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Discussion about current events, culture, independent candidates, business, education, travel, death and taxes, global mobility, citizenship and residence by investment options, Americans abroad, FATCA, CRS, citizenship renunciation, Green Card abandonment, citizenship taxation, PFIC, GILTI, foreign trusts and more ...
Episodes
Friday Dec 03, 2021
Friday Dec 03, 2021
December 2, 2021 - Participants Include:
Daniel Mazzola, CFA, CPA - American Portfolios
John Richardson - @Expatriationlaw
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The retirement planning opportunities offered by entitlement to US Social Security are enormous. US Social Security payments are comparatively larger than equivalent plans in many other countries (including Canada Pension Plan).
Furthermore, U.S. Social Security offers benefits to:
1. The spouse of the individual entitled to Social Security
2. The survivors of the individual entitled to Social Security
3. The former spouse(s) (if married ten or more years) of the individual entitled to Social Security
Furthermore, for the most part citizenship is irrelevant to Social Security entitlement.
This is my third podcast discussing US Social Security.
The first podcast with Virginia La Torre Jeker focussed on the continuing entitlement to Social Security after renunciation.
The second podcast with L.J. Eiben of Raymond James focussed on Social Security for Americans abroad generally (in Canada particularly).
This third podcast with Financial Consultant and planner Dan Mazzola focuses on how US Social Security benefits work on a more granular level and what I would call "derivative benefits" (entitlement to benefits based on your relationship to somebody else entitled to benefits. In addition, Dan explains why (regardless of what an actuary says) it is to your benefit to wait as long as possible (not later than age 70) before collecting Social Security. A very high percentage of people rely on Social Security for a significant portion of their retirement income.
As Dan says on his site, it's important to consider the:
- Integration of Social Security with retirement assets to generate predictable income stream that will span your lifetime.
Thursday Dec 02, 2021
Thursday Dec 02, 2021
November 27, 2021 - Participants Include:
Dr. Laura Snyder - @TAPInternation
Dr. Karen Alpert - @FixTheTaxTreaty
John Richardson - @Expatriationlaw
Question:
Are Americans abroad part of the US community/society?
"When The US Taxes Americans Abroad But Excludes Americans Abroad From The Benefits Offered to US Residents ..."
The list is endless. It's worse than Americans abroad being subject to US taxation (even when they don't live in the USA). In fact, Americans abroad are actually subjected to a separate and more punitive system of taxation than resident Americans!
Think of it! In every other country of the world (the US is far worse than Eritrea) when an individual moves from the country and establishes a bona fide residence in the new country, the taxation stops. Not so for Americans. If an American moves from the USA and establishes residence in a new country he/she is taxed worse!
The punishment of those who more from the USA is truly the American way. See Laura Snyder's article where she discusses the criminalization of Americans abroad.
But, it gets worse! Americans abroad are specifically excluded from many of the tax benefits available to resident Americans. Some of these denials are discussed in this podcast. (And don't forget that Americans abroad are good enough to tax, but not good enough to vax.)
But, the most interesting part of this podcast is actually when Dr. Laura Snyder explains why:
The Fate Of Americans Abroad Is NOT The Same As The Fate of Some Of The Passengers on the Titanic.
But, this does depend on Americans abroad uniting behind the common purpose of ending citizenship-based taxation. Unfortunately, to date it appears that most Americans abroad are NOT willing to unite to achieve the goal of pure residence-based taxation.