H1B FICO taxes

[rangadu]

If you wish to retire abroad, and qualify for social security payments, you can get them abroad.

Are you sure that's true. Any references?

When I researched on this, I found that even if you work for ten+ years in the US and otherwise qualify for SS benefits, you cannot receive SS benefits in retirement if you live abroad in non reciprocal countries (like India) unless you are a US citizen. Even if you are a US citizen, there is a 6 month limit after which there is tedious additional paperwork or the checks will stop. I may be wrong here, please correct me if I am.

[wiweq]

Are you sure that's true. Any references?

When I researched on this, I found that even if you work for ten+ years in the US and otherwise qualify for SS benefits, you cannot receive SS benefits in retirement if you live abroad in non reciprocal countries (like India) unless you are a US citizen. Even if you are a US citizen, there is a 6 month limit after which there is tedious additional paperwork or the checks will stop. I may be wrong here, please correct me if I am.

Go to ssa.gov, create an account and learn that how many quarters are left on you to be eligible for SS tax. Read all those articles, they never talk about US citizenship or resident of USA to get these benefits. Its not always that you will earn 4 quarters every year, this may vary with your income. They have detailed articles there.

[wiweq]

The employee has NO choice. These taxes absolutely have to be paid. It is the LAW! Period. End of story.

The employee has NO choice. That's why I told that SS tax is not a retirement plan :)

It’s a TAX.

A retirement plan is something you have hold on it. We don't have any hold on SS tax, its law; we have to pay it, that's it.

401k is an actual retirement plan, I have the right to opt for this plan or not.

[catx]

... my father is a retired university professor. Over his career he taught in the U.S. for over the 10 year minimum. When he retired he had been teaching at a college in our home country (not India) for nearly 20 years. As a retired professor he receives the college pension, our home county government pension, and a U.S. social security check (partial amount based on the number of years he worked in the U.S.). The reverse is also true (by treaty), if I choose retire in the U.S (after getting my permanent residency at whatever point that is ...), then I would receive both a social security check and a home country government pension check mailed to me in the U.S. for the years I had worked in my home country.

The key here is countries with reciprocal treaties covering social security / government pension payments.

[rahul412]

VERY simple: It is the law!

That's all there is to it.

Apartheid was also a LAW once upon a time. But that was removed.

You have to think, whether is it good for the nation or not. If this was good program,then it would never run out of money.

[JoeF]

Are you sure that's true. Any references?

The "International Issues" section on the social security website...

https://www.socialsecurity.gov/international/

When I researched on this, I found that even if you work for ten+ years in the US and otherwise qualify for SS benefits, you cannot receive SS benefits in retirement if you live abroad in non reciprocal countries (like India) unless you are a US citizen. Even if you are a US citizen, there is a 6 month limit after which there is tedious additional paperwork or the checks will stop. I may be wrong here, please correct me if I am.

You are wrong...

https://www.socialsecurity.gov/international/countrylist4.htm

[JoeF]

The employee has NO choice. That's why I told that SS tax is not a retirement plan :)

It’s a TAX.

A retirement plan is something you have hold on it. We don't have any hold on SS tax, its law; we have to pay it, that's it.

401k is an actual retirement plan, I have the right to opt for this plan or not.

Social security still is a retirement plan. Being able to opt out or not doesn't matter for a retirement plan.

[JoeF]

Apartheid was also a LAW once upon a time. But that was removed.

You have to think, whether is it good for the nation or not. If this was good program,then it would never run out of money.

A non-sequitur. Do I need to invoke Godwin's law? You are getting really close to that.

And in any case, you have no input into the laws in this country, unless you are a US citizen.

If you don't like this, your only option would be to not work in the US.

[rangadu]

The "International Issues" section on the social security website...

https://www.socialse.../international/

You are wrong...

https://www.socialse...ountrylist4.htm

Thanks for the info. Good to see India in the list, and glad that I was wrong on this.

[rahul412]

And in any case, you have no input into the laws in this country, unless you are a US citizen.

If you don't like this, your only option would be to not work in the US.

I do agree that I am not US Citizen.

But spend my most valuable time in US and I feel that innocent US citizens are victims in this program.

All I want to say that their is a flaw in this program that would effect millions of people.

[JoeF]

I do agree that I am not US Citizen.

But spend my most valuable time in US and I feel that innocent US citizens are victims in this program.

You may feel that way.\

Obviously, most US citizens don't share that feeling.

We are not victims. Social security is a good thing.

All I want to say that their is a flaw in this program that would effect millions of people.

It worked well for nearly a century and survived across two world wars. Quite some "flaw"...

[wiweq]

That is an unlikely scenario. You getting killed in a car accident is more likely.

If necessary, the government would make changes.

