I think Social Security is based on an average of your 35 highest years of employment. You should know what you will get pretty close already. You are still paying in, but likely these are not your highest years. I took mine at 62. I did the math and would need to live to 82 to break even with the guy who took it at 65. Or better stated, the guy waiting till 65 would only have received more money than me when they turned 82. Say you get 2,000 a month at 62. and 2,400 at 65. The guy taking at 62 will have gotten by his 65th Bday 2,000 x 12 months x 3 years =$72,000 The guy waiting till 65 got zero. So how long does it take 400 to = 72,000? 180 months or 15 years. 65+15 = 80. Both parties are getting the first $2000. The second guy only gets $400 more a month. Another aspect is the person collecting early can pay off debt or invest in property with the $72,000. The guy waiting till 65 may still have a mortgage and may be paying interest on it. The one with now higher income has less disposable income because they have bills. You will need to work the numbers that you get for your case. I had my first heart attack at 50, so was not planning on 80. Some die before collecting their first check thinking if I wait longer I will get more;. A bird in the hand VS two in the bush.
What is really interesting is that retirees are entitled to their Ex-Spouses Social Security Benefits. Retirees have received thousands of dollars to tens of thousands of dollars from a former spouse's Social Security benefits. I didn't know and filed late, but still received a good size check from SS that was retroactive back to a certain date for thousands of dollars. This money is taxable on the year you receive it. There are requirements -- you and former spouse had to be married for at least 10 or 12 years before the divorce, I forgot which one. The spouse will not lose any benefits and will not even know you are getting the benefits, it is done via a back door. I used a company to do all this for me.
Steve. One thing that eats into the Social Security COLA every year is when people are signed up for Medicare part B they take that out of your SS check. Part B may not be required for you, but if for some reason you go back to the U.S. to live and never signed up for Medicare part B, and then want it, there is a penalty for signing up late. The amount that part B costs was $1782 for me last year. $148.50 off the top of my monthly SS check. Retired military expats have to sign up for it to be eligible for Tricare For Life. TFL covers medical costs overseas world wide for retired military and their dependents, wherever they are in the world. In the P.I. not all medical facilities are authorized by TFL but some are. Normally Medicare doesn't cover a person living overseas. There may be some situations where medicare does cover someone overseas but I don't know of any.
There are about 25K US Veterans living in the Philippines now per VA staff in Manila ( located inside US Embassy and very close to Embassy of Japan ) because of lower cost of living in Philippines. The COLA you just mentioned will also affect Service -Connected ( Disabled ) US Veterans living in the Philippines plus they are TAX FREE too! Per US Law, whenever their is an increase of COLA for Social Security, it automatically applies to US Veterans. I have met many of them while I was in the US Department of Veterans Affairs Medical Clinic (on sick call ) at US Embassy , Pasay City, and many of them are married to Filipina women as well. Am very happy for them living in Philippines too. Great video , Steve !
Many but not most Americans are very competitive and can't leave it behind in the USA. This is really one of the cultural advantages that Philippinos have over us Americans as they are supportive of their families and often times each other.
Hi just saw your video. From what I read the cola only applies for people 62 yrs or older whether you collect or not if you are eligible to receive SS. If you are under 62 and check what you may receive when you are eligible will not include the cola. I am almost 67 and am holding off until I am 70 and when I checked my statement this year the 6% increase for 2022 showed up in the projections shown.
Interesting, I guess working with the Muni, you had a benefit (no need to contribute to ssi)? I hit my max limit a decade ago, yet still keep on paying in as mandated (required). Even though it will never increase my payout amount. (not counting cola's). When I do get to take anything it will be whatever the 'max' is. When I retired, I did get a letter asking basically "what happen to your income" Since I stopped making the magic money... they stopped getting a piece of it, and noticed. They think it is abnormal to retire at 45 I guess. My last 2 years of work I worked and lived in Malaysia I paid Malaysian taxes on everything, but only US taxes on what was over 85k income. Double taxed, but only for a few short years. Now I play all day. Trying to keep busy. Love you blogs, the content, and your style.
