How WEP Affects Social Security

Sometimes, as a financial planner, I have to deliver bad news.   “We may have to look at cheaper homes.” “Sure, you can retire this year, but you may have to sell the boat.” “No, you can’t buy lotto tickets in your Roth IRA.” The other day was no exception.  A client came into the office, having finally collected his U.S. and Canadian retirement benefit … Continue reading How WEP Affects Social Security

Qualifying For U.S. Social Security and Canada CPP and OAS (Totalization Agreement)

In 1984, the U.S. and Canada finalized an agreement that allows a person to qualify for both U.S. Social Security and Canadian retirement benefits. This made it easier for people who worked in both countries to qualify for retirement benefits when they may not have been able to without the agreement. In the process, they have also thoroughly confused anybody trying to figure out what … Continue reading Qualifying For U.S. Social Security and Canada CPP and OAS (Totalization Agreement)

RRSP Strategies When You Live In The U.S.

I often hear the same thing while working with people here in the states that also have Canadian assets like the RRSP or TFSA. “I work with my Canadian advisor with helping me on Canadian planning and use an advisor here in the states to help with my U.S. planning”. If you aren’t working with an advisor that understands planning issues in both countries, you … Continue reading RRSP Strategies When You Live In The U.S.

Social Security Strategies When You Also Have a Canadian Pension

If you were fortunate enough to have worked in both the U.S. and Canada, there is a good chance that you will have both U.S. social security and a Canadian pension. Unfortunately, this brings an added wrinkle regarding when you should turn on each benefit.  This article discusses how the Windfall Elimination Provision (WEP) reduces your social security benefit if you don’t have over 30 … Continue reading Social Security Strategies When You Also Have a Canadian Pension

How Your Canada Pension Plan (CPP) Impacts Your U.S. Social Security Benefit

Retirement planning is hard enough if you have always lived and worked in the United States.  If you have worked in both Canada and the U.S., retirement planning may seem impossible.  You have to deal with a moving exchange rate, different tax codes, and enough retirement planning acronyms to make you crazy (IRA, RRSP, TFSA, RRIF, etc.) Also, if social security planning isn’t difficult enough, … Continue reading How Your Canada Pension Plan (CPP) Impacts Your U.S. Social Security Benefit