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Quick question about US pension cheques

Discussion in '☋ Expat Section ☋' started by tanjames_ph, Oct 9, 2008.

  1. tanjames_ph

    tanjames_ph DI Junior Member

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    Hi all!

    I'd like to direct this query to Americans who've retired in the Philippines.

    I'm a Filipino and I've been trying to convince a few friends in America to retire in the Philippines. One of them said that his pension cheque is only good in American banks, furthermore, he says that if he leaves US soil, his cheques will not be sent anymore! Is there any truth to this?

    Follow up question: If an american pension cheque is worth US$1500, how much do you get once it gets cashed here in the Phils.? Do you lose some in taxes, intercontinental and/or conversion charges?

    Thanks in advance!

    James
     
  2. Timn8ter

    Timn8ter DI Forum Adept

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    I'm not there yet but I've never heard that before.
    The Social Security Administration will send payment wherever they are asked to.
    The governing legislation for most corporate pension accounts is ERISA. I'll look into it.
    In my case, I'm planning to take a lump sum payment so I can control the money myself.

    The standard bank charge for international transfers is $40. The limits may vary depending on the bank but I sent $6k and was charged US$40.
     
  3. Teacher

    Teacher DI Senior Member Showcase Reviewer

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    As I heard it.

    Yes, The Social Security Administration will send payment wherever you ask them to. But if you leave America they send less than what you receive in America some kind of adjustment to where you live. But to get around this you have your check direct deposited in your Bank in America and withdrawal with your debt card in the Philippines easy everybody does it or at least I know many people that do it. :cool: Citi Bank works well for an account to do this.
     
  4. Arie

    Arie DI Forum Adept

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    might be he is ex CIA think they have to stay in the country :wink:
     
  5. Timn8ter

    Timn8ter DI Forum Adept

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    That was my plan too until the Treasury suggested they would start buying shares in private banks.
    Oops, is that off-topic?:eek:
     
  6. tubigboy

    tubigboy DI Forum Adept

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    CIA does not have to stay in country Arie.
     
  7. OP
    OP
    tanjames_ph

    tanjames_ph DI Junior Member

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    Thanks! I'll suggest that CitiBank option. :smile:
     
  8. dennis1105

    dennis1105 DI Junior Member

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    Teacher,
    Since I'm on Social Security, I need to correct some incorrect information.. Social Security will send payment anywhere in the world and there are no adjustments or penalties for being out of the country. Your Social Security Retirement check is the same amount no matter where you are in the world. There is one stipulation in regards to direct deposit: Social Security will direct deposit to banks in about 70 countries but, the Phillipines is not one of them. At present, No direct deposit to a Phillipine Bank. :mad:
    Dennis
     
  9. john boy

    john boy DI Forum Patron

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    The British Gov; will pay pension payments to the Philippines Banks but I heard that your pension will remain the same.(not inflation proof) don't know if thats the same for the US.
    I pity anyone relying on savings with the Pound @ around 69 peso!
    Interest rates here reducing your annual income down to 20% of what it was 12 months ago.
    ...JB
     
  10. dennis1105

    dennis1105 DI Junior Member

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    Beginning this month, we in the USA received a 5.8% Cost of Living Adjustment (COLA) in our Social Security checks. We receive the COLA every year. Last year's increase was 2.3% but, with deflation this year likely, it may be 0% next year. It's been inflation proof since 1975.
    Dennis
     
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