{"id":5036,"date":"2016-08-01T00:05:03","date_gmt":"2016-08-01T04:05:03","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=5036"},"modified":"2020-09-17T06:07:08","modified_gmt":"2020-09-17T11:07:08","slug":"drawing-social-security-while-working-in-a-foreign-country","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/drawing-social-security-while-working-in-a-foreign-country\/","title":{"rendered":"Drawing Social Security while Working in a Foreign Country"},"content":{"rendered":"
The following post on drawing Social Security while working abroad is courtesy of a long time client, friend, and expat, who ran into this issue running his tour company. The bottom line is that the Social Security Administration has found a way to cut your benefits if you\u2019re living and working abroad<\/strong>.<\/p>\n Here\u2019s the setup:<\/p>\n Bill is turning 62 this year and wants to draw \u201cearly\u201d social security. Like most of us, he\u2019s not sure that the money he paid in over the years will be there when he\u2019s 70 and he wants his cash now.<\/p>\n Also like most Americans living abroad, he plans to work. He\u2019s not the type to sit on a beach sipping Margaritas or play golf all day. Like many of us with wanderlust, he\u2019s an entrepreneur at heart.<\/p>\n Also, Bill qualifies for the Foreign Earned Income Exclusion<\/a>, so he can draw a salary of up to $101,300for 2016 free of Federal income tax. Because he\u2019ll take that salary out of an offshore company, he won\u2019t pay self employment taxes of 15%.<\/p>\n