Some people have asked me about how to get their Social Security check (or other retirement plan money) after they’ve moved abroad. Here is one simple way to get access to your retirement money when you’re living overseas.
First Davon House Jersey , I need to say that we all have our own situations, so consider this as one option. If this doesn’t fit your needs, look for a method that does.
Second, I’m not an accountant or tax lawyer. I’ve hired them for myself Ty Montgomery Jersey , but my situation may not match yours. Whatever plan you think about doing, I suggest you spend a little time hiring a professional to check it out, to make sure it is legal and keeps the largest amount of money in your pockets.
A simple way to get your retirement money overseas
If you’re a US citizen, you’re going to need to deal with the HIRE Act in 2013 (unless it is changed or repealed). One part of this act makes it difficult to move money overseas. So an easy way to avoid the problems it causes is to keep your money back home (for the most part).
You can have the money from your retirement account Quinten Rollins Jersey , or Social Security check, sent to your bank accounts in the US. Then you just use ATMs in your new country to get your money there. This avoids any problems you might experience with trying to have your retirement checks direct-deposited into a foreign bank.
If you’re going to use this method, I suggest doing the following:
Have accounts at two banks in the US. Get debit cards for each of them (if you can get a Visa-based card from one and a MasterCard-based debit card from the other, that’s even better). This way Damarious Randall Jersey , if you ever have any problems accessing one account when you’re overseas (you lose a card, the account gets frozen, etc.), you’ll have a backup way to get money. Get your accounts at banks that don’t charge you for using ATMs at other banks Kenny Clark Jersey , and look for ones that will reimburse you for any ATM fees you get charged. Look for banks that don’t charge you for foreign currency conversions. These may be difficult to find. Try Chase Bank and their cards that are tied to frequent flyer programs. Besides saving you foreign exchange fees, you may earn some frequent flyer miles. When you open your account, tell the banker that you want the ability to initiate a wire transfer from another country. They may have you fill out some extra forms and give you a PIN to use when you call in to request a wire transfer. You’ll need to do this before you move overseas. Consider applying for credit cards that don’t charge foreign exchange fees – like Capital One, American Express Platinum Vince Biegel Jersey , and other premium cards. Personally, I don’t like using credit cards. However, if you have a credit card set up for automatic payments from your US bank account, this gives you another alternative to accessing your money. Contact the US Embassy in the country where you’ll be moving. Also check on the Internet forums dedicated to expats in the country where you’re moving. They may know of another easy way to get your money to that country.
If you follow this technique Jamaal Williams Jersey , your retirement money will be sent to your US accounts (where you won’t need to worry about the HIRE Act). Then, you’ll just withdraw the money as cash overseas, to pay your bills. If you ever need a large amount of money, maybe to buy a car or house Montravius Adams Jersey , you’ll be able to wire the money to yourself.