I am leaving the US and was thinking on the best place to park my current savings. Should I go for an IRA or Roth IRA. Do you know any implications if I am not in the US?

Investing
#1

Hi Jeremy, I was just chatting with my cousin, she has 60k in a savings account and a 401k. She is now leaving the country but was asking what should do with the money. She is not going to need the money in the short term. I was suggesting her to leave it here (in the US) on an IRA and invest in Index funds, since she is not going to have any income what is better for her IRA or Roth IRA?

#2

Hey Fernando!

Yes, a Roth IRA in index funds is a great idea… there’s a problem though: You can only contribute $6,000/year (in 2020). So that still leaves MOST of her money $54,000 not able to fit. Assuming she’s out of debt and has an emergency fund in cash, I’d probably dump the rest in a brokerage account in index funds.

Basically following this post: