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QUESTION: Philippines Retirement Pension for Filipino Wife

Discussion in 'Banking - Investing - Finances' started by Brian Oinks, Apr 8, 2017.

  1. OP
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    Brian Oinks

    Brian Oinks That's Mr. Pig to you Boy! :) Highly Rated Poster

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    Thank you for taking the time to give your viewpoint on this, while no one really has an answer, I feel it is in my Wife's best interests to continue her payments for as long as is possible (until I kick off) at a higher rate where she can then drop to what she can afford to hopefully give her a fair retirement.
     
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  2. cabb

    cabb DI Senior Member ✤Forum Sponsor✤

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    In the US, there are survivor benefits for the wife. Have you looked into trying to get her benefits as a spouse on your Australian plan?
     
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  3. OP
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    Brian Oinks

    Brian Oinks That's Mr. Pig to you Boy! :) Highly Rated Poster

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    She is not an Australian Citizen so she has no rights whatsoever regards any Aussie payments.
     
  4. Notmyrealname

    Notmyrealname DI Forum Patron Highly Rated Poster Showcase Reviewer

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    Most government pension schemes pay out from the payments made by current workers; there is no fund of money built up from previous income to the pension system. This means everyone depends on the situation at the time of retirement and the period until going to sleep forever. Private pension schemes depend on smart investments of the funds and 2008 proved the smart fund managers out there are very thin on the ground (also they have to have a 'herd mentality' because if they do something different individually, even if they think they are correct, and they are wrong, they get vilified, but if most of them do the same something wrong then it can be put down to the markets/world economy etc). But many are very 'smart' at getting as much of your money as possible in fees - it has been likened to a cement mixer: The mortar that comes out is what is actually invested on your behalf and the mortar that sticks to the inside of the cement mixer is their fees. Every time you re-invest, more of your 'mortar' sticks to the cement mixer. I trust only myself to handle my money and would urge caution about the long-term prospects for pensions, especially in a world where many governments are broke and longevity is increasing rapidly. As for a good suggestion as to what to do with the money, I don't have any good ones to suggest even though I am interested in, and quite aware of, financial matters .... and that is the problem in today's financial system, it is corrupt and nowhere is safe.
     
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  5. cabb

    cabb DI Senior Member ✤Forum Sponsor✤

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    Could she become a resident of Australia? It sounds like you get payments even thought you don't live in Australia. My quick read of the link below suggests that should would need to reside in Australia for a period of time, though. Her having the ability to be a resident of Australia if she decides is a nice gift to leave for her.

    Social Security Payments - Residence Criteria | Department of Social Services, Australian Government

    In general, a person must be an "Australian resident", as defined in the Social Security Act 1991, in order to qualify for Australian social security payments. An Australian resident is a person who resides in Australia and has permission to remain permanently—either because they are: an Australian citizen; the holder of a permanent visa; or a protected Special Category Visa holder (as described below). In deciding whether a person is residing in Australia, factors such as the person's domestic, financial and family ties to Australia are taken into account, as well as the frequency and duration of any absences from Australia and the reasons for such absences.

    I mention this for US citizens with foreign spouses since we are on the subject.

    Can A Foreign Spouse Claim U.S. Social Security? | Cardinal Point Wealth Management

    We were recently engaged by an American citizen who wanted to know if her Canadian spouse can claim her U.S. Social Security spousal and survivor benefits. Both she and her husband reside in Ontario, Canada.

    U.S. Social Security benefits can be received in Canada free of U.S. tax. In this post, we will explain how, provided certain rules are met, a foreign spouse can also receive spousal Social Security benefits.

    The general rule is that a non-U.S. citizen or non-U.S. resident spouse, cannot receive spousal security benefits if they live outside the U.S. for six consecutive calendar months.