You also have to have earned 40 credits to collect SS. In 2022, you earn one Social Security for every $1,510 in covered earnings each year. You must earn $6,040 to get the maximum four credits for the year. Be sure to look into this if you were not paying into SS for at least 10 years.
I don't advocate living your life for the day you can retire, but the wise will plan for that day. Living on $500.00 - $1,000.00 a month, even in a place like the Philippines, in my mind leaves a lot to be desired.
My understanding is that the COLA doesn't apply until you actually start collecting benefits. Your wages prior to collecting are adjusted based on average wage increases, which is currently lower than inflation. Your benefits will still go up when you start collecting, but not as much as you might think...
Many early retirees need to remember that medicare kicks in at 65 so it's a good idea to factor in those payments, currently $170 per month. If you're living abroad and have private insurance you can drop medicare all together but you'll pay a penalty if you decide to restart it. Many medicare advantage plans offer benefits such as OTC drugs, groceries and cash paid towards your SS. I currently receive $100 added to my SS check by my medicare advantage provider.
I have been consuming Philippines content like crazy over the past year, with my first trip there coming up... more than a few people have mentioned you need to be careful of other expats and that kind of surprised me, until the other day I stumbled on to a really toxic channel that has like 3 or 4 videos per Philippines content creator. I watched a few videos about my favorite creators and realized the guy is making stuff up trying to stir up drama. It was really disgusting. In any case, love your content and keep it up! I love there are nice folks like you that can help people who are new to the Philippines and try to prevent them from making the same mistakes. We should all look out for each other, we are all human and just want to live our lives as peaceful and drama free as we can.
I got out off of the hamster wheel early. It wasn't worth it to work 60 hours a week just to lose half of it to Uncle or the lady down the street with 4 kids from 4 different fathers. I got my quarters in and, unfortunately, I was able to draw at 60. In early 2026 I will have everything I ever paid to Uncle back and will be in profit. So I only worked full time for 14 years, 6 military and 8 civi, and then went part time. 12 weeks on , 40 weeks off. Or work 2 days, off 5. Stopped completely at 50.
What you are talking about is exactly why I use one account to talk to everyone and my channel's running videos are never mentioned here. Too many trolls trying to cause crap on something I am talking to someone else about. I have no idea who these trolls are but they seem to like start to argue anything intelligent said on TH-cam channels nowadays. Therefore I benefit from keeping them away from my video channels by catching them here and blocking them on all our channels.It feels good to stay one step ahead of them and since I started doing this my video content channels have much nicer comments and not much trolling anymore. I don't have to sit and monitor them all the time now. I totally agree there are jealous ex-pats that have nothing better to do than to try to ruin our happy lives and destroy our income when we are doing good for the economy in PH. Not going to happen with us anymore! Keep positive and always smile at these trolls! They are laughable! 🙂
Need to recognize that COLA is based on the consumer price index (CPI). They don’t increase your payment unless there’s a CPI increase. So in reality you’re not getting more purchasing power you’re only getting adjustment to keep you even. I retired at 62 but before the year was out I was back working so I paid SS the money I received back to them. Then retired again at 65.
If you paid Social Security taxes on 30 years of substantial earnings, WEP does not apply to you. I worked over 30 years on the books with Social Security and I also work a Municipal job for the City of Boston. I can collect 100% of both. No windfall deduction for me. You may want to double check if your TH-cam Channel tax payments eventually bring your Social Security years to above 30. You may also be able to avoid windfall.
It's nice that the US government gives you guys COLA's because our Canadian governments don't give us squat if/when the cost of living goes up. It's nice that you're still adding into your social Security too. It makes a big difference in how you can live when you start collecting. As for me I started collecting my Canada Pension Plan benefits when I was 60 (and lost about 1/3 because of it) but still continued working until I was 67 which meant I was still contributing, so in the long run it was almost like I didn't begin collecting early at all.
I think our increase will be in the 6.5 to 7.5 range. The powers that be will work their numbers to get it down over these few months that actually count towards it. All of this previous year's huge inflation (10%+) will not be counted. Just my opinion.
