I’m surprised how much social security deductions happens during every pay period. Any idea if H1B folks can get back that as social security benefits after retirement? I vaguely remember someone telling that the eligibility starts once you accumulate 40 points. any former H1b ( now retired) share their experience?#workvisa #h1b #socialsecurityadmin #retirement
Official policy as per SSA https://www.ssa.gov/international/countrylist4.htm
My guess is that these are countries without a treaty on retirement benefits. When I worked in Europe, I had to pay into the national pension system there, but had the option of continuing to accrue US social security or credits in the other country's system. For short term work, it was better to stay in social security because I wasn't going to contribute enough to get benefits there otherwise.
Do we get the same amount that was deducted in social security taxes? Or is that money invested somewhere and we get the amount that has gains through investment?
Social security is a pay as you go scheme. That means today's workers (via payroll taxes paid by the employer) pay for today's beneficiaries (the ones eligible to receive SS benefits and receiving them). It's that simple. Today's workers' payroll taxes are not going into a dedicated account (like a defined contribution scheme like 401k) nor are they going into a pooled account that is invested (like a defined benefit plan like a pension plan). Your contributions to social security today (via payroll taxes) fund the beneficiaries today. its that simple. When your time arrives (when you are eligible from both 40 credits and age perspective) you just have to hope that there are enough contributors at that point to fund you. The benefits depend on law passed by congress. So if congress decides to reduce benefits in the future (let's assume the incoming payroll taxes fall), then one gets what ever benefit structure applies at that point
It may be a fraction of what you earn at the time of retirement.. also how many folks manage to work till 62 ;)
Sorry what is 40 credit?
4 credits for each of your work year in US
Typically at what age people retire in IT?
Social security is a pay as you go scheme. That means today's workers (via payroll taxes paid by the employer) pay for today's beneficiaries (the ones eligible to receive SS benefits and receiving them). It's that simple. Today's workers' payroll taxes are not going into a dedicated account (like a defined contribution scheme like 401k) nor are they going into a pooled account that is invested (like a defined benefit plan like a pension plan). Your contributions to social security today (via payroll taxes) fund the beneficiaries today. its that simple. When your time arrives (when you are eligible from both 40 credits and age perspective) you just have to hope that there are enough contributors at that point to fund you
Arent most if H1B expected to either go back or become a resident by the time they retire. Otherwise think how it is unfair anyway: if you die you/or your heirs get nothing
OP - were you able to find anyone or confirm on this?
Min 40 credit required to get social security checks at 62 I know someone who is 65 and getting his checks in India ( Indian citizen) You can create your profile on ssa.gov and it shows how much credits you have and eligible benefits
^this
that person is not a green card holder right ?