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Chinese Retirement Income


Guest ExChinaExpat

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Guest ExChinaExpat

Is anyone familiar with Chinese retirement income? For example, the Chinese have a similar system as US Social Security. When a Chinese citizen retires they receive a monthly pension payment. However, when a Chinese citizen chooses to become a US citizen they must surrender their Chinese citizenship because China does not allow dual citizenship. If the Chinese citizen becomes a US citizen do they lose their right to collect their Chinese retirement pension?

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I don't think so (but don't really know), but I'll mention here that as long as your wife lives in the U.S., she will be eligible for spousal benefits from Social Security (50% of your own retirement benefit), and then survivor's benefits after you die.

 

If she has lived in the U.S. for 5 years while married to you (or if she becomes an American citizen), she is eligible for those same benefits even after moving back to China.

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Guest ExChinaExpat

I don't think so (but don't really know), but I'll mention here that as long as your wife lives in the U.S., she will be eligible for spousal benefits from Social Security (50% of your own retirement benefit), and then survivor's benefits after you die.

 

If she has lived in the U.S. for 5 years while married to you (or if she becomes an American citizen), she is eligible for those same benefits even after moving back to China.

 

I'm aware of how the US social security applies to a spouse. But, my specific question is to whether a Chinese citizen forfeits their retirement income from China if they become a US citizen.

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One person I think may know more would be griz326, his wife went back to China for about 6 months to complete her time needed to claim her retirement, she now lives in the states.

 

http://candleforlove.com/forums/user/6266-griz326/

 

I would shoot him a PM and perhaps reference this thread so that he may share some in-site into this topic.

 

I tagged a few topics "retirement" http://candleforlove.com/forums/tags/forums/Retirement/

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Is anyone familiar with Chinese retirement income? For example, the Chinese have a similar system as US Social Security. When a Chinese citizen retires they receive a monthly pension payment. However, when a Chinese citizen chooses to become a US citizen they must surrender their Chinese citizenship because China does not allow dual citizenship. If the Chinese citizen becomes a US citizen do they lose their right to collect their Chinese retirement pension?

My wife said she would loose her chinese pension if she becomes us citizen before she starts the payments.

After she starts payments, she thinks it will be okay, but she doesn't know for sure.

 

For my wife, the money is small, but it is the idea that she paid in so much that she wants it back.

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Leiqin's sister posed as Leiqin when signing up to receive Leiqin's retirement benefits. Otherwise, Leiqin would have had to return to China to get fingerprinted and her picture taken for her retirement ID.

 

Now, whenever Leiqin returns to China and needs to withdraw some of her retirement money, her sister does it for her.

 

I know that doesn't specifically answer your question, but there are ways around any loss of money for becoming a US citizen. And if you know Chinese, they're always looking for a way to circumvent the system.

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When my wife was in China last year she specifically asked this question and was told that she will not be able to collect once she gives up her Chinese citizenship.

 

What she tells me is, once she starts collecting then she can become a US citizen and they will never know, but to me even that would be illegal :sweating_buckets:

 

China I believe has 30 different pension schemes and may be it varies depending on which scheme you are part of.

China has similar problems with their pension scheme that we have with SS, too many retirees and not enough contributers. There has been talk recently in China about raising the retirement age which is not sitting very well with the public.

 

Edited to add:

 

Not 30 but 3000 different pension pools.

 

http://www.businessweek.com/articles/2013-10-31/chinese-rage-at-the-pension-system

Edited by Sam and Fen (see edit history)
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Guest ExChinaExpat

Leiqin's sister posed as Leiqin when signing up to receive Leiqin's retirement benefits. Otherwise, Leiqin would have had to return to China to get fingerprinted and her picture taken for her retirement ID.

 

Now, whenever Leiqin returns to China and needs to withdraw some of her retirement money, her sister does it for her.

 

I know that doesn't specifically answer your question, but there are ways around any loss of money for becoming a US citizen. And if you know Chinese, they're always looking for a way to circumvent the system.

 

Yes, the Chinese are quite resourceful.

 

When my wife was in China last year she specifically asked this question and was told that she will not be able to collect once she gives up her Chinese citizenship.

 

What she tells me is, once she starts collecting then she can become a US citizen and they will never know, but to me even that would be illegal :sweating_buckets:

 

China I believe has 30 different pension schemes and may be it varies depending on which scheme you are part of.

China has similar problems with their pension scheme that we have with SS, too many retirees and not enough contributers. There has been talk recently in China about raising the retirement age which is not sitting very well with the public.

