In July of this year AARO President Doris Speer wrote to members of the Senate Committees on Finance and Health, Education, Labor and Pensions calling attention to the exclusion from the financial system that American expats too often face, notably as regards to access to retirement plans and savings vehicles.
The impediments limiting expats’ ability to plan and manage retirement savings vehicles derive mainly from U.S. tax and banking law and regulations. Fortunately, bi-partisan draft legislation to strengthen retirement financing for American residents (i.e. "SECURE 2.0”, H.R. 2954; the "Rise and Shine Act", S.4353; and the "EARN Act", S. 4808) provides a vehicle for making improvements if it can be amended to effectively cover expats.
Speer and AARO Banking Committee Chairman Paul Atkinson have summarized the problems Americans living and working abroad encounter in saving for retirement in an article for Tax Notes and suggested ways of modifying the legislation now being finalized to improve the situation.
You can read the article here.