That Social Security windfall got me upset. I paid in for years, but because I have a pension already, they reduced my SS benefits to less than $500 per month
Social Security infuriates me. It should have never been put into law. One resason is they are basically taking your money and not paying back interest on your money they are withholding.
Hi Steve yes your right about the SS inflation rate yes between 8% and 11%. And yes there is always that jealous ex pat but wants to butt into everybody else’s business but there own. I am still in Texas but coming to Asia in the next 6 months. Maybe talk about Visas if you can and tells what all the different letters stand for on visas. How long can I stay there on a tourist visa. Not looking to get married or work just relax. I am 64 will be 65 in February. I am just thinking of Ideas. Thank you.
I will be signing up for my SS soon and will become a member of the exclusive triple dipper club. I don't file any taxes here in the PI because I don't need YT income to survive here. Don't hold your breath waiting for a 10 or 11 % COLA increase as the current regime is working on changing the rules on how the annual COLA increase are calculated (so it will me smaller, of course).
Social Security is based upon your top 35 indexed earning years. So for most people unless they are earning a lot of money on TH-cam, that money won't count. Once you turn age 60 your earnings after 60 are no longer indexed, they are one for one, so they count less dollar per dollar than older actual wages. Cola doesn't apply until age 62, your future money is based upon the Average Wage Index for increases. So inflation based COLA doesn't increase the amount you will earn from Social Security in future years so long as long as your under the age 62. So under 62 you need to hope that wages go up more than inflation, and they are not currently doing so. If you are a Veteran receiving disability or anyone getting SSDI, then your cola will increase the same percentage as Social Security Retirement income no matter your age.
Steve, I am not smart with Social Security BUT, I watch a LOT of videos to learn. One point I recently learned is that annual increases in social security like we are expecting in 2023 have NO IMPACT AT ALL for those who are not collecting social security already. There is something about how you can benefit from the current COLA increase at age 62, if you apply but I didn't pay too much attention since I am not there yet. Your video made it sound as if everyone's FUTURE payments will increase by that same amount; that is NOT the case. A 50% annual COLA increase over the next 5 years will have zero effect on those who start withdrawing 6 years from now. ONLY AFTER you start receiving social security will COLA increases be applicable. SS pays out with the TOP 35 years of your income. So unless you are making a LOT ON YOUR income / TH-cam channel where your self-employment taxes are at least as much as what you made (paid into) during your average top-40 earning years, they will have ZERO impact (increase) on your future SS. I am a first time viewer of your channel, only trying to share what I have learned and thought you would want to know. The annual COLA increase does in fact immediately increase military retiree and VA payments, if approved by congress each year. God Bless and great channel.
You answered most of my questions. If I am ever allowed to come over there I plan on meeting some woman and getting married. I’m not someone who wants to date a lot of women, I believe that all you need is one good one, and will take my time finding her. Do I get the same rights over there if I’m marry someone as with an SSRV visa ? I was in the military so it won’t be too expensive to get the SSRV visa, just curious.
ONE THING TO REMEMBER. IF YOU HAVE MEDICARE PART B THE THING TO REMEMBER IS THIS. PART OF THAT COLA WILL PROBABLY BE EATEN UP BY AN INCREASE IN YOUR MONTHLY PART B PAYMENTS.
your social security if figured on your highest 20 quarters so if you pay in and it isn't more earnings than 1 of your top 20 quarters, it changes nothing
Steve, what about state taxes. Obviously one is no longer in their state anymore. 😝. Is it best to become an expat from like a tax friendly state say Florida? Or does it matter? Thank you 🙏 Karl
I don't think the COLA will be that high. It is based on 3rd quarter inflation results. We only see July results and That is already lower than June. We Still have 2 more months to go and the government is trying extremely hard to get those figures down for two reasons, 1 midterm elections 2 to slow down the outflow of SSI Money to push out the date of bankruptcy of the fund. I think we will see 6% or 6.5% at best Now that will still be good but not even close to what it should be
Hey I really enjoy your channel and useful content....I am retired and I moving to the Philippines in Sept. 2022 to be with my Filipina fiancé . QUESTION, I was wondering if I should or have to tell Social Security that I am moving and give them my new Philippine address? Thank you and God's blessings!
