Glad that I found this forum, I read many of the post here. They’re very helpful and informative.
I am planning to take early retirement at age 50 this year from my current overseas job and I think I have unique case that I appreciate your feedback and comments.
Here is the situation:
• I work for foreign oil company in the Persian Gulf and just decided two months ago to leave when eligible for early retirement.
• My portfolio is only around $ 700K (Mutual funds, stocks, commodities, etc...) excluding kids’ education funds.
• We own our home and have no debt.
• We live in relatively low cost state (TN) and our yearly expenses would probably be $ 30K or less.
• I will have foreign pension of approximately $70K per year (give or take depending on the exchange rate to the US$).
Our concerns are:
1. Do you think that we could live comfortably from the investment and pension? Please remember that this pension is at high risk political wise (i.e. revolution, political unrest…).
2. How to report the pension to the IRS? I checked the IRS site and others but could not find anything on how to report foreign pension.
Appreciate your help,
BA
I am planning to take early retirement at age 50 this year from my current overseas job and I think I have unique case that I appreciate your feedback and comments.
Here is the situation:
• I work for foreign oil company in the Persian Gulf and just decided two months ago to leave when eligible for early retirement.
• My portfolio is only around $ 700K (Mutual funds, stocks, commodities, etc...) excluding kids’ education funds.
• We own our home and have no debt.
• We live in relatively low cost state (TN) and our yearly expenses would probably be $ 30K or less.
• I will have foreign pension of approximately $70K per year (give or take depending on the exchange rate to the US$).
Our concerns are:
1. Do you think that we could live comfortably from the investment and pension? Please remember that this pension is at high risk political wise (i.e. revolution, political unrest…).
2. How to report the pension to the IRS? I checked the IRS site and others but could not find anything on how to report foreign pension.
Appreciate your help,
BA