If you’re wanting to move abroad in retirement, Assets offers a guide to retirement income, with a focus on wealth management for your resources when you’re living in a different country.
You've been dreaming of moving abroad for years •longing for the tall cypress trees of Tuscany, the sandy beaches of the Bahamas, or the colorful flavors of Mexico!
If you're ready to join millions of expat Americans in relocating when you hit retirement, Assets has some important financial information for you.
The company's guide covers a range of topics that can affect your international income sources in the golden years, including the Foreign Account Tax Compliance Act (FATCA), foreign pensions, tax treaty residency issues, and foreign Social Security benefits.
The guide is designed to help you find out how your financial retirement strategy may need to be adjusted, depending on laws and regulations around foreign residency.
A recent report from Forbes shows that although an increasing number of Americans are choosing to move abroad when they finish their working years, the decision to relocate can affect your financial status and deserves careful consideration from a wealth management perspective. The guide from Assets covers some of the most common factors that can affect income reporting if you've made your home in a different country. “Retirement is supposed to be an exciting time in your life, as you enjoy the fruits of years of hard work and sacrifice,” says a company representative. “Unfortunately, the prospect can become complicated if you live abroad, which is why we aim to give you all you need to understand how reporting retirement income functions internationally.”
If you're not familiar with FATCA, the guide explains how the law works, including requirements for U.S. citizens to report any foreign financial assets that may exceed the set thresholds established by the IRS.
You'll also get information about issues that can arise regarding tax treaties and residency in a particular country, as after retirement you'll need to identify a tax residence, so that you are able to take advantage of possible tax breaks, credits, or exemptions.
Additionally, the guide addresses the topic of foreign Social Security pensions, noting that these may be subject to double taxation if there is not a specific tax treaty provision for a certain country, and that such benefits must be declared and included on your U.S. tax returns.
If you're an investor who may be considering relocation after retirement, you'll find an overview of U.S. reporting requirements for investment accounts, along with procedures and a description of potential IRS penalties if requirements are not met.
Make sure your international dream stays financially viable with tips from the experts at Assets!
Learn more at https://assets.net