What You Need to Know About Retirement Accounts When Moving Abroad
Explore how moving abroad affects your retirement accounts and the tax implications you might face.
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If you move abroad, your retirement accounts generally remain intact but may be subject to different rules. You can still contribute to them if you have US-earned income. However, you might face challenges such as tax implications in both countries. Consult a tax advisor for specific guidance to avoid penalties and optimize your retirement savings. Also, research if your retirement accounts can be transferred to international accounts for easier management.
FAQs & Answers
- Can I contribute to my retirement accounts while living abroad? Yes, you can still contribute to your U.S. retirement accounts if you have U.S.-earned income, but be aware of the specific regulations.
- What are the tax implications of retirement accounts when moving abroad? Tax implications vary by country. You may be subject to dual taxation unless there is a treaty between the U.S. and your new country of residence.
- Can I transfer my retirement accounts to an international account? It may be possible, but you should consult with a financial advisor to understand the guidelines and regulations that apply.