This is a very common question that is asked when people who have previously worked in the United States move to Canada, either directly from the U.S. or another country they moved to after the U.S. After years spent living and working in the United States paying Social Security taxes, what happens to those benefits when you leave the country? There are a few scenarios that could apply in this situation.

The start of 2023 brings with it a change to Requirement Minimum Distributions (RMD’s) that could affect you. Whether you hold Individual Retirement Accounts (IRA’s) or employer-sponsored retirement plans (401(k), 403(b), you will need to take your RMD’s at a certain age. Plena Wealth Advisors can help ensure you are compliant with RMDs and IRS filing obligations regardless of your country of residency. Read more on RMDs and the change here.

Have you considered moving back to Canada but are unsure of where to start? Do you have questions about your Individual Retirement Accounts (IRA’s), employer-sponsored retirement plans (401(k), 403(b), taxation or government assisted plans (Social Security, CPP, OAS)? Plena Wealth Advisors helps with all aspects of your financial management including cross-border wealth, retirement and investment planning. Read more about Moving Back to Canada here.