Hi all,
I'm in a somewhat complex situation and I'm doing my best to get everything together before I move to the US. This means a lot of reading. I think I've got a good strategy, but there are a lot of smart people so I thought I'd check in here.
I'm moving to San Francisco on $200k salary, some stock options, some healthcare coverage. I'm from the UK. Here's my finances plan:
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Use TransferWise or some specialist organizations to move enough GBP to USD to survive for a couple months until I get paid. Don't bother sending money back home to UK bank accounts and ISAs as then they will be taxed by the US. If I leave them, they won't. I think this is right?
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I've just opened a bank with HSBC UK and just asked them if they can help set me up a US checking account in advance. If they can, that's great. If not, my number one priority when I arrive in the US is to get a social security number (I think after I get my visa?) and get a bank account. I think Citibank or Bank of America are good for this?
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Similarly for savings account (from what I understand, these only provide 1% or so interest though? So not that important)?
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Match, and max out, 401(k) contributions. This is $18,500 per year?
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My salary (I think?) is too high to contribute to a Roth IRA (which I believe is roughly equivalent to an ISA in the UK?) .
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But I can contribute to a traditional IRA (which I think is roughly equivalent to a SIPP in the UK?). I can then use the "mega backdoor Roth IRA trick"? I also need to file a tax return every year to get a tax deduction on any contributions to the traditional IRA I think?
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Any other funds, I need to save in Vanguard or Fidelity or something? Could I have some advice about this step?
Have I missed anything here? Are there any more optimizations i can do? Thanks for any help guys! Really looking forward to my new life here.
Submitted April 01, 2018 at 11:29AM by JustRedditonReddit https://ift.tt/2uzFRcC
