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rollerblader · Joined: 01 Jul 2014 Posts: 20

I have a question for all you moneyed people out there. I have several hundred thousand Dirhams buried out back of the villa. Does any American know how I can legitimately put any of that in any sort of specialized IRA.

Please help me keep a clean shovel.

Roller

nomad soul · Joined: 31 Jan 2010 Posts: 11454 Location: The real world

As I stated on your duplicate thread in the Saudi forum:

The Roth IRA is an option. However, there are IRS rules regarding IRAs and foreign-earned income. I suggest you consult with a tax expert for advice specific to your finances and tax status.

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

You absolutely do NOT want to put this money in an IRA. That is merely an invention to avoid paying taxes... or rather delay it until after you retire. This money is already not taxable... so why would you want to lock it up like in something like this. As someone said elsewhere, there are lots of silly rules related to these things. Avoid them... (unless you are working in the US and you would only invest your current income... not past income...)

What I did with all my income from the Gulf was buy stocks in individual companies. I chose my stocks to be conservative and produce income. I've been living on the income from these stocks since I retired at 52.

If the idea of doing the research yourself (which isn't that difficult these days with the internets) is too scary, you can look at one of the better fund families like Vanguard or T Rowe Price. Then you look at choosing a variety of their offerings... some stock funds, some bond funds, international funds... etc.

VS