What To Do with Your IRA Retirement Account

[@CM-eg3gl]

As an Irishman, I took a doubletake when I saw the title 🤣🤣🤣🤣

[@UserName-xb7xi]

Years ago when I worked abroad I was explaing about the IRA account to Irish coworkers. They had other ideas in mind about IRA. Lolllllzzzzzzz

[@RossBayCult]

Non Irish people will struggle to get the joke

[@CM-eg3gl]

@@RossBayCult Clearly!

[@gopherlee9427]

@@RossBayCult i am not Irish and I get the joke. I study world history.

[@brianschell7991]

That’s funny🍀

[@stormtweet260]

There is another option...a self-directed IRA. You can still retain the tax advantages of an IRA (Roth or Traditional) but keep direct control over the funds. Can be invested in metals, crypto, or even a business.

[@jrgazoo4903]

Yes that’s the kind we have

[@jeffb.140]

This is the problem with retirement accounts. They are basically at the whim of the government. In the end they decide how much you will ever be able to withdraw.

[@chuckadams5565]

My financial planner friends always scratch their heads when I stay away from IRAs. Exactly why; the whims of the government. If they can make it a favored account, they can "unfavor" it anytime, not to mention the USA is broke, which accounts do you think they'll go after first?

[@Vadamsama]

in the past that wasnt a problem but lately its becoming more and more clear that this translates to extremely high risk

[@kevinstfort]

@@delroywilson9588 that statement that the US is broke (along with other false views) is so ludicrous and why I consider unsubscribing from this channel.

[@rutous9031]

@@kevinstfort Unsubscribed already? It is so easy! And good riddance!

[@rutous9031]

@@delroywilson9588 " got rich in high-tax western countries" does not imply it is OK to get robbed by those countries especially when their left wing bring the entire structure to a stall and inevitable crash.

[@BenDonahower]

Timing is excellent. Speaking of overseas investment, I'm wondering if there are any complications to using an IRA to purchase investment property overseas that would then make one eligible for citizenship?

[@Emily-mq1lj]

Timely! Starting to get really antsy about the majority of our wealth being tied up in an account I'm not allowed to touch for 20 more years.

[@johnnyvegas4583]

Seriously don't worry about it, IRAs and 401ks are fine. There are ways to get at the money without penalty btw. Check out "Rule of 55" for 401ks and "72(t)" for IRAs.

[@patricktraichal9287]

@@johnnyvegas4583 The 72(t) option of substantially equal periodic payments (SEPP) is limited as a percentage - reset by the government every month.

[@johnnyvegas4583]

@@patricktraichal9287 right, I wasn't implying that you could use it to pull 100% out in one year. It is a useful tool for early retirees to avoid paying the 10% penalty.

[@amvora777]

For the third option, one may be liable to report distributions from an IRA as income to the country you are considered a resident of. For example, I have to report distributions from my IRA as income to the Asian country, where I live, and pay taxes on it, unless I qualify as 'not resident'. Gets very complicated.

[@dianetrummer2491]

yep -same in spain. you get taxed on your worldwide income..

[@scottbowman6663]

Thanks Andrew, 401k income and pension income are my biggest questions and obstacles to moving outside the US.

[@malcolmapplet4313]

Huge.

[@JackDuffley]

I like to look at my IRA as a safety net within the system (while I build up normal, more controllable holdings at the same time) while an offshore account would be a safety net outside of the system entirely. No one approach is risk free, of course.

[@Vadamsama]

Thats a good point, the trouble though is that many people nowadays feel that the money in government controlled retirement funds will simply not be there anymore by the time they retire or that the government will keep pushing back the retirement age or whatever. My view is that such funds are great for the kinda wage workers who dont know anything about money and would end up blowing all their income and not saving anything anyway. For people who are able to invest themselves and save up to do so and do it in a diversified responsible way then perhaps then that is totally different. In the past trusting government with retirnment funds was not really an issue but nowadays I see retirenment funds as a very high risk investment if the money is to be kept there on the time scale of many years. The projected growth is simply not in touch with the risks. Much better to invest yourself into index funds at a few different brokers.

[@JackDuffley]

@@Vadamsama my thinking is that I'd rather shave my tax bill now while building the safety net at the same time (and potentially do a backdoor Roth in a low tax year later via large business deductions, etc) and then, by the time I retire, I ideally won't need the IRA funds anyways and can simply donate it to a charity, whether it be my own or someone else's (which I'd imagine would be one of the last things to remain tax deductible if we get hikes across the board). Though I understand nothing is guaranteed.

