Usa social security

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Usa social security


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Old 4th March 2015, 06:12 AM
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I would like to know if anybody can help me with my question. I have 12 years till i retire, im living in Paris, is it possiable to pay into the USA social security system here from France. Can i send money to USA and pay into my social security over there to build it up, thanks for all your help.



Mike

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Old 4th March 2015, 07:01 AM
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Nope - the US doesn't have a "voluntary" pay in to the Social Security system like some countries seem to do nowadays. What you can do is access the SSA website from here and see what they show as your past contributions, plus get an estimate of what your benefit will be when you become eligible.

The United States Social Security Administration

If you work here, you will pay into the French system - and when it comes time to calculate your retirement, they will count your years worked in the US system toward your French benefit (but not the amounts contributed). As far as the US is concerned, as long as you have 10 years paid into the system you'll be considered "fully vested."
Cheers,
Bev

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Old 4th March 2015, 07:53 AM
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Thanks Bev, let me see if i understand, i cannot pay into usa SS, but france will count my years worked in the USA and credit those years toward my benifits here.

For example i have 25 years worked in usa, and 10 in France, in Frances eyes when it comes time for my benifits i have 35 years, is that right.

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Old 4th March 2015, 09:10 AM
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That's about right. Sometimes you have to make sure the French retirement agency has your US years, but once they do, they count. Usually some time around age 55 or so the French retirement service will send you a form to fill out, asking you to fill in the "missing" years from your record - which is where you tell them where else you have worked during your career.
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Old 5th March 2015, 07:01 AM
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Quote:
If you work here, you will pay into the French system - and when it comes time to calculate your retirement, they will count your years worked in the US system toward your French benefit (but not the amounts contributed). As far as the US is concerned, as long as you have 10 years paid into the system you'll be considered "fully vested."
Cheers,
Bev
Ok this sounds strange for me or im not getting it. I have 25 years worked in USA, and 10 in France, when France figures my retirement out, they will take the 25 years worked in the USA and the 10 in USA and give me benifits here like i worked 35 years, is this correct, sounds strange. Im sorry but its a bit confusing for me, and i will also get my SS from the USA also. Thanks again for your time.


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Old 5th March 2015, 07:17 AM
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Yup, you'll get your US social security benefit, though they'll nick a bit out of it because you're eligible for a "foreign" pension. (This is called the WEP - Windfall Elimination Provision.)

The French pension agency will credit you with 35 years (in the example you've given) but the way things currently work, I suspect you'll only be eligible for a "half-pension" because they now are requiring 40 or 42 years of work credits for a "full pension." (And you'll probably have to work to the full retirement age in France, rather than being able to take early retirement at 62.)

The WEP reduction is apparently limited to no more than one-half your foreign pension amount - so net-net you wind up better off than just relying on the US social security.
Cheers,
Bev

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Old 5th March 2015, 08:06 AM
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Quote:
The WEP reduction is apparently limited to no more than one-half your foreign pension amount - so net-net you wind up better off than just relying on the US social security.
Cheers,
Bev
Ok thats more than a nick, thats alot half, but you said up to half, so its not always half, how do they determine how much of a nick.

Yeah i dont think i will make full pension here, and i have no idea what kind of numbers were talking euros for a full pension on average. I think half pension wouldnt be to bad, but i dont want to lose half of my USA SS, im not really gaining much really if anything.


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Old 5th March 2015, 09:51 AM
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There is a section on the ssa.gov website where you can calculate your WEP hit - but you have to key in your whole earnings record yourself, year by year.

But if I read that right on the SS website, it's half your foreign pension, not half the US benefit. What you would get for a French pension depends on your earnings record here in France - but unless you can hit the 40 year mark, it will most likely only be a half a normal French pension.
Cheers,
Bev

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Old 6th March 2015, 12:52 AM
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If you have 30 or more years of substantial earnings in US the WEP is not applied at all. If you were retiring this year and had 25 years of substantial earnings in US the maximum reduction, whatever your foreign pension amount is, will be no more than $206. The application of WEP is complex. For example if part of your foreign pension is based on voluntary contributions, that portion is not regarded as subject to the WEP calculation. So, as Bev says, start with the calculator provided by the Social Security Administration. They also have a calculator that you can download and then plug various numbers into to see what different results are depending on the numbers you put in. Finally, remember that if you can delay taking your US SS, each year to the age of seventy increases the payout by about 8% per year. Not a bad investment if you reckon you are long lived. Boston College has a retirement research department that has some interesting papers on this and it is worth a visit. It is all online.

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Old 6th March 2015, 01:27 PM
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Ok its kinda very confusing for me all this, but it sounds like since i may have a french pension that my USA pension will suffer half, so to me since im already 52, it doesnt sound like i will gain alot from the french system.

I think waitying till your 70 to collect your USA SS is alot of time, unless you have a job here and can continue to work, and then you miss out on alot of your good years of being retired, i guess i didnt handle my SS good and now i have to worry about being able to live decent.

I think the french system pays 38 to 50 percent of the 25 highest years, with that said my wife wont be getting alot in her old age, not enought to live on from what i have calculated, it think it boils down to how much you made , how high your salerie was. Thnanks for all your replies it has helped me alot.

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