IRA and moving abroad?

Question

I plan to move to Europe in the next 2 years. Should I continue to contribute to my IRA or put that money in a savings account instead? I plan to start another retirement plan when in Europe.

Answer 1

i think you should leave it open as you are going to get taxed over 20 percent of your money when you take it out?? dont do that.. if you dont plan to live abroad forever,,, then just leave it in there,, come back to the states and you might be surprised on the amount it grew to.. its really not a bad idea to have a good savings account active as you might incur more expenses than you expect over in europe

Answer 2

If it's a Roth IRA, contribute the maximum that you can give to the Roth. If there is another thing else, contribute to the other retirement plan. Otherwise, contribute to first the other retirement plan, and then the IRA.