Moving to Finland - Roth IRA/401(k) help
Posted by heademptycurious@reddit | expats | View on Reddit | 4 comments
Hello! My spouse (24) and I (22) are planning to move to Finland in 4-5 years, coming from America. The goal is to become citizens while maintaining our American citizenship. However, we're having trouble trying to figure out our retirement situation. While we live in America, it makes sense for us to open either a Roth IRA or a 401(k), but we're struggling to find information online about how moving to Finland would affect that in terms of withdrawing, taxes, etc. We'd like to make sure it's even worth doing. I've found a few sources online about this, but I'm having trouble understanding them, and would love advice from those who have already done similar moves with retirement plans!
Also, if this is not the best subreddit to ask, please let me know which one I should ask! Thanks in advance for any help.
HomeDuck@reddit
Selvisikö tämä teille? Vanha aloitus, mutta kiinnostaa kun Suomessa ei ole edelleenkään vaihtoehtoja tällaisille että miten verottaja tätä katsoo? Ajattelin että voisi täältä käsin avata Roth IRAn riippuen miten suomen verottaja siihen suhtautuu.
EUblij@reddit
Not sure about specifics of Finnish law. I moved to NL 12 years ago with all my retirement money in US IRA. Have had no issues moving money from US to NL bank. Social security also no problem.
elijha@reddit
Not sure about Finland specifically, but expats generally don’t enjoy many opportunities for tax-advantaged retirement savings.
Without a US employer you naturally will not be able to contribute to a 401k. Contributing to an IRA is generally possible (but a Roth may not be if you exclude all your income), but if you plan to retire in Finland, you’ll need to see if their tax laws recognize any of the benefits.
In many cases, the only real option you have is a standard taxable brokerage account.
heademptycurious@reddit (OP)
I see, okay! We will look into a brokerage account. Thanks!