My friend is going to be working for a year (at least - probably several) in Austria. She’s a US citizen and as far as she knows she’ll be retiring in the US.
She’s 30 and as of yet doesn’t have an existing IRA, pension or 401k plan. She’ll be working for an Austrian university - not a US company with a branch in Austria.
Any ideas on what she should do to have a US retirement plan with the tax benefits of such a plan? (ie pre-witholding tax dollars as opposed to just a savings account, which would be post-tax money)
I suggested maybe she could open her own IRA or 401(k) account into which she deposits her own funds (as opposed to her employer depositing them) and then would be able to declare the deposits on her US federal taxes and would get a refund or something.
But I have no clue and neither does she. She asked if I would ask you guys for guidance.