Chinese wife retirement pension

[Stone]

My wife has been here in the States for quite a few years. Before she came here, she had contributed to the Chinese security system for a few of years. She has a green card now, but she hasn't contributed anything to her Chinese social security account since she arrived here 6 years ago. Now she wants to make up and makes a lump sum contribution, because she would be eligible to receive Chinese social security payments at the age of 50. The current monthly contribution is 400 RMB, but the benefit is about 1,000 RMB a month when she starts receiving benefits.

 

Is this worth it? Does your wife (spouse) continue to contribute to her SS account in China? I think this may make sense if you or your wife plan to spend some retirement time in China. Any thoughts or experience would be appreciated.

[Dennis143]

My Leiqin and I married in 2005. She was ~45 years old and she asked me to give her $3000 so that she could put it in her Chinese retirement fund and therefore be fully vested to receive monthly retirement payments.

 

I gave her the three grand and she now gets ~$100/month put into her Chinese bank account for life that she just lets sit and uses whenever she goes to China.

 

Go for it, Mr. Stone. The payback is worth it.

[Stone]

Dennis, thank you for sharing your experience.

 

My wife needs about $6K to make up for the last 6-7 years as a lump sum, and needs about $100/month to put into the Chinese SS account for the next 8 years until she reaches 50. Our major concern is if US dollar continues to depreciate again RMB, the Chinese income may help pay for our trip to and living expenses in China in the future.

[Dennis143]

I can't give advice, but only tell you what we did. Leiqin never put a cent into her retirement fund... she was never employed. When we married, she needed $3000 put into her retirement fund to be fully vested by age 50. She now earns a monthly stipend of ~$100/month from that investment.

 

Maybe things have changed, but that's what we did.

[tsap seui]

My wife has been paying into it too. She'll be 49 this July and will finish paying it off while in Cina this summer.

 

Now, she did say the other day that she is a little fearful that she may miss the cut as China is talking about raising the age of retirement soon. Hopefuly she will make the cut if they do.

 

tsap seui