Question : Retirement plan?
I'm 33 years old and make 33.000 a year. I'm married, but my husband only works part-time, so his income is not always the same.I'm a permanent resident so if decide to go back to my country, can I keep contributing towards the IRA? I'm confused because in the bank they told me yes and when I contacted fidelity they said no way!What is the right option for me?I do want to start a retirement plan but I don't want to loose the money if I moove to another country or start another one...Any suggestions? Thanks for you help!
- asked by Sonia L
All Answers:
Answer #1
That depends on the monetary restrictions. Usuallyif you move out of country you can retain your IRAbut may not be able to add to it as it's a US Taxissue. I'd check with a financial advisor's andput your concerns to them and see if there is asolution.
- answered by Phyllis C
Answer #2
If your account is through your employer, youcannot contribute to it after your employmentterminates with that company. You may however, beable to roll it over to a new account without haveto pay taxes and penalty. It's very tricky sinceyou may be moving to another country so maybe youbetter seek a professional.
- answered by butrcupps
Answer #3
To legally maintain an IRA within the UnitedStates you have to have a US issued SSN, file USFederal Taxes, and have earned income reportablein the US. If your situation is any more complexthan this, then seeking tax advice will keep youwithin the law and the IRS off your back.Just keepin mind that the US does not allow transfers offoreign retirement plan funds into a US retirementplan. So whatever you decide your residence maybe, do not mix your monies.
- answered by effin chrisTY
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measure and fulfill your financial needs