They are guessing 10% now, but let's wait till October and see what they say. And they should be reducing Part B next year because they overcharged us last year for that Alheimers drug!
Take your SS as soon as possible! Men just don't live as long as women, and you would need to draw the larger amount ( if you wait)for ten years just to break even
I think Social Security is based on an average of your 35 highest years of employment. You should know what you will get pretty close already. You are still paying in, but likely these are not your highest years. I took mine at 62. I did the math and would need to live to 82 to break even with the guy who took it at 65. Or better stated, the guy waiting till 65 would only have received more money than me when they turned 82. Say you get 2,000 a month at 62. and 2,400 at 65. The guy taking at 62 will have gotten by his 65th Bday 2,000 x 12 months x 3 years =$72,000 The guy waiting till 65 got zero. So how long does it take 400 to = 72,000? 180 months or 15 years. 65+15 = 80. Both parties are getting the first $2000. The second guy only gets $400 more a month.
Another aspect is the person collecting early can pay off debt or invest in property with the $72,000. The guy waiting till 65 may still have a mortgage and may be paying interest on it. The one with now higher income has less disposable income because they have bills.
You will need to work the numbers that you get for your case. I had my first heart attack at 50, so was not planning on 80. Some die before collecting their first check thinking if I wait longer I will get more;. A bird in the hand VS two in the bush.
What is really interesting is that retirees are entitled to their Ex-Spouses Social Security Benefits. Retirees have received thousands of dollars to tens of thousands of dollars from a former spouse's Social Security benefits. I didn't know and filed late, but still received a good size check from SS that was retroactive back to a certain date for thousands of dollars. This money is taxable on the year you receive it. There are requirements -- you and former spouse had to be married for at least 10 or 12 years before the divorce, I forgot which one. The spouse will not lose any benefits and will not even know you are getting the benefits, it is done via a back door. I used a company to do all this for me.
That is very good information, I'm going to look into that.
Steve. One thing that eats into the Social Security COLA every year is when people are signed up for Medicare part B they take that out of your SS check. Part B may not be required for you, but if for some reason you go back to the U.S. to live and never signed up for Medicare part B, and then want it, there is a penalty for signing up late. The amount that part B costs was $1782 for me last year. $148.50 off the top of my monthly SS check. Retired military expats have to sign up for it to be eligible for Tricare For Life. TFL covers medical costs overseas world wide for retired military and their dependents, wherever they are in the world. In the P.I. not all medical facilities are authorized by TFL but some are. Normally Medicare doesn't cover a person living overseas. There may be some situations where medicare does cover someone overseas but I don't know of any.
There are about 25K US Veterans living in the Philippines now per VA staff in Manila ( located inside US Embassy and very close to Embassy of Japan ) because of lower cost of living in Philippines. The COLA you just mentioned will also affect Service -Connected ( Disabled ) US Veterans living in the Philippines plus they are TAX FREE too! Per US Law, whenever their is an increase of COLA for Social Security, it automatically applies to US Veterans. I have met many of them while I was in the US Department of Veterans Affairs Medical Clinic (on sick call ) at US Embassy , Pasay City, and many of them are married to Filipina women as well. Am very happy for them living in Philippines too. Great video , Steve !
Wow..... I'm your 1st time viewer 👍 recommended by " A foreigner Telling Truth in the Philippines" GDMead.. Thanks for all the info.
Thanks 🙏🏻
Great info thank you.
Many but not most Americans are very competitive and can't leave it behind in the USA. This is really one of the cultural advantages that Philippinos have over us Americans as they are supportive of their families and often times each other.
Hi just saw your video. From what I read the cola only applies for people 62 yrs or older whether you collect or not if you are eligible to receive SS. If you are under 62 and check what you may receive when you are eligible will not include the cola. I am almost 67 and am holding off until I am 70 and when I checked my statement this year the 6% increase for 2022 showed up in the projections shown.
