Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 04-01-2014, 03:40 PM   #41
Full time employment: Posting here.
 
Join Date: Nov 2008
Location: Harrogate, UK
Posts: 864
These are all questions that we need to figure out as well. My wife (UK) and I (US) are likely moving back to N England in the next 2-3 years. Questions abound.
1. Is it worth it for her to get her US citizenship this next year. Really only getting it in case they change the Social Security rules. The spousal SS coverage is very much worth it for us to keep. It won't be much, probably about 200 Pounds(equivalent) a month if she takes it at 62.
2. If she doesn't get citizenship, does that make our taxes a little easier?
3. What are the rules if I were to drop my US citizenship and getting Social Security? We would be in big trouble without that money.
4. Even if I did drop US citizenship.....what the heck do I do with my Govt TSP money? Easy enough I guess to move my Vanguard funds over to ETF's that are ok with the UK Govt.

Hey....the Seattle Mariners are in first place......better say that now before they play anymore games
__________________

__________________
F4mandolin is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-01-2014, 05:51 PM   #42
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by F4mandolin View Post
These are all questions that we need to figure out as well. My wife (UK) and I (US) are likely moving back to N England in the next 2-3 years. Questions abound.
1. Is it worth it for her to get her US citizenship this next year. Really only getting it in case they change the Social Security rules. The spousal SS coverage is very much worth it for us to keep. It won't be much, probably about 200 Pounds(equivalent) a month if she takes it at 62.
2. If she doesn't get citizenship, does that make our taxes a little easier?
3. What are the rules if I were to drop my US citizenship and getting Social Security? We would be in big trouble without that money.
4. Even if I did drop US citizenship.....what the heck do I do with my Govt TSP money? Easy enough I guess to move my Vanguard funds over to ETF's that are ok with the UK Govt.

Hey....the Seattle Mariners are in first place......better say that now before they play anymore games
1) Getting US citizenship would remove any immigration issues if you wanted to move back to the US.
2)If she doesn't get US citizenship it might make her taxes easier, but not yours and not either of you file jointly.
3) Dropping citizenship does not affect eligibility for SS
4) Govt TSP money can stay where it it...it's a government pension under the treaty so sheltered from HMRC reporting funds rules.
__________________

__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
nun is offline   Reply With Quote
Old 04-01-2014, 07:57 PM   #43
Full time employment: Posting here.
 
Join Date: Nov 2008
Location: Harrogate, UK
Posts: 864
Quote:
Originally Posted by nun View Post
1) Getting US citizenship would remove any immigration issues if you wanted to move back to the US.
2)If she doesn't get US citizenship it might make her taxes easier, but not yours and not either of you file jointly.
3) Dropping citizenship does not affect eligibility for SS
4) Govt TSP money can stay where it it...it's a government pension under the treaty so sheltered from HMRC reporting funds rules.
nun.....as usual...you are awesome. But....if moving to the UK (as planned)....this would be PERMANENT for me.....no coming back(ever) to the US. Could you elaborate on #2? How would her staying UK...or US kill my taxes? What....if....the Republicans get into power and decide that anybody who doesn't have US citizenship doesn't get SS money(and I understand that one). Citizenship would matter.....and I don't trust politicians to do anything for anybody.....unless it helps them.
The TSP money....is protected now...and probably/likely in the future...but..
__________________
F4mandolin is offline   Reply With Quote
Old 05-08-2014, 07:57 AM   #44
Recycles dryer sheets
 
Join Date: May 2005
Posts: 130
Quote:
Originally Posted by F4mandolin View Post
nun.....as usual...you are awesome. But....if moving to the UK (as planned)....this would be PERMANENT for me.....no coming back(ever) to the US. Could you elaborate on #2? How would her staying UK...or US kill my taxes? What....if....the Republicans get into power and decide that anybody who doesn't have US citizenship doesn't get SS money(and I understand that one). Citizenship would matter.....and I don't trust politicians to do anything for anybody.....unless it helps them.
The TSP money....is protected now...and probably/likely in the future...but..

