The Importance Of US Social Security For Americans Abroad

November 11, 2021 - Participants Include:

L.J. Eiben - Raymond James - @L_Eiben

 

John Richardson - @Expatriationlaw

 

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Mr. L.J. Eiben is a Financial Advisor at Raymond James.

The information in this podcast and contained in these slides was obtained from sources RJA and believed to be reliable; however, we cannot represent that it is accurate or complete. It is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell securities. The views expressed are not necessarily those of Raymond James (USA) Ltd. Raymond James (USA) Ltd. (RJLU) advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered.

Raymond James (USA) Ltd. is a member of  FINRA / SIPC

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Financial planning has become a necessity for all individuals and families. US citizens living outside the United States face particularly difficult hurdles. Much of this is the result of the requirement of filing taxes in both Canada and the United States. What one tax system gives, the other taxes. As a result, it is essential that US citizens receive specialized financial, investment, tax (and even life) advice. In general the receipt of US Social Security is NOT dependent on being a US citizen. Hence it is available to all individuals who "paid into the system" without regard to citizenship. It is available to Green Card holders returning home, US citizens living abroad and those who renounced US citizenship.

Raymond James as a "cross border platform" which means that (in general) it can hold US investments in Canada for Canadians.

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Social Security And Financial Planning:

Retirement pensions and Social Security are an important part of Financial planning. US Social Security and Canada Pension Plan are significant income sources for a high percentage of North Americans.

Therefore, it is essential that US citizens living in Canada (or anywhere outside the United States) be aware of US Social Security. What are the requirements to be eligible for US Social Security? How does the Social Security totalization agreement between Canada and the United States work? What about spousal benefits? (Did you know that the non-citizen spouse is eligible for Social Security based on marriage to a US citizen?) Survivor benefits? This is an extremely specialized area. Individuals need to be aware of Social Security benefits early!

For a primer on U.S. Social Security benefits click here.

Objective: Understand how Americans abroad can maximum their US Social Benefits for themselves and for their families.