 

As I understand, the current retirement age for Chinese women is 50, and for men, 55. The reason for these lower retirement ages is because of China's growing population and its limited number of jobs. Giving the older and lower paid generation a ticket out of work opens up jobs to the younger generation. I read an article yesterday that stated many of the older generation who are now retired are making more money on their pensions than they ever did when they were working. I don't know if this will hold true for this younger generation, as they are better educated and better paid. This is probably why the government is trying to raise the age of retirement, so they don't get caught into the pension traps the US and Europe are finding themselves.

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Leiqin's sister posed as Leiqin when signing up to receive Leiqin's retirement benefits. Otherwise, Leiqin would have had to return to China to get fingerprinted and her picture taken for her retirement ID.

 

Now, whenever Leiqin returns to China and needs to withdraw some of her retirement money, her sister does it for her.

 

I know that doesn't specifically answer your question, but there are ways around any loss of money for becoming a US citizen. And if you know Chinese, they're always looking for a way to circumvent the system.

 

Yes, the Chinese are quite resourceful.

 

When my wife was in China last year she specifically asked this question and was told that she will not be able to collect once she gives up her Chinese citizenship.

 

What she tells me is, once she starts collecting then she can become a US citizen and they will never know, but to me even that would be illegal :sweating_buckets:

 

China I believe has 30 different pension schemes and may be it varies depending on which scheme you are part of.

China has similar problems with their pension scheme that we have with SS, too many retirees and not enough contributers. There has been talk recently in China about raising the retirement age which is not sitting very well with the public.

 

As I understand, the current retirement age for Chinese women is 50, and for men, 55. The reason for these lower retirement ages is because of China's growing population and its limited number of jobs. Giving the older and lower paid generation a ticket out of work opens up jobs to the younger generation. I read an article yesterday that stated many of the older generation who are now retired are making more money on their pensions than they ever did when they were working. I don't know if this will hold true for this younger generation, as they are better educated and better paid. This is probably why the government is trying to raise the age of retirement, so they don't get caught into the pension traps the US and Europe are finding themselves.

 

 

 

It is 50 for factory workers and 55 for other women and it it is 60 for men.

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When my wife was in China last year she specifically asked this question and was told that she will not be able to collect once she gives up her Chinese citizenship.

 

What she tells me is, once she starts collecting then she can become a US citizen and they will never know, but to me even that would be illegal :sweating_buckets:

 

I would not agree to cheating the system .. well at least not in public, but my wife paid into a pension plan all her working life, and in fact paid a lump sum into it when we came to America so that she would be eligible to receive retirement payments.

The payout is just an ordinary pension payout based on an amount payed in, not like our ss where you pay in, but the payout is not directly tied to your payin amount.

 

In my mind, my wife is owed that money as surely as if she had bought a pension plan with a private bank, and paid into it all her working life.

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Guest ExChinaExpat

 

When my wife was in China last year she specifically asked this question and was told that she will not be able to collect once she gives up her Chinese citizenship.

 

What she tells me is, once she starts collecting then she can become a US citizen and they will never know, but to me even that would be illegal :sweating_buckets:

 

I would not agree to cheating the system .. well at least not in public, but my wife paid into a pension plan all her working life, and in fact paid a lump sum into it when we came to America so that she would be eligible to receive retirement payments.

The payout is just an ordinary pension payout based on an amount payed in, not like our ss where you pay in, but the payout is not directly tied to your payin amount.

 

In my mind, my wife is owed that money as surely as if she had bought a pension plan with a private bank, and paid into it all her working life.

 

 

I agree credzba. The Chinese pension is not free government money, but a system that taxes the worker every pay period and holds the money until retirement. Then, gives it back in monthly payments. It's a significant amount of money for the retiring worker to consider turning their back on. It's also another notch in the CCP belt to steal money from it's people just because they choose to live in another country. Thankfully, they US cannot do this to it's citizens.

Edited by GuangDongExpat (see edit history)
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My wife turned 50 this year and had a small fear that the age would be raised. But, it wasn't raised for her birth year, 1963. She wasn't a factory worker but she may has squeezed in before the age was raised.

 

I can verify Jesse's comments about people getting more retirement money than when they worked. Wenyan's retirement pay is almost double to what she was making while working.

 

tsap seui

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Leiqin was never employed when she lived in China. After we married and she was pushing 50 yrs old, she asked if I would give her $3000 to send to her sister so that she could buy into a Chinese retirement account. She needed $3000 in order to be fully vested and it had to be paid into before she turned 50.

 

I was once told that she gets ~1000 RMB/month, but not quite sure what the amount is. I do know is that when she returns to China the only thing we pay for outright is her plane ticket, so that investment is paying off nicely.

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