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Thanks, once again, for your article on earning an income in CR.
[url=https://www.welovecostarica.com/members/4045.cfm]Earning An Income While Retired in Costa Rica Becomes More Important Each Day![/url]
I have said it before. At some point, the US will look at the Social Security monies leaving the country and way, “WAIT!”
Then it will be: “If you move out of the States after X date, you can only take 50% of your SS money.” (A “temporary measure” that will become permanent.)
They need that money circulating in the States, not supporting other companies, businesses and governments outside the States.
The next step will be: “If you move out of the States after X date, you get nothing in SS”.
Right now it is difficult to get information on how many benefit dollars – SS, GI, etc. – leave the States.
If anyone has an idea of how to get the info, other than doing it country by country, please let me know.
I have no idea which article the letter-writer has read. Revolution will really start should her idea be implemented.
Read my article in http://www.pronlinenews.com/?p=28129
Dishonesty or incompetence in Massachusetts
BarbI have always felt this would happen. I think there is a time limit for staying out of the states. that I am not sure of either. If anyone has had an experience with expats let me know
The next step will be: “If you move out of the States after X date, you get nothing in SS”.
Right now it is difficult to get information on how many benefit dollars – SS, GI, etc. – leave the States.
If anyone has an idea of how to get the info, other than doing it country by country, please let me know.[/quote]
http://www.socialsecurity.gov/international/payments_outsideUS.html
this is a link to a tool to check whether or not you can receive benefits indefinitely for social security. so far so good for costa rica, just restrictions of which banks they direct deposit to.Just to clarify for anyone considering moving to Costa Rica, while some retirees may indeed need to supplement their retirement income here, they should be aware that while they can own a business they cannot legally perform [b]any physical work[/b] in it, be it a B&B or surf business until they have gained Permanent residency, which takes approx. 4-5 years.
Barbara Ann, thanks for the link. What we really need to know is how much money, total, leaves the US right now in various benefits and that info is hard to get.
As far as I know, Canada has restrictions on use of medical benefits if you are out of the country for X days but the US has no restrictions – yet.
[quote=”VictoriaLST”]Barbara Ann, thanks for the link. What we really need to know is how much money, total, leaves the US right now in various benefits and that info is hard to get.
As far as I know, Canada has restrictions on use of medical benefits if you are out of the country for X days but the US has no restrictions – yet.
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If the Fed keeps printing like they are, it won’t much matter if your USD leaves the country or not, it will be so diluted that you’ll get 1:1 against the Colon.
Hopefully they take a break and replace the rollers at some and time, they will no doubt be worn out!
We’re not going to spill too much virtual ink on the president’s call for an increase in the minimum wage last night. But we would like to share two observations…
First, the increase the president proposes still doesn’t keep pace with the shrinking dollar, the deleterious effects of which the minimum wage is supposed to soften. The current minimum of $7.25 an hour took effect in July 2009. Using the real-world inflation calculator at ShadowStats.com, the minimum would have to jump to $9.78 just to keep pace with the rising cost of living since then.
The president is proposing $9.00. Piker.
Second, recall the Fed threatened in December that it will keep the zero interest rate policy in place until the unemployment rate falls below 6.5%.
The higher the minimum wage, the higher unemployment remains… the longer the punishment of savers will continue. And the higher the gold price is likely to go… at least in the long run.
“I’ll cut right to the chase: Gold is set to drop to $1,550,” interjects our technician Greg Guenthner.
[Ed Note. This is what happens the moment we beef up our commitment to technical analysis: We get constant reminders that our long-term investment theses are, well, long term. Ahem.]
“I’m not some lunatic who doesn’t understand the strong fundamental arguments backing gold,” Greg cautions in today’s Rude Awakening. But we pay him to watch the charts, and that’s what he’s doing: “The damage is done,” he asserts.
“After a weaker push last summer that failed to break $1,800, gold has consistently trended lower for more than four months. Yesterday’s brief breakdown below $1,640 is just advance notice that lower prices are in store for gold in the near future…“Gold’s decade-long bull market has attracted more than a few momentum buyers. And like it or not, these weak hands are adding to the selling pressure. Gold just can’t shake this slump. And as $1,650 falls this morning (gold sits at $1,647 now), $1,550 won’t be far behind.
“A bounce higher from the $1,550s is the perfect long-term entry point.”[quote=”barbara ann”]I have always felt this would happen. I think there is a time limit for staying out of the states. that I am not sure of either. If anyone has had an experience with expats let me know
The next step will be: “If you move out of the States after X date, you get nothing in SS”.
Right now it is difficult to get information on how many benefit dollars – SS, GI, etc. – leave the States.
If anyone has an idea of how to get the info, other than doing it country by country, please let me know.[/quote][/quote]
There are about 6,000,000 US citizens that live abroad currently. They don’t all receive benefits. If that helps.