Thanks for the heads up 😌 Will be there in October 😊
Interesting, I guess working with the Muni, you had a benefit (no need to contribute to ssi)? I hit my max limit a decade ago, yet still keep on paying in as mandated (required). Even though it will never increase my payout amount. (not counting cola's). When I do get to take anything it will be whatever the 'max' is. When I retired, I did get a letter asking basically "what happen to your income" Since I stopped making the magic money... they stopped getting a piece of it, and noticed. They think it is abnormal to retire at 45 I guess. My last 2 years of work I worked and lived in Malaysia I paid Malaysian taxes on everything, but only US taxes on what was over 85k income. Double taxed, but only for a few short years. Now I play all day. Trying to keep busy. Love you blogs, the content, and your style.
One brotherly love works the best. Thanks again for your help today friend
You also have to have earned 40 credits to collect SS. In 2022, you earn one Social Security for every $1,510 in covered earnings each year. You must earn $6,040 to get the maximum four credits for the year. Be sure to look into this if you were not paying into SS for at least 10 years.
I don't advocate living your life for the day you can retire, but the wise will plan for that day. Living on $500.00 - $1,000.00 a month, even in a place like the Philippines, in my mind leaves a lot to be desired.
My understanding is that the COLA doesn't apply until you actually start collecting benefits. Your wages prior to collecting are adjusted based on average wage increases, which is currently lower than inflation. Your benefits will still go up when you start collecting, but not as much as you might think...
Many early retirees need to remember that medicare kicks in at 65 so it's a good idea to factor in those payments, currently $170 per month. If you're living abroad and have private insurance you can drop medicare all together but you'll pay a penalty if you decide to restart it. Many medicare advantage plans offer benefits such as OTC drugs, groceries and cash paid towards your SS. I currently receive $100 added to my SS check by my medicare advantage provider.
I have been consuming Philippines content like crazy over the past year, with my first trip there coming up... more than a few people have mentioned you need to be careful of other expats and that kind of surprised me, until the other day I stumbled on to a really toxic channel that has like 3 or 4 videos per Philippines content creator. I watched a few videos about my favorite creators and realized the guy is making stuff up trying to stir up drama. It was really disgusting. In any case, love your content and keep it up! I love there are nice folks like you that can help people who are new to the Philippines and try to prevent them from making the same mistakes. We should all look out for each other, we are all human and just want to live our lives as peaceful and drama free as we can.
I got out off of the hamster wheel early. It wasn't worth it to work 60 hours a week just to lose half of it to Uncle or the lady down the street with 4 kids from 4 different fathers. I got my quarters in and, unfortunately, I was able to draw at 60. In early 2026 I will have everything I ever paid to Uncle back and will be in profit.
So I only worked full time for 14 years, 6 military and 8 civi, and then went part time. 12 weeks on , 40 weeks off. Or work 2 days, off 5. Stopped completely at 50.
Thanks Steve, for the great information.
You are 100% correct my friend.. thanks
Even if you work after starting ssn,,and pay in to ssn,they add that each year and your amount increases,,and that is separate from cola..
Thanks for sharing valuable content 👍🇺🇲
Thanks for sharing
What you are talking about is exactly why I use one account to talk to everyone and my channel's running videos are never mentioned here. Too many trolls trying to cause crap on something I am talking to someone else about. I have no idea who these trolls are but they seem to like start to argue anything intelligent said on TH-cam channels nowadays. Therefore I benefit from keeping them away from my video channels by catching them here and blocking them on all our channels.It feels good to stay one step ahead of them and since I started doing this my video content channels have much nicer comments and not much trolling anymore. I don't have to sit and monitor them all the time now. I totally agree there are jealous ex-pats that have nothing better to do than to try to ruin our happy lives and destroy our income when we are doing good for the economy in PH. Not going to happen with us anymore! Keep positive and always smile at these trolls! They are laughable! 🙂
There are different CPI's, Social Security, VA, military retirements use CPI-W. July's CPI-W was 9.1% two more months to go
Great information Steve.
Are you sure the COLA raises are for people who have not taken their social security yet? ...Love your channel and thanks for sharing.
