fototek1 Posted February 26, 2023 Posted February 26, 2023 Great topic! I really enjoying learning how others are living and planning. I am 52, my wife is 11 years younger, we have been married 12 years and she has been living and working in the US the entire time. I taught her to save and invest since we have been together. I pay for 95% of our expenses, we have zero debt and save/invest over half of our income. Fortunately for us, most of her family are well off. My wife does provide her mom with a free room at our place in the Philippines and $500/month spending money (hahahaha, I know that is a lot but its my wife's money). We are both still working but considering retirement next year. Pretty sure my wife will be all set! Hopefully she doesn't put concrete boots on me and take me for a swim . 1 1 Link to comment Share on other sites More sharing options...
mountainside Posted February 26, 2023 Posted February 26, 2023 (edited) 1 hour ago, Kingpin said: How does that work without an SS# I think only the account holder needs a Social Security number. Since the GF would not be an account holder, she need not be present at account opening or possess a Social Security number. She'd simply be a beneficiary. Upon the account holder's death, the account would be closed and the proceeds distributed to her. A joint account would be different, but if the idea is not to grant the GF access to the account while the BF is alive, but to simply pass the amount on to the GF upon his death, then the BF doesn't want a joint account anyway. I understand that the BF is in the US now, so he won't have the hassle of trying to open a new account from overseas. Here's an explanation from Bank of America: https://www.bankofamerica.com/deposits/beneficiaries-faqs/ Edited February 26, 2023 by mountainside 2 Link to comment Share on other sites More sharing options...
OnMyWay Posted February 26, 2023 Posted February 26, 2023 14 hours ago, Old55 said: Some Filipinas may be reluctant to discuss death so sharing plans may be difficult. I think most. So the concept of planning for it is foreign to them. Same for the concept of insurance. 3 Link to comment Share on other sites More sharing options...
Kingpin Posted February 26, 2023 Posted February 26, 2023 (edited) 1 hour ago, mountainside said: Upon the account holder's death, the account would be closed and the proceeds distributed to her. It says the proof of death is required, I wonder how they verify whatever that would be from the Philippines. Edited February 26, 2023 by Kingpin Link to comment Share on other sites More sharing options...
mountainside Posted February 26, 2023 Posted February 26, 2023 4 minutes ago, Kingpin said: It says the proof of death is required, I wonder how they verify whatever that would be from the Philippines. I think certified copies of death certificates are commonly accepted. 1 Link to comment Share on other sites More sharing options...
OnMyWay Posted February 26, 2023 Posted February 26, 2023 13 hours ago, mountainside said: We're in the US now. My wife is 40. Once she turns 60, like MikeJ's wife, she'll be entitled to 71% of my US Social Security pension, which very fortunately will be enough to keep her comfortable for the remainder of her life. Any tangible assets acquired in the Philippines will be placed in her name. From the time of my death, until she turns 60, she'll have our US-based savings and securities to carry her through. I hope they'll be enough; I'm taking the long view on stock market appreciation. 60 is if you are dead, 62 if you are still alive, I believe. I am moving to the U.S. so that my wife will have my SS pension. She can have a good living on that + whatever assets we have left. She says she wants to spend her older years in the Philippines. I'm 66 and she is 48, and when we talk about these things, she just assumes I will be alive and kicking when I am in my 90s! If I am alive, she will be eligible for early SS at 62, 14 years from now. However, she says she would wait until 67 for the full benefit. I would be 86. If my dementia is tolerable when I am 80, I am planning to run for president. Due to the current U.S. housing situation, we are going to rent for probably two years and if the market seems to be bottoming out, we can buy a house that would appreciate, not depreciate. 2 Link to comment Share on other sites More sharing options...
mountainside Posted February 26, 2023 Posted February 26, 2023 (edited) 11 minutes ago, OnMyWay said: 60 is if you are dead, 62 if you are still alive, I believe. Yup. Don't reckon I'll be around when she turns 60, but if I am, maybe I can be your Vice President . . . Edited February 26, 2023 by mountainside 1 3 Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted February 26, 2023 Posted February 26, 2023 18 hours ago, BrettGC said: Not all, but many of us have wives/partners that are varying years younger than us - 13 years for me. I was wondering what you're all doing to secure their financial future after you've departed this mortal coil? The Philippine age pension is a joke as demonstrated by how much my MiL receives; it's between 1500 and 3000PHP a month, no clue as to why it varies. My partner is 30 years younger than me. She has SS deductions through her work so should receive a full pension when she is old enough. I will be well and truly rotted by then. She can look after herself when I'm gone as she does now so no problem there. I tell her that she can work on Mango for extra money for retirement but she does not like that idea for some reason. 3 Link to comment Share on other sites More sharing options...
Possum Posted February 26, 2023 Posted February 26, 2023 (edited) I am reasonably certain no person who is not a legal resident of the USA or a citizen of the USA can collect a social security benefit upon the death of the spouse. This is what I understand for US SS benefits Edited February 26, 2023 by Greglm Link to comment Share on other sites More sharing options...
mountainside Posted February 26, 2023 Posted February 26, 2023 1 hour ago, Greglm said: I am reasonably certain no person who is not a legal resident of the USA or a citizen of the USA can collect a social security benefit upon the death of the spouse. This is what I understand for US SS benefits There's a recent discussion about this on the "How Many Americans?" thread. My wife is Filipino. We're in the US now, and came here from the Phils partly to ensure that she'll be able to receive SS survivor's benefits upon my death. It requires a 5 year stay here in the US. Thereafter, upon my death and her becoming age 60, she'll be entitled to 71% of my US pension. She can receive that pension in the Phils -- no need to return to the US or become a US citizen, although she'll likely become a US citizen while we're here. Another forum member is soon to bring his Filipino wife to the US, also in part to ensure her later receipt of SS survivor's benefits. Posts to an SS link describing the process and requirements are included in the thread. 4 Link to comment Share on other sites More sharing options...
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