Retirement » 7 Money Moves For Living Abroad 87654321 Save for retirementNo matter how easy the living is in your host country, remember to stash away cash for your golden years.Individuals working for companies sponsoring a 401(k) plan should negotiate to contribute to the plan while abroad. If company policy excludes expats, ask if the plan can be amended to allow expat participation, says Peter Macaluso, vice president of FM International Services, a retirement plan provider firm in Melville, N.Y. Companies may find an amendment worth the value of having good employees overseas.Persons with traditional or Roth IRAs should note that contributions to these vehicles might be prohibited while overseas. "The key is whether the individual has any U.S. taxable income. No taxable income, no IRA," says Macaluso.If you've escaped all U.S. tax liability thanks to the foreign earned income or other exclusions, better find alternate ways to save. Consider establishing a brokerage, investment or savings account earmarked for retirement. 87654321 Share this story LinkedIn Delicious Reddit Stumbleupon Email story More On Retirement: 6 cheap places to retire abroad Cost of living comparison calculator Scaling down a retirement lifestyle 10 best states for retirement Create a news alert for "retirement"
Retirement » 7 Money Moves For Living Abroad
No matter how easy the living is in your host country, remember to stash away cash for your golden years.
Individuals working for companies sponsoring a 401(k) plan should negotiate to contribute to the plan while abroad. If company policy excludes expats, ask if the plan can be amended to allow expat participation, says Peter Macaluso, vice president of FM International Services, a retirement plan provider firm in Melville, N.Y. Companies may find an amendment worth the value of having good employees overseas.
Persons with traditional or Roth IRAs should note that contributions to these vehicles might be prohibited while overseas. "The key is whether the individual has any U.S. taxable income. No taxable income, no IRA," says Macaluso.
If you've escaped all U.S. tax liability thanks to the foreign earned income or other exclusions, better find alternate ways to save. Consider establishing a brokerage, investment or savings account earmarked for retirement.
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