In this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Jon Wingent discuss international living and the financial uncertainties often faced by expats.
Many expats may have questions about whether their contributions in another country will count towards their U.S. Social Security benefits. The U.S. has Social Security treaties with many countries to prevent double taxation and ensure individuals receive the appropriate benefits. Systems can vary from one country to another, so it is important to research each nation and its terms. Expats who have contributed to Social Security-equivalent programs in multiple countries may be able to combine their work credits to qualify for benefits from each country.
Jon and Chris also discuss the intricacies of international taxation and the need for careful planning when it comes to retirement accounts, investments, and titling/selling assets in different countries. Additionally, they stress the importance of distinguishing between domicile and citizenship in estate planning. It is crucial for expats and multinational families to consult professionals on these complex issues.
In this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Jon Wingent discuss international living and the financial uncertainties often faced by expats.
Many expats may have questions about whether their contributions in another country will count towards their U.S. Social Security benefits. The U.S. has Social Security treaties with many countries to prevent double taxation and ensure individuals receive the appropriate benefits. Systems can vary from one country to another, so it is important to research each nation and its terms. Expats who have contributed to Social Security-equivalent programs in multiple countries may be able to combine their work credits to qualify for benefits from each country.
Jon and Chris also discuss the intricacies of international taxation and the need for careful planning when it comes to retirement accounts, investments, and titling/selling assets in different countries. Additionally, they stress the importance of distinguishing between domicile and citizenship in estate planning. It is crucial for expats and multinational families to consult professionals on these complex issues.