No. of Recommendations: 0
After 10 years, in Switzerland, I am moving back to the USA in December with my Swiss husband. During these years we've both worked and have both put money into a mandatory pension plan (company contributes and employee contributes. If you change companies, the money follows you to the new company). It is tax-free until we start taking money out at retirement.

Now that we are leaving, we have the option of leaving the money here to earn a mere 2.5% interest in a regular bank account or investing in a "safer" fund consisting of mostly bonds (again, all tax free until age 65). No further contributions are possible, and the IRS never hears about this account until it's time to take it out. Or we can take the money out now and bring it the US after paying Swiss taxes on it now.

In order to know what to do, I am wondering if there is any type of retirement account in the U.S. which would allow us to transfer that money and earn interest tax free until age 65. Everything I've heard about IRAs for example says they are only available for current earned money and that you can't just "deposit" any sum of money into an account and call it an IRA.

Any advice, Fools? Thanks.

Shawn Pendley
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement