You live abroad, and you’ve done a careful job of saving your money for retirement.
But American Homelanders have little savings. Only 25% of them have more than $10,000 saved. Perhaps that’s why the fraudulent aggregate FBAR limit remains $10,000–it’s more money than 75% of Americans have in savings.
What is more, their Social Security System is a Ponzi scheme that has not invested in anything except worthless government debt — i.e., there is no money in it–just the obligation of the Federal government to collect even more taxes to pay the recipients of Social Security.
So you’ve saved your money, but neither the people nor the politicians in the USA have saved theirs.
What effect will this have on Citizenship Based Taxation and FATCA? The majority of Homelanders have not one bit of sympathy for you and how the US government is persecuting you. As Roger Conklin said, “The tail wags the cow.”
Yep, I an others have said similar. They are broke and they do not care about the law or what is right, homelanders will not give up their “benies” and no politician is going to take them away and they have little left to take from homelanders to pay for their benies. So they look with greed overseas.
It’s asking how much money people have in a savings account. I would say close to $0 dollars. You don’t save for retirement in a savings account. Very little point actually having them given they lose money to inflation.
@Neill, I think you are interpreting this too narrowly. Another survey, mentioned in the article, said that
5530% of Baby Boomers have nothing saved for retirement.Also the inflation question may explain why people don’t save. But there are many other reasons that they don’t save. The effect is the same. They will have no sympathy on “rich” expats.
I have been hearing radio spots for a few years now stating that a huge percentage, something like 70%, of homelanders have less than One thousand dollars in savings and no retirement. Most are living paycheck to paycheck and many actually do believe that the reason is that we living outside the US are escaping our duty to pay taxes to the homeland.
Just cut this fragment from an article I found from earlier this year. The article is specifically about retirement savings.
“But that number doesn’t tell the whole story. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge. The median for all working-age families in the U.S. is just $5,000.”
@Petros,
I agree that Americans don’t have much saved, I just don’t think it’s as bad as asking about savings account balances would suggest. There have been data released from fidelity showing that there is quite a healthy 401k balance for lots of people.
I don’t need to work and am in fact retired but the main question would have me as a deadbeat. I have factored in getting $0 from SS or my UK government pension.
@Neill, I am not assuming that this article is saying what people have in savings accounts per se, but what they have saved in financial institutions (regardless of the account type), including IRAs etc. It would not count equity in primary residence which is the main form of equity for Americans.
Median not mean retirement savings shows that the average American has about $5000 saved for retirement.
https://www.cnbc.com/2017/04/07/how-much-the-average-family-has-saved-for-retirement-at-every-age.html
Apparently it’s up to us to pay down the US deficit, as homelanders are seemingly incapable. See this comment on the Republicans Overseas FB page re a switch to RBT:
“This is never going to happen. Sorry but there is no good reason to absolve ppl with means to globe trot from shared responsibility for national debt beyond what is already available through foreign earned income exemption. The option to expatriate remains for those who don’t care about our shared future.”
“The majority of Homelanders have no savings.”
Yes, I’ve always had my doubts that any solution to FATCA will ever come from south of the border. Americans are not sympathetic to anyone who has chosen not to live in the homeland. They are drowning in their own problems in their own backyards. Another factor here is the over $20 trillion US debt:
http://www.marketwatch.com/story/heres-how-the-us-got-to-20-trillion-in-debt-2017-03-30
The USA downfall will likely come from within.
According to one poll, 24 percent have zero money for emergencies:
http://www.dailymail.co.uk/news/article-4622700/24-percent-Americans-ZERO-savings-emergencies.html
More than half have less than USD 500:
http://money.cnn.com/2017/01/12/pf/americans-lack-of-savings/index.html
And 69 percent have less than USD 1000:
https://www.forbes.com/sites/niallmccarthy/2016/09/23/survey-69-of-americans-have-less-than-1000-in-savings-infographic/#2170dac51ae6
Meanwhile, in Taiwan…
https://tradingeconomics.com/taiwan/personal-savings
(1 USD = roughly 30 to 32 NT)
Following
While judges are much more likely to be among those who have money saved, they are also, to some degree dependent upon public retirement pensions. They know that the tax base in the US is pretty much tapped out. Ruling for the law, in our favor, means ruling against their own, personal financial interest.
“This is never going to happen. Sorry but there is no good reason to absolve ppl with means to globe trot from shared responsibility for national debt beyond what is already available through foreign earned income exemption. The option to expatriate remains for those who don’t care about our shared future.”
Despite many ways to they have to say this, it all means the same to them-“I want, you pay”.
Notice the “with means to globe trot”. We’re all a bunch of rich folk anyway, so who cares. “shared responsibility for national debt” is often distilled to the chant “You owe, you pay”.
“The option to expatriate remains for those who don’t care about our shared future.” Completely ignorant of the costs involved to do so. Furthermore, they care not to be educated about them. What shared future?
Let us not forget the completely made up amount of taxable money that is supposed to be parked overseas just waitng to be tapped. Many Homelanders actually believe that the only reason for the 20 trillion dollar US debt is because we are not living up to our “shared responsibility for [the] national debt”. They have been sold on the myth that the debt will disappear once they catch us and make us pay our “dues”.
“Sorry but there is no good reason to absolve ppl with means”
I’d like to ask this commentor “How about the law? How about rights?”
Rights come out of the barrel of the gun.
Australian data for comparison – 2014
This is broken down by net worth quintiles – so the mean of the middle quintile (40-60th percentile) should be close to the median:
Value of accounts held with financial institutions, mean – all households A$45,100; middle quintile A$23,700. (this would include both transaction and savings accounts, but not retirement savings/superannuation – but still indicates more savings than in the US)
Value of superannuation accounts, mean – all households A$159,900; middle quintile A$72,900
(above from ABS data http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6523.02013-14?OpenDocument)
When this is broken down by age, households nearing retirement have the highest balances – households with oldest partner between 60-64 had a mean super balance of A$423,042, with a median of A$184,189. (source http://www.challenger.com.au/group/Looking_at_super_wealth.pdf)
At that time the exchange rate was around AUD 1=USD 0.77
Too bad for them. I have no sympathy at all. So what if they don’t have any savings?
“Don’t rape my family’s savings to try and pay for yourselves.” If the United States can’t afford to sustain itself, then let them go the way of all the nations who have crumbled before it that couldn’t sustain their expenditures.
Animal,
I agree and I am 100% USC. The problem is, they WILL rape your family and mine and anyone else they can get their hands on before they let that happen.
57% of people in the U.S. have less than $1,000 as their savings. The U.S. debt is $20.4 trillion! The country is torn by permanent violence, racial tension and out of control gun ownership. To abolish an unfair law (FATCA) that the party in power has agreed to repeal sees little movement nor real interest. Expats are renouncing in ever-increasing numbers, yet that doesn’t cause any reaction or awareness of the dire situation by the mainstream media or government leaders. I could go on and on.
And they have the audacity to consider themselves a “superpower”? How long will this charade go on?
This really is both predictable and depressing.
This is not new. Similar stories have been reported for several years now.