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Greetings, P-chan, and welcome. You wrote:

<<I'm 36 years old and I do not have an IRA nor do I have any 401k plan.

I'm an American who lives overseas. I file US taxes every year, but do not pay US taxes (workers living abroad are exempt up to 70,000 USD/year...I do not make that much..but I do pay taxes in the country where I live). Paying no taxes also means I get no deductions.


Question is: Would an IRA be of any benefit to me or my wife? We have no pension and don't pay into any social security (not since 1986). There is no local Soc. Sec. program. I'm quite worried about my future retirement, although I know it's quite a ways off, so I try and save as much as I can now while my tax base is good (I can save 35-50 percent of my salary sometimes...we have no children).

Can anyone give me some advise on IRA's or any other investment devices I should be aware of?>>

IRA contributions must come from earned income reported on your income tax return and subject to U.S. income taxes. You use the foreign income exclusion to avoid U.S. taxation. Therefore, you and your spouse cannot make contributions to either a deductible or a nondeductible IRA. Thus, the only vehicle left to you is a taxable account of some sort.

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