Expat Chat Episode 96 - US Retirement Accounts With A US Financial Planner

Expat Chat Podcast

Welcome to the ninety sixth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we have a guest on from Cross Border Financial Planning USA. Edward Cole talks about a general overview of what Australian expats need to know and understand about US Retirement accounts. Every year many Australian head over to the US on an E3, L1 or Green card visa. Understanding your retirement options is paramount for long term planning, especially with no one paying in your superannuation any more. We deep dive into what your options are, the different types of tax treatment, and contribution caps as well as what it all means when you begin withdrawing from these accounts later in life. Discussion Points on Todays Podcast Episode In this episode we run through the following topics: Basics and Eligibility: • Can you explain the basic differences between traditional IRAs, Roth IRAs, and 401(k)s? • As an Australian expat, am I eligible to contribute to these accounts? • Are there any restrictions or special considerations for non-US citizens? Contribution Caps: • What are the annual contribution limits for IRAs and 401(k)s? • How do catch-up contributions work if I'm over 50? • Can I contribute to both an IRA and a 401(k) in the same year? Tax Treatment: • How are traditional IRAs, Roth IRAs, and 401(k)s taxed upon contribution and withdrawal? • Are there any tax treaties between the US and Australia that might affect the taxation of these accounts? Withdrawals and Penalties: • What are the rules for withdrawing money from these accounts before retirement age? • Are there any penalties for early withdrawal, and can they be avoided under certain circumstances? • How do Required Minimum Distributions (RMDs) work? Links that we discussed in this episode include: • Facebook Group - Don't forget to join our Australian Expat Financial Forum Facebook Group - https://www.facebook.com/groups/Australianexpatfinancialforum • Ask Atlas - Have your questions answered on the podcast by clicking this link - https://atlaswealth.com/news-media/australian-expat-podcasts/questions-or-feedback-for-the-expat-podcast/ • Expat Mortgage Podcast - https://atlaswealth.com/news-media/australian-expat-podcasts/expat-mortgage-podcast/ If you like the content make sure you let us know by hitting the thumbs up and subscribing as well as providing some feedback in the comments below. Atlas Wealth Management is a specialist in providing tax financial planning advice to every Australian #expat. Whether you are based in Asia, the Middle East, Europe or the Americas, we have the experience in providing wealth management and planning services to the expatriate community. Atlas Wealth Management was born out of the demand from expats who wanted a financial adviser to help them navigate the tax and financial maze of living abroad as well as assisting them make the most out of their time overseas. To find out more about Atlas Wealth Management and how we can help Australian expats please go to https://www.atlaswealth.com. Make sure you connect with us on our respective social media channels: Facebook: www.facebook.com/atlaswealthmgmt LinkedIn: www.linkedin.com/company/atlas-wealth-management Twitter: www.twitter.com/atlaswealthmgmt Instagram: www.instagram.com/atlaswealthmgmt