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Updated 5 months ago on . Most recent reply
Best Retirement accounts for international coast fire
Hello! I'd love some input on what to do:
I am a 40 yrs with a stock market investments of 350K trying to coast fire in the next couple of years.
I just got a green card and moving to the US from Canada and looking at which accounts to invest that money in the US.
But I am not sure I will stay in the US in 10 or 20 yrs.
What do you think would be the best strategy to coast fire when you are not sure where you are going to be in your later years? I might go back to Canada eventually or move to another country in 10, 20 yrs… Who knows!
What do fire people do if they are not sure where they want to retire in 10-20 yrs? I'm afraid to put the money in a tax-advantaged retirement savings plan if I decide to move and it stuck in there.
Thank you!
Most Popular Reply
- Accountant
- New York, NY
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Do you have a list of countries that you are possibly looking to move to after 10-20 years?
You may want to research now how the country taxes different types of investments(Equity, bonds, real estate, etc)
That can tell you potentially what investments to have.
The issue with potentially becoming a US citizen is that they will tax you on worldwide income.
Therefore, if you get the citizenship and move out of the US, you may want to see if you would be exposed to US taxes, whether you will want to move back to the US and if you want to renounce your US citizenship.
I agree that if you are not sure of living in the US, you may want to avoid doing items such as having a large balance in a retirement account that may be considered taxable by another country when you retire.
Best of luck
- Basit Siddiqi
- [email protected]
- 917-280-8544