Correct me if I’m wrong. What I understand is that since I have dual citizenship, I was born in C.R. of a Yankee father and Costa Rican mother, I can retire and have social security payments deposited in Costa Rica, or even here in California and access the funds in Costa Rica via Visa ATM. As a Costa Rican I can also work down there. The information was given to me by a Costa Rican here in Calif that helps Americans move to C.R. He was able to access all my info in the Registro. Now, do I retire at 64 next July, or do I wait for full social security benefits at 65-66?
As someone else pointed out, with all this money printing what becomes of those Dollars in a few years?Whether you’re a U.S. citizen or not, if you qualify for a Social Security Pension, you have a right to it. While SS will not electronically deposit your benefit outside the U.S., it can be deposited in Banco Nacional, Banco de Costa Rica, or (maybe) ScotiaBank via an intermediary. You can also have it deposited in a U.S, bank and move it to Costa Rica by ATM withdrawal, by wire transfer, or by writing a check on the U.S. bank account.
The math . . . You can opt for a reduced SS benefit at age 62 or you can wait and take the full benefit at age 66 or 67. If you take the benefit at 62, your total net income from SS will even out at about age 74. If you can live without it, and if you expect to live much past 74, it makes sense to wait as long as you can. You can also take the SS benefit at any age between 62 and 67 (or whenever the benefit is maximized.
[quote=”DavidCMurray”]Whether you’re a U.S. citizen or not, if you qualify for a Social Security Pension, you have a right to it. While SS will not electronically deposit your benefit outside the U.S., it can be deposited in Banco Nacional, Banco de Costa Rica, or (maybe) ScotiaBank via an intermediary. You can also have it deposited in a U.S, bank and move it to Costa Rica by ATM withdrawal, by wire transfer, or by writing a check on the U.S. bank account.
The math . . . You can opt for a reduced SS benefit at age 62 or you can wait and take the full benefit at age 66 or 67. If you take the benefit at 62, your total net income from SS will even out at about age 74. If you can live without it, and if you expect to live much past 74, it makes sense to wait as long as you can. You can also take the SS benefit at any age between 62 and 67 (or whenever the benefit is maximized.
Thanks!
[quote=”DavidCMurray”]Whether you’re a U.S. citizen or not, if you qualify for a Social Security Pension, you have a right to it. While SS will not electronically deposit your benefit outside the U.S., it can be deposited in Banco Nacional, Banco de Costa Rica, or (maybe) ScotiaBank via an intermediary. You can also have it deposited in a U.S, bank and move it to Costa Rica by ATM withdrawal, by wire transfer, or by writing a check on the U.S. bank account.
The math . . . You can opt for a reduced SS benefit at age 62 or you can wait and take the full benefit at age 66 or 67. If you take the benefit at 62, your total net income from SS will even out at about age 74. If you can live without it, and if you expect to live much past 74, it makes sense to wait as long as you can. You can also take the SS benefit at any age between 62 and 67 (or whenever the benefit is maximized.
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David is right on the money. It takes 12 years from taking SS at 62 before there is a wash from taking at full retirement age. To me it seems taking early is a better way to go. Also there is the devaluation of the dollar that seems to be a long term trend.
[quote=”jmcbuilder”]It takes 12 years from taking SS at 62 before there is a wash from taking at full retirement age. To me it seems taking early is a better way to go. Also there is the devaluation of the dollar that seems to be a long term trend.[/quote]
I don’t know about the long term devaluation of the dollar, but it seems to me to make sense for a lot of folks to take the money as soon as possible. First, it’s a bird in the hand. You’re guaranteed to have it. Second, what if you postpone your payout ’til (say) age 67 and die at age 68?
[quote=”jmcbuilder”][quote=”DavidCMurray”]Whether you’re a U.S. citizen or not, if you qualify for a Social Security Pension, you have a right to it. While SS will not electronically deposit your benefit outside the U.S., it can be deposited in Banco Nacional, Banco de Costa Rica, or (maybe) ScotiaBank via an intermediary. You can also have it deposited in a U.S, bank and move it to Costa Rica by ATM withdrawal, by wire transfer, or by writing a check on the U.S. bank account.
The math . . . You can opt for a reduced SS benefit at age 62 or you can wait and take the full benefit at age 66 or 67. If you take the benefit at 62, your total net income from SS will even out at about age 74. If you can live without it, and if you expect to live much past 74, it makes sense to wait as long as you can. You can also take the SS benefit at any age between 62 and 67 (or whenever the benefit is maximized.
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David is right on the money. It takes 12 years from taking SS at 62 before there is a wash from taking at full retirement age. To me it seems taking early is a better way to go. Also there is the devaluation of the dollar that seems to be a long term trend.[/quote]
By taking SS at 62 means taking a huge cut, plus I think you are not eligible for a COl adjustment. It all comes down to your life expectancy and family history. Your maximum amount you can collect tops out at 70. If you can wait from 62 to 70, your benefit will be nearly doubled. See the attached link from SS for the annual increase to delay your benefit. http://www.socialsecurity.gov/retire2/delayret.htm
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