I'm an American citizen, 47 years old, resident in the UK for the past 11 years. I recently divorced my British husband and am worried about my Social Security benefits when I return to live in the US in 7-10 years time, when my 11 year old dual national son will be old enough to decide where he would like to live. I only work part time and my British taxation amount(applied towards a British retirement pension) is nominal. Indeed, the Govt. has written to me on several occasions advising me to "top-up" the amount by investing more or taking out a private pension. Will my British payments transfer to the U.S. Social Security system? Also, I received about 80% of the gross house value in the divorce settlement .(no entitlement to my ex's pension though) The current equity is £167,000,(approx $334K) however I am remortgaging in my sole name £105,000.($210K) After paying my VERY expensive legal fees, paying off about £25K in debts, which accumulated during my 5 year separation from my ex (during which he was underpaying me maintenance to the tune of £12,500 according to the Judge presiding in my case) buying a new car and doing ALOT of essential,much needed home repairs and improvements, I am HOPING to have about £20-£25K in which to invest for some sort of nest egg for my future.However, the amount could be as low as £10-£15K.I realize I am spending now alot of the equity that I would be receiving when the house will be sold when I return to the U.S. in the future, but this is unavoidable. Also my Ex will have to be paid his 18.76% share from the sale proceeds.This whole scenario has me so frightened, that I am having trouble sleeping nights. With the strength of the pound versus the dollar at the moment, I hope I am correct in assuming I should invest in the UK rather than the US market. What advice can you offer that will hopefully provide me with a comfortable, secure life when I return home, most probably still single, aged around 55? I had no 401K program when I left America, have nothing in savings now and my my monthly income is approximately £1700. Many many thanks in advance for any help you might could give me!!
PS-When registering on your site, when asked if international, what country I lived in, your drop down box did not list either the UK or England as an option. I had to register under the British Virgin Islands-ooops, just a thought, I did not look to see if Great Britain was an option!!!!