• Question
  • Worked in overseas for many years. Retirement benefits? Eligible for Social Security?

    Asked by a 70 year old woman from Orlando, FL on 1/16/2013

    worked in overseas for many years, I have no idea how much retirement benefits I would be eligible??.Have a summer house in overseas, value around $80.000. Interested in reverse mortgage when I turn 62 this June. Help me with all the information please.

  • Categories: How Calculated?, Outside U.S., Social Security, Reverse Mortgages


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  • ---> Regarding Retirement Benefits and Work Overseas:
    The following information is from the Social Security Administration web site: http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/257/~/applying-work-overseas-to-my-social-security-record
    Only earnings subject to U.S. Social Security are shown on a person's U.S. Social Security record. However, your work overseas may help you to qualify for U.S. benefits, but only if you worked in a country that has a social security agreement with the United States.

    The United States has international social security (totalization) agreements in effect with Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, Luxembourg, the Netherlands, Norway, Poland, Portugal, South Korea, Spain, Sweden, Switzerland and the United Kingdom. One purpose for these agreements is to help people who have worked in the United States and in a social security agreement country, but who have not worked long enough in one country or the other to qualify for social security benefits.

    Under the U.S. Social Security system you need 40 credits (about 10 years of covered work) to qualify for retirement benefits. If you do not have 40 credits we can count your work credits from one of our agreement countries to help you qualify for U.S. benefits. Although you may count credits from a social security agreement country, we do not transfer these credits from one country to another. They remain on your record in the country where you earned them. It is therefore possible for you to qualify for a separate benefit payment from each country. The agreements do not provide for combining benefits for the United States and an agreement country into a single payment.

    More information is available here: http://www.socialsecurity.gov/international/

    ---> Regarding Reverse Mortgages Overseas
    We only really deal with Reverse Mortgages in the United States. Reverse Mortgages are available in some other countries, but I am not sure which.

    ---> Other Ideas
    Working longer and delaying the start of Social Security are other ways to increase your retirement income and make your financial situation more secure.

    I hope there is some useful information here for you!

    We wish you all the best!

  • Login to rate this answer:   Answered on 1/16/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.