You've paid into SS so you're entitled to it, even non-citizens get it. I don't see how Congress can change the law retroactively.

If you're moving to UK permanently, I don't see any advantage in your spouse getting US citizenship. Even if you give up yours, you can still visit on an 90-day visa like anybody from EU.
__________________
Free_at_49 is offline   Reply With Quote
Old 05-08-2014, 08:27 AM   #45
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 2,718
Quote:
Originally Posted by Free_at_49 View Post
You've paid into SS so you're entitled to it, even non-citizens get it. I don't see how Congress can change the law retroactively.

If you're moving to UK permanently, I don't see any advantage in your spouse getting US citizenship. Even if you give up yours, you can still visit on an 90-day visa like anybody from EU.
Unless a law is passed that I would call the modern version of the man without a country law. If you renounce your us citizenship you are permanently barred from entering the US no matter what your other citizenship might be.
__________________
meierlde is offline   Reply With Quote
Old 05-08-2014, 09:12 AM   #46
Full time employment: Posting here.
HawkeyeNFO's Avatar
 
Join Date: Jan 2010
Location: Inside the Beltway
Posts: 573
Quote:
Originally Posted by meierlde View Post
If you renounce your us citizenship you are permanently barred from entering the US no matter what your other citizenship might be.
Where does any law or USC say that? I'll believe it when I see it.
__________________
HawkeyeNFO is offline   Reply With Quote
Old 05-08-2014, 10:44 AM   #47
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 1,152
Quote:
Originally Posted by meierlde View Post
If you renounce your us citizenship you are permanently barred from entering the US no matter what your other citizenship might be.
This is categorically and absolutely FALSE.
__________________
kramer is offline   Reply With Quote
Old 06-04-2014, 01:44 PM   #48
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by F4mandolin View Post
nun.....as usual...you are awesome. But....if moving to the UK (as planned)....this would be PERMANENT for me.....no coming back(ever) to the US. Could you elaborate on #2? How would her staying UK...or US kill my taxes? What....if....the Republicans get into power and decide that anybody who doesn't have US citizenship doesn't get SS money(and I understand that one). Citizenship would matter.....and I don't trust politicians to do anything for anybody.....unless it helps them. The TSP money....is protected now...and probably/likely in the future...but..
If your your wife is just a UK citizen living in the UK then she can invest locally without worrying about how the IRS would tax those investments. US citizens can get into a lit I trouble by investing outside the US. If your wife has US retirement accounts they would only be taxed when income is taken and under the treaty they would only be taxable in the UK. Anyone with dual US/UK citizenship living in the UK has to deal with both the IRS and HMRC as the UK Will tax them due to their UK residency and the US will tax them because of their citizenship.
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
nun is offline   Reply With Quote
Old 06-04-2014, 01:50 PM   #49
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by meierlde View Post
Unless a law is passed that I would call the modern version of the man without a country law. If you renounce your us citizenship you are permanently barred from entering the US no matter what your other citizenship might be.
This is completely false.

The US will only let you renounce US citizenship if you have citizenship of another country. Once the US citizenship is gone you will be able to enter the US on your foreign passport. So you'll have to comply with visa requirements and limits on the length of your stay.
__________________

__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
nun is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Living in Florida, wanting to retire to a more tax friendly state, SC or GA, In Fl and hoped for More Hi, I am... 19 10-13-2014 11:42 AM
Net impact of living in no-state-tax state ? Delawaredave5 FIRE and Money 46 01-06-2013 08:01 PM
Hi,I'm retired and living in China and in France BobbinChina Hi, I am... 18 10-27-2012 12:45 PM
Tax Time - 2010 Roth Conversion opted to defer tax and now in different state Aeowyn FIRE and Money 2 03-23-2012 09:13 PM
Europe, a giant Welfare State and it's results Eagle43 Other topics 39 06-06-2005 01:26 PM

 

 
All times are GMT -6. The time now is 01:16 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.