retiredgeek
Dryer sheet wannabe
Hi all,
I am 47, married, 3 kids (20, 12, 6). Retired on 42, after selling my small tech company in Brazil. I have been living on my investments since 2014. I have an NDA and taking care of investments became my "job". I am a computer programmer, specialized in data analysis, machine learning and cyber-security.
For this reason, I love all kind of number crunching that investments and retirement planning brings. I have developed all kind of scripts and spreadsheets for simulating (monte carlo and other stochastic simulations), optimizing, monitoring and calculating/minimizing taxes. Not sure it it helped, but its been fun, and at least my portfolio has been increasing.
Since 2018, I have been living in USA with a green card. This year is my first doing income tax as a resident, and after studying a lot, I have found this fantastic forum.
In Brazil, we dont have FIRE discussions. There is a huge banking industry, with thousands of mutual funds, but barely no ETF, index funds. There is no HSA, IRA, 401k, Roth IRA. So, I have been investing in stocks, reits and treasury/fixed income, all from Brazil. Mostly 32% for each of these asset class in my financial portfolio (which is 55% of my total portfolio).
I would like to create a new "retirement" based in USA assets. My plan is to bring money monthly here and invest/save like any american would do, so when I am 65-70, I could afford my expenses here in USA. I know USA have all of these tax-efficient accounts, health savings account, college saving accounts. I know I could have income from qualified sources (LT capital gains, qualified dividends), which pays less taxes, or even zero taxes, if I keep my ordinary income very low. I have even created an asset allocation optimization script for increasing my net income, taking this into consideration. As you may be aware, I have to pay taxes for my brazilian income. Since taxes in Brazil are kind of different (high production/sales taxes, low income taxes), I am paying a lot of extras taxes here in USA. I have hired some advisors, but they barely understand about brazilian investments and how they are interpreted in USA Income Taxes.
I am not going to have, for now, any earned income. Just investment income, as well as rental and from the company I partnered in my EB5 visa. So, I believe 401k is out of question. What about IRA? Does it worth to have one? What about HSA and health insurance? What about college saving account for my daughters? Should I contribute to Social Security? Does it worth to make my investing activities a business. I already have a LLC since 2014, when I purchased a house here, but since I am now a resident, I dont need to "protect" me from estate taxes in case of my death.
Do you have any reading recommendations (books, sites) which would explain all the tax-efficient account, specially in the perspective of an early retiree?
Tomorrow I m going to meet my accountant in order to discuss these, but I would like to be better prepared to make the right questions.
Thank you
I am 47, married, 3 kids (20, 12, 6). Retired on 42, after selling my small tech company in Brazil. I have been living on my investments since 2014. I have an NDA and taking care of investments became my "job". I am a computer programmer, specialized in data analysis, machine learning and cyber-security.
For this reason, I love all kind of number crunching that investments and retirement planning brings. I have developed all kind of scripts and spreadsheets for simulating (monte carlo and other stochastic simulations), optimizing, monitoring and calculating/minimizing taxes. Not sure it it helped, but its been fun, and at least my portfolio has been increasing.
Since 2018, I have been living in USA with a green card. This year is my first doing income tax as a resident, and after studying a lot, I have found this fantastic forum.
In Brazil, we dont have FIRE discussions. There is a huge banking industry, with thousands of mutual funds, but barely no ETF, index funds. There is no HSA, IRA, 401k, Roth IRA. So, I have been investing in stocks, reits and treasury/fixed income, all from Brazil. Mostly 32% for each of these asset class in my financial portfolio (which is 55% of my total portfolio).
I would like to create a new "retirement" based in USA assets. My plan is to bring money monthly here and invest/save like any american would do, so when I am 65-70, I could afford my expenses here in USA. I know USA have all of these tax-efficient accounts, health savings account, college saving accounts. I know I could have income from qualified sources (LT capital gains, qualified dividends), which pays less taxes, or even zero taxes, if I keep my ordinary income very low. I have even created an asset allocation optimization script for increasing my net income, taking this into consideration. As you may be aware, I have to pay taxes for my brazilian income. Since taxes in Brazil are kind of different (high production/sales taxes, low income taxes), I am paying a lot of extras taxes here in USA. I have hired some advisors, but they barely understand about brazilian investments and how they are interpreted in USA Income Taxes.
I am not going to have, for now, any earned income. Just investment income, as well as rental and from the company I partnered in my EB5 visa. So, I believe 401k is out of question. What about IRA? Does it worth to have one? What about HSA and health insurance? What about college saving account for my daughters? Should I contribute to Social Security? Does it worth to make my investing activities a business. I already have a LLC since 2014, when I purchased a house here, but since I am now a resident, I dont need to "protect" me from estate taxes in case of my death.
Do you have any reading recommendations (books, sites) which would explain all the tax-efficient account, specially in the perspective of an early retiree?
Tomorrow I m going to meet my accountant in order to discuss these, but I would like to be better prepared to make the right questions.
Thank you
