What to do with government retirement savings in China?

[SBB 74]

2. Is Chinese retirement money taxable in US?

All income of a US resident, regardless of source, is taxable in the US unless a tax treaty treats it differently.

[CowBoE 429]

She currently works for US company in china as a contractor.

[Darnell 8,479]

through a 3rd party firm, right? best to find out stuff from the HR person at the third-party firm.

[bigdog 376]

My wife retired at 50, and had hers direct deposit into a Chinese account. Check with the HR department, it is a personal decision for each person.

[mike411 15]

1) I have never heard people cashing out their retirement money from China. China is similar to the rest of the world where spending is more than revenue.

2) Tell her to find out from current and former co-workers and not announce to everyone at work. There are many darker policies depending on the company type. Government work is usually the worse and different from company to company.

3) She can retire then leave and the company doesn't have to know she left the country.

My wife lost all the money in her retirement account when she came here in 2011. To keep that money takes months of preparing, planning, keeping things secret.

Most poeple I know don't tell work they are leaving the country unless they have to. My wife's work had to sign off and release her passport.

Edited January 8, 2014 by mike411

[Darnell 8,479]

yup yup !! Mike, Exactly !

[unsmiley 111]

1) I have never heard people cashing out their retirement money from China. China is similar to the rest of the world where spending is more than revenue.

2) Tell her to find out from current and former co-workers and not announce to everyone at work. There are many darker policies depending on the company type. Government work is usually the worse and different from company to company.

3) She can retire then leave and the company doesn't have to know she left the country.

My wife lost all the money in her retirement account when she came here in 2011. To keep that money takes months of preparing, planning, keeping things secret.

Most poeple I know don't tell work they are leaving the country unless they have to. My wife's work had to sign off and release her passport.

I still don't get it. How can one keep it secret? Are people essentially bribing employers to "stay" on the payroll? And then direct deposit their retirement checks into a Chinese account as if they are still in China? Please spell it out for me as this is an important topic.

[Darnell 8,479]

bribe is optional,

and many times it's not to stay on the payroll,

but to have the monthly retirement fund deduction amount (that would have been deducted from the payroll)

paid by the human that left,

into that account, somehow.

That's what I was trying to write, prior.

[ama537621 3]

If she has a good friend that owns a business just give the friend the money to put in the system until she is vested. then when she can apply come back to China do all of the paperwork and have the money deposited into her Chinese bank..

[unsmiley 111]

I see...