Resignation in the United States: What should I do if I have already retired in another country?

Cache has a recommendation column per thirty days. If you need advice on spending, saving, or investing — or any of the complicated feelings that can arise when you get ready to make big financial decisions — you can Publish your query in this mode, Here, we’re addressing two questions asked by Vox readers, edited and condensed.

I came to America and settled there only two years ago. I am retired in my latest country and have a pension and some financial savings, however I believe this money is not enough to help in the future of our departure to the US. What should I do?

I’m a personal finance professional who understands that if you don’t have enough resources for your future, you’ll want to know how to make more money.

Sadly, it’s not like I’m an immigration professional to advise you about alternative methods through which you could potentially make more money – so I turn to Ellen Sullivan, owner and legal professional at Cambridge Immigration Regulation. Reached close.

“The first thing you need to understand is whether you have the legal right to work in the United States,” Sullivan told me. “Then you need to see if your work permit comes with any restrictions.”

Sullivan, who has been practicing U.S. immigration law for 19 years, pointed out that many lawful permanent citizens have unrestricted work permits that allow them to work anywhere. “Some people have a work visa that ties them to a particular employer, but many have the ability to work wherever they choose, or wherever they can find a job. You can work in an office or you can work at Walmart.”

You may also want to rely on alternative techniques of generating sources of income compared to investments. “People can invest in the United States regardless of their immigration status,” says Sullivan. “This includes property and real estate investments.”

If you are able to invest in real property – which may or may not be an option for you at this occasion – you can possibly earn a supplemental source of income by renting out your component. “Becoming a landlord is considered an investment, not a job,” explains Sullivan. “This means you can become a landlord without a work permit.”

No matter how you choose to source revenue, you’ll want to make sure you comply with any appropriate tax regulations in both the United States and your home country. “Any income you earn in the United States may be taxed,” says Sullivan, “and you may also be subject to tax requirements in your home country.” It may be useful to talk to a tax expert about your potential tax duties, especially if you are hiding how much you may owe.

I also asked Sullivan what he would want to know if someone was interested in running under the immigration desk. He explained that there are two different problems with playing the game – first is the work itself, and second is the taxes you have to pay on your profits. “If you choose to operate without a permit or if you choose to ignore your tax obligations, these are civil and criminal violations,” she said.

Many people earn a living through informal, semi-legal jobs – for example, nurses or teachers who are paid in money – and many think that this type of work is no longer required to be reported to the IRS. Not there. This is a misconception and will ultimately harm you. You are required to report a tax return with the IRS with each appearance, even if you are an undocumented immigrant running an undocumented activity.

There’s another issue to consider when you’re proposing your upcoming move to the US, and that’s whether you want to move to an area with a lower cost of living or not. I don’t know where you’re living, or whether you have to live there to be public or similar to public, but relocating to a more affordable part of the country may help you save your pension and pursue some other activity. Financial savings without necessity. As mentioned, many American adults continue to run in some capacity, even after they resign – so your situation is neither exceptional nor normal.

In other words, welcome to America.

I am currently 65 years old. I would like to know if I can be penalized if I invest in stocks, bonds or any other investments beyond Social Security disability?

As far as I understand, you probably won’t be penalized if you invest beyond Social Security disability – but once again, that’s a question I’d want to appeal to experts for.

“You can definitely invest while on Social Security Disability (SSD),” says Andrew Latham, a licensed monetary planner who shares monetary insights on SuperMoney.com. Latham explained that the financing source of income is generally not considered “earned income,” meaning it will not affect your SSD benefits.

As mentioned, you should still securely monitor your overall assets. “If you’re also on Supplemental Security Income (SSI), be aware of the strict asset limits: $2,000 for individuals and $3,000 for couples,” Latham told me. “You can still invest, but if you perform well and earn more than the asset limits, it will likely reduce your SSI benefits or disqualify you.”

I asked Latham whether putting cash into investments would take it out of your overall wealth. For example, if you are an individual with $3,000 in assets, can you invest $1,000 and secure your SSI benefits? Latham has misquoted. “Investing additional assets generally will not help with SSI, because the principal amount of investments, including stocks, mutual funds, savings bonds, etc., are counted as assets.”

I also chatted with Jim Wang, owner of WalletHacks, who I believe is a useful resource for all questions. “I researched this topic when I was helping my parents when they started collecting Social Security benefits,” Wang said. “The Social Security Administration, on its website, says it only includes wages from your job, net profits from self-employment, bonuses, commissions and vacation pay. They do not count pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits.”

So far, it looks like you should be able to invest while on Social Security disability without any ramifications — but there’s one more feature you might want to focus on.

“To put money into an IRA or Roth IRA, you have to have income,” says Mark Barnes, enrolled agent and public workplace director at Copper Canyon Tax & Accounting Products & Services. If you haven’t earned a source of revenue — and many people on Social Security disability don’t — you’ll still be spending money on the brokerage account. On the other hand, you’ll likely want to be prepared for tax implications.

“There is no tax deduction on a brokerage account, and any earnings, interest and dividends that accrue will impact your tax return and may increase taxable income,” explains Barnes. “Brokerage accounts aren’t bad, but too many advisors are using a cookie-cutter approach to investing and clients are impacting their tax returns because of too much taxable activity and that’s completely unnecessary.”

You might be thinking that I would have limited my recommendation column to a few paragraphs earlier, right? Sadly, it will become more sophisticated.

“If disability is your only income, a few dollars in interest or dividends won’t really impact you. It will probably be taxed at 0 percent and won’t be enough to make your disability or Social Security taxable,” Barnes informed me. “If you’re married and your spouse has income, you probably already. Disability or Social Security are paying taxes on income and should be given more attention to investments.”

There you can have it, 65. Sure, you will invest; Wrong, you definitely won’t be punished; And of course, you need to make sure you understand the potential tax implications before making any investments.

And, as I always remind the public – don’t invest any money you can’t afford to lose.