A graduate of the Kingston Business School, Bradley Hamilton has a BA in business management and is the senior wealth manager of Blacktower U.S. LLC, in New York. At the firm, Bradley Hamilton helps clients who want to transfer their UK pensions to the United States.
There are over one million British people living in the United States, and people who want to retire in the US need to have a retirement plan even though they have a pension in another country. British people can transfer their UK pensions to US retirement plans as they can transfer them into a self-invested personal pension. A self-invested personal pension is a retirement saving account in the UK. People contribute to the account with pre-tax income which means their contributions are not taxable and it is only when an individual withdraws that there are taxes.
It functions similarly to a 401(k) plan in the United States, and money can be withdrawn from the account at the age of 55. People can take up to 25 percent of the money tax-free and the rest is taxable.
There are over one million British people living in the United States, and people who want to retire in the US need to have a retirement plan even though they have a pension in another country. British people can transfer their UK pensions to US retirement plans as they can transfer them into a self-invested personal pension. A self-invested personal pension is a retirement saving account in the UK. People contribute to the account with pre-tax income which means their contributions are not taxable and it is only when an individual withdraws that there are taxes.
It functions similarly to a 401(k) plan in the United States, and money can be withdrawn from the account at the age of 55. People can take up to 25 percent of the money tax-free and the rest is taxable.
