US IRA account

I have an IRA in the USA which is managed by Morgan Stanley. I would like to transfer the account to another platform to facilitate taking regular distributions when I retire. I'm currently located in the UK but am planning to split my time between there and Ireland once retired. Any advice would be gratefully received.

@bot1963

I assume you have been in the UK for a long time and are resident for tax purposes in the UK?

So the key rules which apply to you now would be the UK/USA rules on taxation and pension transfers.

So some sort of specialist based in the UK would be best placed to advise you.

There might be an advantage or a disadvantage in waiting to do anything until you move your tax residence to Ireland, if that is what you choose to do.

So you need someone who understands both the UK/USA and Irish/USA rules.

The only person I can think of who might be able to help you is Marc Westlake of Everlake.


If he does not know the answer, he will probably know someone who does know the answer.

Be careful in looking for an advisor.

There are many impressive sounding firms who are based in offshore locations who offer to move your pension fund to an offshore location free of tax.

Some might be genuine. Some might be scammers. And some might just be legitimate but they have very high charges.

Brendan

bot1963 said:

I have an IRA in the USA which is managed by Morgan Stanley. I would like to transfer the account to another platform to facilitate taking regular distributions when I retire. I'm currently located in the UK but am planning to split my time between there and Ireland once retired. Any advice would be gratefully received.

Click to expand...

Thanks Brendan, much appreciated.

@bot1963

There is an article about expats returning to live in Ireland in today's Irish Times


I haven't read it apart from their quoting of Stephanie Wickham of expattaxes.ie

Brendan

If you are keeping the IRA in the US, then I would highly Recommend Betterment.com
Low fees, excellent portfolio construction, and they have instant access saving accounts which pay a good interest rate. So your distributions can pay directly into the cash account.

Thank you.