USA Pension question?

  1. I have handed my notice in at work and they asked me what I wanted to do about my pension. Here in the UK money out of your paycheck is paid into a pension fund your employer also makes contributions. When you retire you get a lump sum of money and a monthly amount to live on based on how much you contributed over how many years. We also have the goverment pension paid to everyone over 65 regardless of wealth or anything.

    But what happens in the usa what do you do when you retire? I have money to transfer from my uk pension into something for my retirement in the usa and I have no clue either what im shopping for how it works in the usa. How do I transfer my benifits from the uk to the usa?


    Gee moving countires is not as easy as get on a plane LOL!!!!! Any info guys?


    Ruthx
  2. Visit rsmit02 profile page

    About rsmit02

    Joined: Apr '06; Posts: 122; Likes: 2

    2 Comments

  3. by   Silverdragon102
    Quote from rsmit02
    I have handed my notice in at work and they asked me what I wanted to do about my pension. Here in the UK money out of your paycheck is paid into a pension fund your employer also makes contributions. When you retire you get a lump sum of money and a monthly amount to live on based on how much you contributed over how many years. We also have the goverment pension paid to everyone over 65 regardless of wealth or anything.

    But what happens in the usa what do you do when you retire? I have money to transfer from my uk pension into something for my retirement in the usa and I have no clue either what im shopping for how it works in the usa. How do I transfer my benifits from the uk to the usa?


    Gee moving countires is not as easy as get on a plane LOL!!!!! Any info guys?


    Ruthx
    If you are talking about Super Ann then it is very hard to find a pension in the US that it can be transferred to. I plan on topping up each year as I have paid into it for 20 years so don't want to loose it, If not it will just be frozen until I reach retirement age. The hospital where I will be working offers a retirement plan but also going to put some money away each month
  4. by   Tanvi Tusti
    Quote from rsmit02
    I have handed my notice in at work and they asked me what I wanted to do about my pension. Here in the UK money out of your paycheck is paid into a pension fund your employer also makes contributions. When you retire you get a lump sum of money and a monthly amount to live on based on how much you contributed over how many years. We also have the goverment pension paid to everyone over 65 regardless of wealth or anything.

    But what happens in the usa what do you do when you retire? I have money to transfer from my uk pension into something for my retirement in the usa and I have no clue either what im shopping for how it works in the usa. How do I transfer my benifits from the uk to the usa?


    Gee moving countires is not as easy as get on a plane LOL!!!!! Any info guys?


    Ruthx
    Hi Ruth
    sure is a minefield isn't it!
    My husband is American so heres his response lol.
    They have Individual Retirememt Accounts (IRA's) that is a retirement plan account that provides some tax advantages for retirement savings. The maximum contribution for under 50's is $4000 PA. Something like an ISA I guess. Then there is the 401(k), a type of employer sponsored plan. The employee elects of have a portion of his/her wage paid directly or deferred into the 401(k) account which is put into investment options selected by the employee, again there are tax benefits, more like our company pensions, with some companies matching the employees contributions. They dont have anything like our over 65 government pension thats paid to everyone. Social Security pay out something to the needy, but I guess we wouldn't qualify.:wink2:
    Hope it helps a little.
    xx
    Last edit by Tanvi Tusti on Oct 16, '06

close