Notes from American Expat Financial Forum - US Social Security for American Expats

27 Sep 2018 11:01 AM | Brian Dunhill (Administrator)

https://www.linkedin.com/pulse/us-social-security-american-expats-brian-dunhill/?published=t

First and foremost, a big thank you to Jack Leuchtman from the Social Security Administration at the US Embassy in London, the American Club of BrusselsAmerican Citizens Abroad, Carl Mir of Mir Taxes and Dave Deruytter from ING for being part of the sixth annual American Expat Financial Forum.

Retirement planning in the Western world is mostly based on a three pillar system made up of your government pension, your corporate pensions and personal savings. By maximizing all three of these vehicles, you can live a fruitful life in retirement. Your US government pension also known as social security covers not only retirement but disability income and death benefit. Even to expatriates and non-citizens that have worked in the US system for as little as two days (as we learned from Jack last night). You would need to be in a special situation of being a high earner for the last day of one year and first day of the next year to get benefits on only two day.

While most are under the perception that you need 40 credits to receive Social Security benefits in the US, European countries have reciprocal agreement to receive benefits with as little as 6 credits. It is also important to know that you do not have to be a US citizen to receive Social Security benefits. You should always apply at least four months prior to receiving benefits. 

We are lucky to have a team in Dublin that supports European residents in our special situations and you can find their contact details here. You can also see all the changes to social security in 2018 here. Learn more about how the Windfall Elimination Provision could reduce your social security benefits here.

While the Social Security administration is trying to streamline benefits to be accessed online, regretfully, they aren't available in this format for citizens in most European countries. Therefore, you can request your current statement by using form 7004 which can be found here.

You can also find Jack’s slide deck here.

For charts and calculators, please see socialsecurity.gov

Get a complimentary copy of the American expat guide at https://www.dunhillfinancial.be/american-expat-financial-guide for more information about the financial planning process as an American expat. You can also visit www.dunhillfinancial.be.

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