American expat financial planning

By Peggy Creveling, CFA and Chad Creveling, CFA

This article is for general information purposes only and is not intended as specific tax advice. Please consult your tax advisor for advice relevant to your situation.

If you're an American working overseas who's a contractor, sole proprietor, or small business owner, you may think that there are few U.S. tax-advantaged choices available to help you save for retirement. Those expats not working for U.S. firms are often unaware that they could be eligible to contribute to U.S. tax-advantaged retirement plans. Depending on your situation, however, there may be several alternatives from which to choose. The solo 401(k)―sometimes referred to as the single 401(k) or individual 401(k)―is one that can be a powerful retirement savings tool for some U.S. expats who are self-employed or who own a small business.