IS MY SOCIAL SECURITY BENEFIT REDUCED BECAUSE I LIVE IN ECUADOR?

Gary,

Are you sure the reduction is because you are in Ecuador or because you are retiring early (age 62)?

GaryV wrote:

hello all. I am getting ready to apply for my SS pension (age 62) and  have run into the question if  my total benefit is reduced simply because I have a residency in Ecuador.

No, Gary, your benefit is not reduced because you are in Ecuador.  You paid into the SSA system and deserve your income from it.

Your starting benefit is less than if you started receiving your benefit at full retirement age, which is currently age 66 for most Boomers, but you get four years of monthly income to offset that.

If you ever have the Embassy here set you up for SSA direct deposit to an Ecuadorian bank account, your Ecuadorian bank may take out five bucks a month as a fee.

cccmedia in Quito

ccc media  thank you for your response. 

Looks like I am all set to turn in the application online..

Gary

GaryV wrote:

Is it possible (and legal) to maintain a Stateside address (my brother's address in Texas) and use my U.S. bank account for the deposit without telling Social Security that i am living abroad?  or is that a risky business?

Do the right thing, Gary, and tell SSA where you actually live. 

You can still have the income sent to your U.S. bank account.

Periodically, the SSA will send you a form -- informally known as proof-of-life -- to verify your address and keep the monthly payments coming without hassle or interruption of payments.

No matter what others claim they are doing or you should do,  do not lie to the United States government about your actual residential address when they are sending you your money.

cccmedia in Quito

Hi again. I didn't see this earlier question.

I'm just getting ready to apply and I had heard some rumor that if you live abroad the SS could reduce your benefit. I don't think this is the case.  The issue I think has to do if someone is working abroad.   

G

cccmedia >>> Do the right thing,  Gary, and tell SSA where you actually live. 

Yes, this is good advice. As I got into the application it's pretty clear that they know if I've been living abroad.

I can use a Texas address as a mailing address, but will use my Loja address as my residency, and use a U.S. bank for the deposit.  I'll look into the Ecuadorian bank deposit option soon.

Thanks for all the info and support.

GaryV wrote:

I can use a Texas address as a mailing address, but will use my Loja address as my residency, and use a U.S. bank for the deposit.  I'll look into the Ecuadorian bank deposit option soon.

When you're ready to decide on whether to have SSA income deposited directly to an EC account, you might email the U.S. Embassy in Quito to see how you can set it up from Loja or Cuenca.

The Embassy website is ecuador.usembassy.gov

One advantage of receiving your money at an Ecuador bank is in reducing or eliminating overseas-bank ATM fees which can add up.

cccmedia in Quito