Social Security turned 85 years old in 2020. This means that if Social Security were a person, it would have been collecting from itself for 20 years.
Tanager Wealth Management has been advising Americans abroad since 2012, providing comprehensive financial planning and investment management. Social Security is always a consideration and talking point for each of our clients. Once considered the third leg of the retirement planning stool, this benefit can confound the financially adept on the best of days.
As a US person abroad or perhaps a US person that was abroad and is now back in the US or perhaps a non-US person that has become a US person, or perhaps the divorced spouse of a US person or the widow of a US person…you get the picture. If you have questions, you are in good company.
We hosted a webinar with Jack Leuchtman, the Regional Federal Benefits Officer at Social Security to provide some answers on April 20th, 2020. Prior to becoming the RFBO for London, Jack was the Deputy Assistant Commissioner for International Operations at The Social Security Administration in Baltimore. He served for over twenty years with the Social Security Administration. The webinar is posted here to listen to: link https://soundcloud.com/tanagerwealth/social-security-discussion-april-2020
The slides to look at for the presentation can be viewed here (Powerpoint .pptx file format).
Mr Leuchtman covers the following:
- General eligibility requirements for Social Security
- US–UK Totalization Agreement
- Windfall Elimination Provision
- Self-employed American overseas (general information)
- The future of Social Security benefits
This session is specifically useful for those who are:
- Under five to ten years away from Social Security age and needing more clarity Social Security
- Currently receiving Social Security
- Had their Social Security reduced because they also receive UK state pension
- Have a US connected person in their household and not quite sure of their eligibility
The Social Security website has some very useful literature written in plain English. Click the topic to be taken directly to the publication: