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• Liars figure and figures lie.  Cruel statistics about social security and retirement in USA:

Liars figure and figures lie.  Cruel statistics about social security and retirement in USA:

Are Britain and Australia in better shape? 

At present, the average retiree gets $1,422 a month in Social Security benefits. But because recipients will be getting a 2.8% cost-of-living adjustment (COLA) next year, that figure will rise to $1,461 a month. This means that the average senior will get $17,532 in benefits for the year. And while that's certainly better than nothing, it's hardly enough to live on.

In fact, if you were to set aside a modest $300 a month over a 30-year period, and invest that money at an average annual 7% return (which is actually a few percentage points below the stock market's average), you'd wind up with $340,000 to your name. If you were to then plan on withdrawing about 4% of your nest egg each year in retirement, which many financial advisors recommend doing, you'd boost your annual income by $13,600 per year. And that, combined with your Social Security benefits, could do the trick in helping you maintain a reasonably desirable standard of living.

https://www.fool.com/retirement/2018/10/16/heres-the-average-social-security-benefit-for-2019.aspx

$17,352 + $13,600 = $30,952 before taxes and you would be taxed on 85% of SS and pay about $120 for medicare a month

More than 10,000 Thais deported from South Korea for overstaying their visa

national November 02, 2018 14:24

By The Nation

More than 10,000 Thais have been arrested and deported from South Korea for overstaying their visa during the first nine months of this year, the Thai labour attache in Seoul has reported.

Pinyuda Chaemchan, the labour attache to the Thai embassy in Seoul, updated the figures after she was briefed on the latest situation by the South Korean Immigration Office.

Pinyuda met the South Korean Immigration Office chief on Thursday.

During the meeting, she was informed that up to September, there are 192,163 Thais living in South Korea and up to 128,520 of them were overstaying their visa.

 Looks like Thailand is tightening up their standards to save face.

Jingthing said; Avoiding the need to file FBAR is not a good reason to avoid the Thai immigration bank account method.

Unless you're a criminal or not paying income taxes owed to the US.  The US taxes citizens on income earned overseas and the Financial Crimes amnesty to bring it back to the US recently expired..

UbonJoe: What is difference between the two. I don't get your reasoning for your opinion.

The money in the bank can be taken out to live on. It does not have to sit there all year,

For an American, if the foreign bank account exceeds $10,000 dollars at anytime, a Report of Foreign Bank Account (FBAR) to the Financial Crimes Enforcement Network (FinCEN) must be filed.  400,000 and 800,000 baht annual deposit accounts would require that annual filing.  The monthly requirements of 40,000 and 65,000 baht would not require filing a FBAR if the account stays less than $10,000.  Do the British have an equivalent filing?

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

Soisanuk said:

The Foreign Account Tax Compliance Act (FATCA) requires a report be filed if you are required to file a US income tax return and you have foreign assets

Does that include real estate if I buy a condo?

Gay marriage???

More dismal news about recurring paperwork for those individuals who will keep more than $10,000 in a foreign bank account and file US income taxes. 

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

If you have more than $10,000 in foreign bank account and file US taxes, you might have to file a annual FBAR notice by April 15.  

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar