What To Do With Your 401(k) If You Move Back To Your Home Country
If you are a foreigner working in the US, it is a good idea to contribute to a 401(k) plan if your employer offers one. But what should you do if you move back to your home country?
If you are a foreigner working in the US, it is a good idea to contribute to a 401(k) plan if your employer offers one. But what should you do if you move back to your home country?
Did you know there’s a way to get up to $37,000 into your Roth IRA every year even though the contribution limit is $6,000 per year?
It can be confusing to differentiate between all the different types of retirement plans offered. The acronyms are confusing and there are different rules for each plan. We're here to distill it for you!
What will happen to my family and belongings after I die? This is one of the most uncomfortable, but necessary, questions we must ask ourselves for the sake of our family. A properly executed estate plan can thoroughly answer this question before your death to reduce the emotional stress that your passing will bring.
In general, it is not advisable to withdraw money early from your 401K. Some of our clients ask us if they should take an early distribution from their 401K when they move back to their home countries. The answer is still usually no because there are penalties and tax consequences of doing so. You can leave your 401K right where it is and benefit from it in retirement, wherever you are living in the world. However, in some cases, especially financial hardship or early retirement, an early withdrawal (or distribution) from your 401K may serve as a viable strategy.
Most non-citizens are eligible for social security benefits if they meet certain requirements. Here are the top five things you need to know.