Retiring Overseas

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parrot
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Retiring Overseas

Post by parrot » July 23, 2019, 3:07 pm

Some interesting Social Security stats about #'s of Americans (retired/disabled) who are living overseas at
https://www.ssa.gov/policy/docs/statcom ... table5.j11

From an article in today's NYT about retiring overseas
https://www.nytimes.com/2019/07/18/busi ... y_20190722



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FrazeeDK
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Re: Retiring Overseas

Post by FrazeeDK » July 23, 2019, 4:50 pm

but, other than people processing their initial claims to draw Social Security overseas how do they know? I applied while in the States, my SS goes directly to my Credit Union in the States. If anything I'd say it is an undercount..
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Re: Retiring Overseas

Post by RLTrader » July 23, 2019, 5:26 pm

FrazeeDK wrote:
July 23, 2019, 4:50 pm
but, other than people processing their initial claims to draw Social Security overseas how do they know? I applied while in the States, my SS goes directly to my Credit Union in the States. If anything I'd say it is an undercount..
Same here with one exception, claimed here over internet using TOR, funds go to US bank account. Only way they know I am here is thru chip in passport & Embassy in Bangkok.

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Re: Retiring Overseas

Post by parrot » July 23, 2019, 6:30 pm

I agree the numbers don't tell the whole story.....but at least they give some semblance of the numbers of retired Americans living in Thailand (social security eligible). Most all the Americans (veterans) I know here are not registered under American addresses.
If someone could hack the numbers, we'd probably get a more accurate number of American (retirees) living in Udon than all the wild guesses over the years.

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Re: Retiring Overseas

Post by RLTrader » July 23, 2019, 6:41 pm

Those numbers are just maybe the numbers of US people having their funds sent here to a Thai Bank.

Seems to make sense?

Would think you could X that number by at least 10 (talking Thailand, not Udon).

Then again maybe not, but really WGAF

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Re: Retiring Overseas

Post by parrot » July 23, 2019, 6:52 pm

RLTrader wrote:
July 23, 2019, 6:41 pm
Those numbers are just maybe the numbers of US people having their funds sent here to a Thai Bank.

Seems to make sense?

Would think you could X that number by at least 10 (talking Thailand, not Udon).

Then again maybe not, but really WGAF
I'd think the numbers are those who are registered with SSA with an overseas address.......money to the US or elsewhere.
WGAF? Apparently not rt.com

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Re: Retiring Overseas

Post by RLTrader » July 23, 2019, 7:01 pm

parrot wrote:
July 23, 2019, 6:52 pm



WGAF? Apparently not rt.com
Ok, I give up, What does rt.com have to do with this?

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Re: Retiring Overseas

Post by Stantheman » July 24, 2019, 4:49 am

RLTrader wrote:
July 23, 2019, 5:26 pm
FrazeeDK wrote:
July 23, 2019, 4:50 pm
but, other than people processing their initial claims to draw Social Security overseas how do they know? I applied while in the States, my SS goes directly to my Credit Union in the States. If anything I'd say it is an undercount..
Same here with one exception, claimed here over internet using TOR, funds go to US bank account. Only way they know I am here is thru chip in passport & Embassy in Bangkok.
Don't think the chip in your passport knows where you are, it's just used as a security measure and speeds immigration processing. As for Embassy dought they know unless you registered with them as to your location.

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Re: Retiring Overseas

Post by glalt » July 24, 2019, 11:00 am

My SS goes directly into my US bank but any correspondence comes to my Thai address. They know exactly where I am at. I also have to give details of my Thai bank account to the IRS when I file my tax return.