Need to recognize that COLA is based on the consumer price index (CPI). They don’t increase your payment unless there’s a CPI increase. So in reality you’re not getting more purchasing power you’re only getting adjustment to keep you even.
I retired at 62 but before the year was out I was back working so I paid SS the money I received back to them. Then retired again at 65.
Great info, thanks.
Thanks Steve.
Grandpa Vlogger is a good TH-cam resource
Thank you so much !!
If you paid Social Security taxes on 30 years of substantial earnings, WEP does not apply to you. I worked over 30 years on the books with Social Security and I also work a Municipal job for the City of Boston. I can collect 100% of both. No windfall deduction for me. You may want to double check if your TH-cam Channel tax payments eventually bring your Social Security years to above 30. You may also be able to avoid windfall.
I’ll check
It's nice that the US government gives you guys COLA's because our Canadian governments don't give us squat if/when the cost of living goes up. It's nice that you're still adding into your social Security too. It makes a big difference in how you can live when you start collecting. As for me I started collecting my Canada Pension Plan benefits when I was 60 (and lost about 1/3 because of it) but still continued working until I was 67 which meant I was still contributing, so in the long run it was almost like I didn't begin collecting early at all.
Definitely get an accountant and a lawyer, it made all the difference in the world for my wife and I…
I work for a County, as a Deputy Sheriff... And we don't pay into social security.. so just my pension and 457 plan..
im sorry but you think 10% cola is huge, that not even half of the rise in food cost not to mention rent electrical transportation medical
It is better in the Philippines
I think our increase will be in the 6.5 to 7.5 range. The powers that be will work their numbers to get it down over these few months that actually count towards it. All of this previous year's huge inflation (10%+) will not be counted. Just my opinion.
That Social Security windfall got me upset. I paid in for years, but because I have a pension already, they reduced my SS benefits to less than $500 per month
Social Security infuriates me. It should have never been put into law. One resason is they are basically taking your money and not paying back interest on your money they are withholding.
thanks Steve good info :)
Hi Steve yes your right about the SS inflation rate yes between 8% and 11%. And yes there is always that jealous ex pat but wants to butt into everybody else’s business but there own. I am still in Texas but coming to Asia in the next 6 months. Maybe talk about Visas if you can and tells what all the different letters stand for on visas. How long can I stay there on a tourist visa. Not looking to get married or work just relax. I am 64 will be 65 in February. I am just thinking of Ideas. Thank you.
I will be signing up for my SS soon and will become a member of the exclusive triple dipper club. I don't file any taxes here in the PI because I don't need YT income to survive here. Don't hold your breath waiting for a 10 or 11 % COLA increase as the current regime is working on changing the rules on how the annual COLA increase are calculated (so it will me smaller, of course).
I doubt that will happen in an election year.
Great video, your so correct.
I'm coming to retire. I'm not paying no mores taxes. I'll have enough money for survival
Glad I waited until 65. My ssn is higher now and so will the cola increase
Social Security is based upon your top 35 indexed earning years. So for most people unless they are earning a lot of money on TH-cam, that money won't count. Once you turn age 60 your earnings after 60 are no longer indexed, they are one for one, so they count less dollar per dollar than older actual wages. Cola doesn't apply until age 62, your future money is based upon the Average Wage Index for increases. So inflation based COLA doesn't increase the amount you will earn from Social Security in future years so long as long as your under the age 62. So under 62 you need to hope that wages go up more than inflation, and they are not currently doing so. If you are a Veteran receiving disability or anyone getting SSDI, then your cola will increase the same percentage as Social Security Retirement income no matter your age.
