Planning to retire in Canada after living in the U.S.? Bryan Haggard, CFP®, CFA, explains five financial decisions to review before moving, including exit tax, U.S. investment accounts, withdrawals, selling your home, and coordinating retirement benefits.
Tag: Social Security
Social Security at 62, 67, or 70? A Guide for Canadians Living in the U.S
When should you start Social Security? For Canadians living in the United States, the decision involves more than choosing the largest monthly benefit. In this video, Bryan Haggard, CFP®, CFA, compares claiming at 62, 67, and 70. Using a simple…
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Can a Canadian living in the U.S. retire at age 60?
Can a Canadian living in the U.S. retire at age 60 with $2 million? In this video, I walk through a hypothetical Canadian-American couple who have accumulated $2 million and are ready to retire at 60. We look at: How…
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Cross-Border Retirees: Don’t Make This Social Security Mistake
Bryan discussed the complexities of Social Security benefits for cross-border retirees, particularly focusing on spousal benefits. He explained that while delaying Social Security can increase benefits for some, it may not be beneficial for those relying on spousal benefits, which do not increase past full retirement age. Bryan provided examples to illustrate this point, highlighting that for couples where one spouse qualifies for a high benefit and the other for a spousal benefit, delaying could result in a significant loss of income with no benefit. He advised caution for those considering early collection due to potential clawback of benefits and emphasized that every situation is unique, recommending personalized planning.
Cross Border Retiree: Why Your Social Security Statement May Be Wrong
Bryan explains how cross-border retirees can access their Social Security benefits, emphasizing that these benefits are often the largest monthly pension in retirement. He guides viewers through the process of creating an account on the Social Security website (ssa.gov) to obtain estimates, noting that while paper applications are no longer available, paper statements can be requested online. Bryan also discusses the importance of accurate benefit estimates and provides a sample statement for reference.
How The New Tax Bill Impacts Canadians in the U.S.
The new tax bill will have significant implications for Canadians residing in the U.S. For most, the new bill will lower tax rates, which is always welcome. However, a provision in the bill might make it nearly impossible to retire…
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An Update on the WEP Elimination Bill
President Biden has signed off on the Social Security Fairness Act, which eliminates WEP and GPO. Eliminating WEP may mean hundreds of extra dollars per month in Social Security benefits for families that have lived and worked in the U.S.…
Cross Border Retiree: How Much Will You Collect in U.S. Social Security?
U.S. Social Security will be one of the largest sources of retirement income for most cross-border retirees. It is also one of the most confusing. We clear up the confusion in this video. We discuss: - Qualifying for U.S. Social…
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U.S. Spousal Social Security For Canadians
Did you know that you may be eligible to collect a Spousal Social Security benefit even if you have never worked or lived in the U.S.? Imagine never living in the United States but still collecting $1,400 monthly from Social…
Michigan Taxes in Retirement
I’ve got a little good and bad news for you when you reach retirement. The good news is that there is a really good chance that your taxes will go down in retirement! The bad news is that these taxes…