Managing IRA and Investments When Retired Abroad
Hi Terry. If someone wants to retire full or part-time in the EU, are there banks or firms suited to managing an IRA and investment accounts? In addition to being geographically far from one’s finances, currency fluctuation would be a challenge. What are the best ways to manage this? Thanks in advance for your guidance.
Terry Says
These days, it doesn’t matter where YOU are — it only matters where your money is! You can keep instant track of your investments online. So you’d want a fee-only FIDUCIARY planner to advise on investments. Find one here: https://www.terrysavage.com/pam-krueger-wealthramp/
I’m sure Pam can match you with an advisor who has experience with international expats.
Also you might find some interesting information here: https://www.taxesforexpats.com/
(I don’t know if you will be earning money overseas, or if your destination country would also tax your retirement plan withdrawals. That requires some sophisticated planning.)
As for currency, it depends on where you are planning to SPEND the money. If you have your RMDs sent to a European bank in dollars, but want to spend the cash on everyday life, then you are at the mercy of whatever the exchange rate is on that day for the Euro. But you’ll choose a bank that does not charge large fees, and typically is known for offering fair conversion rates.
Oh, and don’t forget your health insurance! Medicare won’t cover you if you live in Europe!