Steve, I am not smart with Social Security BUT, I watch a LOT of videos to learn. One point I recently learned is that annual increases in social security like we are expecting in 2023 have NO IMPACT AT ALL for those who are not collecting social security already. There is something about how you can benefit from the current COLA increase at age 62, if you apply but I didn't pay too much attention since I am not there yet. Your video made it sound as if everyone's FUTURE payments will increase by that same amount; that is NOT the case. A 50% annual COLA increase over the next 5 years will have zero effect on those who start withdrawing 6 years from now. ONLY AFTER you start receiving social security will COLA increases be applicable. SS pays out with the TOP 35 years of your income. So unless you are making a LOT ON YOUR income / TH-cam channel where your self-employment taxes are at least as much as what you made (paid into) during your average top-40 earning years, they will have ZERO impact (increase) on your future SS. I am a first time viewer of your channel, only trying to share what I have learned and thought you would want to know. The annual COLA increase does in fact immediately increase military retiree and VA payments, if approved by congress each year. God Bless and great channel.
You answered most of my questions. If I am ever allowed to come over there I plan on meeting some woman and getting married. I’m not someone who wants to date a lot of women, I believe that all you need is one good one, and will take my time finding her. Do I get the same rights over there if I’m marry someone as with an SSRV visa ? I was in the military so it won’t be too expensive to get the SSRV visa, just curious.
The SRRV VISA has some benefits that protect you in a separation from getting booted out. And more….
Zero0es are good if they have a number in front of them LOL!
That still sounds like a hassle !!
ONE THING TO REMEMBER. IF YOU HAVE MEDICARE PART B THE THING TO REMEMBER IS THIS. PART OF THAT COLA WILL PROBABLY BE EATEN UP BY AN INCREASE IN YOUR MONTHLY PART B PAYMENTS.
Wow i didn't know that.
Sound delay?
your social security if figured on your highest 20 quarters so if you pay in and it isn't more earnings than 1 of your top 20 quarters, it changes nothing
Log on to your individual SS account
Steve, what about state taxes. Obviously one is no longer in their state anymore. 😝. Is it best to become an expat from like a tax friendly state say Florida? Or does it matter? Thank you 🙏 Karl
I don’t pay state taxes
I'm fully retired and will not have a job.
I don't think the COLA will be that high. It is based on 3rd quarter inflation results. We only see July results and That is already lower than June. We Still have 2 more months to go and the government is trying extremely hard to get those figures down for two reasons, 1 midterm elections 2 to slow down the outflow of SSI Money to push out the date of bankruptcy of the fund. I think we will see 6% or 6.5% at best Now that will still be good but not even close to what it should be
If you have a business in the PHI it is highly recommended you have an attorney on retainer
The VA posted a 10.5% cola for 2023
Not yet
Doing it right !
Cola is good.. 😁👍
Luckily I have no zeros on my SSA earnings record. Most of my earnings from early on are decent.
I believe they use your 10 highest years for SS
Steve I need to know how do I go about getting an apostle?
I did a video on it a ways back. You get it through your State Secretary in your State.
Why work for lower wages overseas?
I do quite well working for myself vlogging.
I thought it was your last 5 pay rate
Once you reach full retirement age you can collect and work with no reduction in benefits.
why do you pay taxes if your retired ?
oh lol i thought you was 65 now how old are you
Hey I really enjoy your channel and useful content....I am retired and I moving to the Philippines in Sept. 2022 to be with my Filipina fiancé . QUESTION, I was wondering if I should or have to tell Social Security that I am moving and give them my new Philippine address? Thank you and God's blessings!
Philippines address is fine
They are guessing 10% now, but let's wait till October and see what they say. And they should be reducing Part B next year because they overcharged us last year for that Alheimers drug!
Take your SS as soon as possible!
Men just don't live as long as women, and you would need to draw the larger amount ( if you wait)for ten years just to break even
Anyone knows if you have to pay taxes on out of PI income while on SSRV?
Not on Pensions !!! And it really depends on what it is your talking about. Best to have a Philippine Accountant.
Seems like you have more problems with the xpats there, than the Fhilipino people.
We have our days with some idiots here.
😎👍
🇺🇸
do they have social security for citizens in the PH
Yes
After selling lots of my stock last Friday then seeing the close today I need some good news!!! lol Hit me
Sounds like you might be having problems with narcissistic personality types. Some people live to try and cause problems for other people.
It is neither social nor secure.
Does pH tax va disability?
VA Disability has nothing to do with the Philippines
No
No