[@Vadamsama]

@@JackDuffley I guess it depends on what percentage of your regular investing goes into this safety net you dont plan to use. In my case its not a small one but I dont have a choice at my current employer its automatic for everyone but as soon as that changes I will stop it and I will also try to take out it when leaving the country.

[@JackDuffley]

@@Vadamsama True, I personally try not to put all of my eggs in one basket. The majority remains outside those officially designated retirement accounts.

[@Vadamsama]

@@JackDuffley I have realized there is a possible another benefit to retirenment accounts, they usually do not count towards your wealth in case of debt collection or if making assesment for receiving benefits. Of course the goal is not to end up in either scenario but potential layer of protection makes it interesting I guess.

[@bbrebozo6417]

I was told by a tax attorney that on the day of renunciation of US citizenship by a covered person, a tax differed account is taxed as a lump sum disbursement. Therefore, he advised extracting oneself from those before renouncing.

[@bbrebozo6417]

@@Timithos I was told taxes would be dur as if a distribution was made regardless of it being done or not. The exit tax has a ~700k deduction and some of that could be used to offset it...but capital gains in taxable accounts are marked to market on exit, so that would eat into that deduction too. What I don’t remember is if the pension virtual liquidation tax is offset first (it would reduce the tax bill so I doubt it). The attorney in question specializes in the exit tax.

[@bbrebozo6417]

@@Timithos one more thing wrong with leaving assets in the US after renunciation is the US situs tax.

[@Alex-ws9lr]

"Five year plan" is something I just did not expect to hear on this channel 😂

[@allenanthony2651]

Great topic rarely discussed directly like this - thanks

[@tickothing1]

Perfect topic. I'm 55 and retiring in two years, 850k in pre-tax IRA's, need a strategy to unwind and disconnect. Thank you.

[@tbbarabara]

Is there a best state to form the LLC? Do you recommend an attorney to form the LLCs? Do you have to form a separate LLC for the Roth(s) and the Traditional IRA? Could you interview a reputable attorney in the US and perhaps one in Malaysia or one in Switzerland? Since you have already paid the tax on the Roth, I would think that could be expatriated. I would be interested in using the IRAs for purchasing properties in Malaysia, Cambodia, etc.

[@Mark-Joyce]

I thought Ireland was the only one with an IRA

[@rajshreyashadhav3052]

😂😂😂 me too

[@jtsdeals]

Just had a thought. Is there any way to use an IRA to fund the zero interest bond option for the St Lucia CBI?

[@gavinclaassen6440]

You likely got some ears pricked up in Southern Ireland with your headline here Andrew .

[@ericeverson5956]

Capital ALWAYS seeks the best investments.

[@NewHampshireJack]

The US government did change IRA rules. I had planned to leave a ROTH to my Granddaughter and at her young age, tax free distributions would last for many, many years. Recent changes now force the ROTH to be emptied out in ten years. I am NOT a happy camper over this having made conversions over a period of years and paid the taxes to set up my Granddaughter. I also learned that if I left a ROTH to my non-US citizen wife, she will be hit with up to a 30% withholding tax on withdraws in retirement. She, like a US citizen spouse, will not face RMDs but she will owe taxes on qualified ROTH withdrawals. I chose instead to invest in her local business ventures where we live. She has developed a super income and growth of her business here and now. We have several options where to park retirement money at out current home base so Beautiful Bride will be well provided for even if she later sells or ends any of her ventures.

[@gavinclaassen6440]

What about putting ones "IRA" into Bitcoin and leave ( after paying whatever taxes or penalties ).

[@FlufferNutterSandwich]

You can do that with I-Trust-Capital

[@jgs8838]

Thanks, Andrew. Great video, as usual. Question to which an answer has been hard to come by: Can you use a self-directed IRA for the investment option of the Golden Visa? I believe this is allowable by IRA rules, but I'm not sure one can invest in the name of an LLC to qualify for, for example, the Portugal Golden Visa.

[@jrgazoo4903]

What about a gold IRA Andrew? Kept in US ?

[@zachjones6944]

My IRA is my "smokescreen". My true investments are rather untraceable.

[@jrgazoo4903]

We are about to get a Pensionato visa in panama and live there part time. Are we better off to transfer our gold IRA to a Panamanian bank?

[@FlufferNutterSandwich]

If you're in the USA, and have a 401k, consider moving it to I-Trust-Capital's crypto-based IRA. Crypto makes more, and will bounce back faster after the Everything Bubble pops. This bull market is not over, sell the top, and be prepared to buy back at the bottom.