Hello Fellow Readers,
Like many of here, I too, am planning to take an early retirement (I'm 42 family of 3) for good and planning to move to my motherland, start some service to do some social-good to give back to society.
In coming 2 weeks, I will be quitting my job and expecting a large lumpsum bonus (higher six figures) in month of May. It would be counted as Ordinary Income, hence, I am trying to figure out the best way to save taxes; especially, in my case where
1) I will be not generate any more than 30k from next year onwards
2) I will be an expat (I'm US Citizen) going forward (2020)
Do you know or can see a solution that can help my situation? My goal is to reduce the taxes or defer the withdrawal over next 10 years, if required. (Employer does not want to defer the payment - for them, it's NOW or NEVER so I need to figure out a deferred plan to offset over the years)
Any help is greatly appreciated.
Thanks in advance,