And it still is better than the things that can and have happened to 401(k)s. Lots of 401(ks) got pretty much wiped out during the dot-com crash, and then again during the 2008 recession.

In short, nothing is safe in life. Get used to it.

Well said !!

[rahul412]

You may feel that way.\

Obviously, most US citizens don't share that feeling.

We are not victims. Social security is a good thing.

I am gonna book mark this thread.

[JoeF]

I am gonna book mark this thread.

LOL. Go ahead.

Social security will outlast our lifetimes ;)

[nineballs]

Go to ssa.gov, create an account and learn that how many quarters are left on you to be eligible for SS tax. Read all those articles, they never talk about US citizenship or resident of USA to get these benefits. Its not always that you will earn 4 quarters every year, this may vary with your income. They have detailed articles there.

Thanks. It worked. mysocialsecurity account on ssa.gov gives a lot of information. I never knew if anything like that existed. Thanks for the valuable enlightenment.

[rahul412]

LOL. Go ahead.

Social security will outlast our lifetimes ;)

Congress approved to raise the debt ceiling to pay its existing legal obligations, including Social Security and Medicare benefits.

So were did that social security money which was already collected??

[JoeF]

Congress approved to raise the debt ceiling to pay its existing legal obligations, including Social Security and Medicare benefits.

So were did that social security money which was already collected??

 

You need to learn quite a bit more about macroeconomics...

Without the debt ceiling increase, money would have to get diverted to pay loans and interest. That tends to have the highest priority, because with a default, it would become much harder to borrow money to fulfill other obligations. So, that money to serve the existing loans would have had to come out of the incoming money, which them wouldn't be available for other things like social security.

In the small, it would have been like you defaulting on a credit card. It then would get very hard to get a car, rent an apartment, etc., which on the face of it looks as if it doesn't have anything to do with not paying a credit card bill, but which in reality has a lot to do with it.

 

That's one of the reasons why a default would have been devastating.

While I can understand that you don't know all that much about macroeconomics, it is alarming that a significant part of one party in Congress doesn't know about it and put us on the eve of disaster.

[rahul412]

So, that money to serve the existing loans would have had to come out of the incoming money, which them wouldn't be available for other things like social security.

So you mean to say that "If congress doesn't raise the debt ceiling, then it will use the available SS money to pay it's bills". And that's reason why few congressman threaten that they can't pay SS benefits without raising debt ceiling. Am I right??

[JoeF]

So you mean to say that "If congress doesn't raise the debt ceiling, then it will use the available SS money to pay it's bills". And that's reason why few congressman threaten that they can't pay SS benefits without raising debt ceiling. Am I right??

To put it simple: the money goes into a big pot, and stuff gets paid out of that.

Without the debt ceiling raise, the government could not have raised more money to pay existing obligations, so all payments would have had to come from the cash at hand.

There is lots of information about how this would have worked on the Web.

[rahul412]

To put it simple: the money goes into a big pot, and stuff gets paid out of that.

Without the debt ceiling raise, the government could not have raised more money to pay existing obligations, so all payments would have had to come from the cash at hand.

So if you keep on raising the debt ceiling, how do you repay that debt??

[JoeF]

So if you keep on raising the debt ceiling, how do you repay that debt??

By helping the economy grow. That results in more tax revenue.

We had a surplus under Clinton...

[catx]

So if you keep on raising the debt ceiling, how do you repay that debt??

 

That's the 17 trillion dollar question ...

 

However, seriously, if you listen to the plans being suggested, they are looking at 30+ years just to start making a dent in the debt.  Also keep in mind that government debt is not the same as a personal or business debt.  Yes it is debt (money owned), but it is different that a credit card or bank loan.

[JoeF]

That's the 17 trillion dollar question ...

 

However, seriously, if you listen to the plans being suggested, they are looking at 30+ years just to start making a dent in the debt.  Also keep in mind that government debt is not the same as a personal or business debt.  Yes it is debt (money owned), but it is different that a credit card or bank loan.

Of course, one of the things that would be possible would be to just print more money. The US owns the dollar printing machines...

But that results in inflation, which is bad again.

That's why there are a bunch of top-notch economists advising the President and Congress.

Sadly, the right-wing nuts in Congress are unable to understand any of it...

[rahul412]

By helping the economy grow.

Is that possible, considering current economic situation?

[rahul412]

Of course, one of the things that would be possible would be to just print more money. The US owns the dollar printing machines...

But that results in inflation, which is bad again.

That's why there are a bunch of top-notch economists advising the President and Congress.

Sadly, the right-wing nuts in Congress are unable to understand any of it...

Then why don't we sell the gold and clear the debt??

Once debt is cleared then can make more money after that. Am I wrong??