u/BendIllustrious7436

Hi, I am 63 and living/retiring in Australia. I am a dual citizen with the US, and eligible for US Social Security. As I am easing out of the working life, I wanted to start to draw down on my US Social Security.

I have read a bit on the pros and cons of starting early, and was ready to apply.

Then I came across this odd provision applying only to American citizens living overseas under the normal retirement age of 67. If I work more than 45 hours in a month, I am not eligible for Social Security in that month, with penalties for not reporting it. The wording of the rules was a bit odd, but it seems I would simply forfeit that months' benefit and never get it back.

Can anyone confirm or provide more clarity?

Thanks!

Hi, I am a US and Australian taxpayer looking to retire in Australia. I have a general understanding that growth in my Australian superannuation account (ie net investment income) should be included in my US tax return if and only if I am a "highly compensated employee" (HCE) by the US criteria. This can be beneficial if Australian tax is high enough to generate adequate US tax credits - because this increases the cost basis of the superannuation account from a US tax perspective, reducing US future taxes.

Is this correct? What are the criteria for being a highly compensated employee? Are withdrawals taxed pro rata or LIFO or FIFO? Anything else to know?

Thanks!