    However, a foreign spouse who is a citizen or resident of certain countries – among them Canada, Australia and the United Kingdom – can receive spousal social security benefits if the following rules are met:

    1. The foreign spouse has reached full retirement age;
    2. Social Security benefits are currently being received by the retired spouse who worked in the U.S.; and
    3. The retired spouse and foreign spouse have lived together in the U.S. for at least five years while married (doesn’t have to be continuous) in the case where the foreign spouse is not a citizen or a resident of certain countries such as the ones listed above.
    In the event the U.S. citizen spouse passes away, the Canadian citizen spouse in this example will be entitled to Social Security survivor benefits if they meet the requirements for spousal benefits mentioned earlier and have not remarried.
     
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    Last edited: May 25, 2017
  6. OP
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    Brian Oinks

    Brian Oinks That's Mr. Pig to you Boy! :) Highly Rated Poster

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    You are correct, I do receive payment outside of Australia, however it is a basic Pension paid at a Single Rate of payment. We could live in Australia but going there just to give her Welfare Benefits (like the majority of Muslim Refugees do who go there) or a low Income job with no family or friend support, I do not like the idea of. IMHO Australia is slowly going down the shyte chute like other Western countries and if we can pull it off here I feel she has a broader list of options here rather than abroad. She also feels the same way. Maybe one day my health may dictate that we go to Oz but I know living there, even the thought of it depresses the hell out of me!
     
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  7. jimeve

    jimeve DI Forum Luminary Highly Rated Poster Showcase Reviewer Blood Donor Veteran Army

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    My father-law and mother-in law both paid into the sss system.
    both past away aged 67. So I doubt it they got their monies worth
     
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  8. cabb

    cabb DI Senior Member ✤Forum Sponsor✤

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    Probably not, but if you look at my grandmother who lived to be 97 and probably paid next to nothing in, it was a great deal. I wonder what form it will take when I qualify. Reduced benefits, means testing, etc. Best not to count on anything from the government these days.
     
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  9. OP
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    Brian Oinks

    Brian Oinks That's Mr. Pig to you Boy! :) Highly Rated Poster

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    Exactly, I remember one of my Aussie School Teachers explaining Income Taxes to the class, he told us that the Government introduced Taxes upon the workers to help pay for infrastructure and your future Retirement, basically; you worked, paid taxes and received a Pension upon Retirement, and lived comfortably.

    Then they took away this system and replaced it with Self Funded Retirement Funds, you and your Employer paid into your fund so when yo retired you were no longer a burden on the Tax Payer, but watching this fiasco with mismanaged Funds, bad investments, exorbitant handling fees etc, it seems like a joke that anyone will be able to retire comfortably or receive anything remotely close to their investment...

    Before I left Oz, I remember reading/commenting on a News Page where it stated that both the Liberal and Labor Governments had an act passed in Parliament where it will give them access to the Superannuation Funds of Retirees so that they can divert the trillions in trust towards fighting Global Warming, meaning that instead of receiving YOUR Retirement, you will instead be given a Government Pension so that you can live comfortably... :o o:

    'Round and Round we go, where it ends, we do not know'... :banghead:
    NEVER Trust a Politician! Always talking in Riddles/Circles for their own benefit... :poop:
     
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  10. Dr. Shiva

    Dr. Shiva DI Senior Member

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    In Switzerland we have a four column pension system. A basic, an extended, a private and a support one. Someone who is full time or high part time pensum working pays into the basic and the extended one. Someone with mor money can pay also in the private one. Part time worker, very low salary worker or non employed people pays into just the basic and probably in the private one. At getting pension all pensions from basic, extended and private are counted together. Is this amount being below a specific amount the people are entitled to get a support pension. This amount is better than social aid and allows for a lower but still somewhat decent living. But now they plan to lower the support pension to the social aid level which means that only a very basic living is possible. Yeah that can means some people working 45 years are living on a level like people who never worked and paid any taxes. In numbers it can happens that the pension will be halved not counting apartments rentals and health insurance which stays normal. But even the allowance for the apartment rental is terribly limited. In some areas it is no longer possible to find any apartments for the allowance. People with somewhat petter pensions but still below the actual support pension limits are forced to leave the country when the lowering kicks in. "Too much to die but too less to live!"
     
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