Over a decade ago my mom left the US to live in Europe. She currently divides her time between Poland and Greece, and is a citizen of both the US and EU. When she left the company holding her 401k told her they were closing her accounts, so she's kept her retirement savings in an IRA account with a credit union. This doesn't let her invest the money, only collect interest, so inflation has chipped away at her savings quite a bit.
We saw that Charles Schwab has brokerage accounts for expats, and when I called them they said she'd be able to invest in anything on the US market. Yet when she rolled her money over into an IRA and tried to purchase some ETFs and index funds...she couldn't. We called Schwab again and they said that expats in the EU can only purchase individual stocks and bonds. My mom doesn't have a ton of experience investing, so that's not really the best choice for her?
How exactly do expats handle retirement savings? Would it be worth getting a financial advisor for her who specializes in these things? Is there a brokerage that's particularly good at meeting the needs for expats?
Submitted May 30, 2023 at 07:59AM by Fighting_Seahorse https://ift.tt/Mm5KRS9
