CROSS BORDER WEALTH SPECIALISTS: financial & retirement planning

This is where two of our core specialties collide - our 360° Wealth Strategy financial planning and our dedicated team of Cross-Border Specialists. Everyone needs a living, breathing financial plan, but when it involves both sides of the border, you need an expert. We're happy to say, that's us!

Meet our two Wealth Advisors, Eileen and Chris. With their diversity of generations, perspectives, and experiences, Eileen and Chris work closely with clients in their financial planning and retirement planning.

Starting her career as a Wealth Advisor in the U.S. and now our lead Cross Border Advisor, Eileen provides insightful guidance to our cross border clients from her own first-hand experiences on both sides of the border.

Chris functions as the team mentor for all things Aspira Wealth, bringing together the people and pieces to ensure we are set up to cover our clients’ needs.

What do I do with my 401(k)/IRA when I move to Canada? When moving to Canada, a change of address typically prohibits your existing advisor from keeping you as a client. This results in your accounts being frozen, but there is a solution. If you rollover your account into a Rollover IRA, it can be actively managed from Canada. This is effective for your 401(k), or other employer sponsored retirement plan, such as a 403(b).

With this rollover, your account can continue to be managed and invested in a manner that is in line with your overall objectives, on a tax-neutral basis. If you primarily invest in U.S. securities, and want to keep both the holdings and any dividends in USD currency, this will be essential to avoid costly conversion fees, and unfavorable foreign exchange rates. Note that it is against regulation to use an improper address as a way of avoiding this transition.

Can I receive U.S. Social Security benefits while in Canada? As long as valid contributions were made to Social Security and you meet the eligibility requirements, the answer is yes! This is true even if you are a Canadian Citizen. Canadian Citizenship is not a limiting factor to receiving Social Security benefits while living in Canada.

Social Security brings with it many valuable benefits, such as social security for spouses. This can be very useful if one spouse has never contributed or has a low benefit. This spousal benefit can be up to 50% of the worker’s primary insurance amount.

The Social Security Fairness Act was signed into law January 5th, 2025, ending the Windfall Elimination Provision (WEP). This change eliminated the reduction of WEP from the collection of another pension, such as a non-covered pension from an employer or the Canada Pension Plan (CCP). This means more money in retirees’ pockets, regardless of your location.