makes much better fiscal sense if I live to say 80 and it also has survivorship benefits.
But then I heard that the WEP is applicable to foreign pensions. Clearly I wasn't paying SS when I had this first job (I wasn't even a US permanent resident then) but then I wasn't a citizen then either.
So does WEP apply to me?
The SS WEP screening tool has this hard to parse question:
"Are you entitled to, or eligible for, both a U.S. Social Security benefit and a foreign pension not based on employment before January 1, 1986?"
I was employed b/w 1992 and 1996. Does it apply to me?
Statistics: Posted by MrCheapo — Mon Aug 19, 2024 9:41 am — Replies 0 — Views 91