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Re: Retiring Overseas

Post by FrazeeDK » July 25, 2019, 7:00 am

those Americans living legally in Thailand would of course be known to Thai Immigration along with their type of Visa.. I would think that producing a report listing nationality, age ranges, and type of visa would be easy for them.. Something to ask perhaps during the next visit to their office on my 90 day check-in.
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Re: Retiring Overseas

Post by parrot » July 26, 2019, 7:12 pm

Thaivisa's running a thread......according to a UN-published report. The info supposedly provided by the Immigration Department in 2017.
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Re: Retiring Overseas

Post by FrazeeDK » July 26, 2019, 7:15 pm

now if only they broke it down by nationality..
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Re: Retiring Overseas

Post by UdonExpat » July 27, 2019, 9:03 am

Beyond whether the SSA knows where someone is residing, is the implication of the amount of income retirees in Thailand are receiving from SS. The average is $1223. This is not enough to qualify for either a marriage or a retired visa extension.

Without a significant bank account or additional income many SS recipients will be looking for new homes in other countries with less demanding income tests. Because our embassy has stopped providing income letters it appears the powers that be are purging Thailand our poorer Americans.

Some will probably opt to return to the US and live on their SS income and public assistance.

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Re: Retiring Overseas

Post by noosard » July 27, 2019, 11:05 am

Stay with Thai spouse seems a low number
Espically since zero finance needed

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Re: Retiring Overseas

Post by glalt » July 27, 2019, 12:36 pm

UdonExpat wrote:
July 27, 2019, 9:03 am
Beyond whether the SSA knows where someone is residing, is the implication of the amount of income retirees in Thailand are receiving from SS. The average is $1223. This is not enough to qualify for either a marriage or a retired visa extension.

Without a significant bank account or additional income many SS recipients will be looking for new homes in other countries with less demanding income tests. Because our embassy has stopped providing income letters it appears the powers that be are purging Thailand our poorer Americans.

Some will probably opt to return to the US and live on their SS income and public assistance.
The amount of Social Security you receive depends on how much you paid in. A friend of mine was moaning about his meager check. He was self employed most of his life and fiddled his income so that he was paying in very little. Another friend worked overseas most of his life. He was happily receiving $600 per month. He was surprised that he was getting anything and was grateful for the $600.

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Re: Retiring Overseas

Post by UdonExpat » July 28, 2019, 11:51 am

Yes, our contributions are used in determining our benefit, or a dependent's benefit. Being self employed your friend would have had to pay both the employer''s and the employee's contribution. His efforts to minimize his earned income came at the expense of his benefit. I've made financial decisions that I later questioned my wisdom in doing so.

I barely made the requirement of 40 quarters of contributions to qualify for social security. Most of my work life was outside of the social security system. I earned a government pension and my social security was reduced under the Government Pension Offset provisions of the social security act. I am happy that I'm getting something.

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Re: Retiring Overseas

Post by FrazeeDK » July 28, 2019, 11:59 am

sounds like CSRSwith just enough quarters to qualify for SS.. CSRS was better than FERs today...
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Re: Retiring Overseas

Post by FrazeeDK » July 28, 2019, 4:26 pm

here's the link to the UNDP IOM report dated January 2019 that Parrot referenced: https://thailand.iom.int/sites/default/ ... LowRes.pdf

Here are the two key charts, one of which Parrot provided in part:
numbers of foreigners in Thailand.jpg
Foreigner work permits in Thailand.JPG
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Re: Retiring Overseas

Post by UdonExpat » July 29, 2019, 11:21 am

FrazeeDK wrote:
July 28, 2019, 11:59 am
sounds like CSRSwith just enough quarters to qualify for SS.. CSRS was better than FERs today...
Yes, most of us considered CSRS retirement better than the current FERS program. Since retiring at age 56, I have split my time between the US and Thailand. At 62, I was doing a 5 year stretch in Thailand and started receiving $518 a month in social security. When in the US I worked an additional 6 years. 3 for the State of Kansas and, then later, 3 years for the State of New Mexico. Those stints and small COLAs raised my benefit to its current $702 a month. Not much, but certainly welcome. I wonder what it would be without the GPO.

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Re: Retiring Overseas

Post by UdonExpat » August 12, 2019, 1:26 pm

The OP's data in a different format.

https://www.marketwatch.com/story/the-n ... oo&ref=yfp

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