What you need to know about a 401k and being a non US citizen
Find out what you can do with your 402k as a non-US citizen on this episode. Then download your FREE Queer Money Kickstarter, a 9-step Guide to Kickstart Your Journey to Financial Independence.
How you can put money into a 401K as a non US citizen
Anyone who earns money in the US can contribute to an employer-sponsored retirement account. And we encourage non-residents in the country on a work or student visa to put money into a 401(k) or 403(b) if they can. But what happens to that money when a non-US citizen returns to their home country? What can you do with that retirement savings?
On this episode of Queer Money®, we’re discussing six options for what non-residents can do with their 401(k) after moving back to their home country. We explain why a non-US citizen might want to take a lump sum or periodic distributions from their 401(k)—or leave it untouched until retirement. We also walk you through the pros and cons of rolling your 401(k) into an Individual Retirement account or transferring it into a qualified retirement plan in your home country.
Listen in for insight on the benefits of converting your 401(k) into a Roth IRA and learn where to go for specific advice about the tax laws in your country.
Listen to get insight on what you can do with your 401k as a non US citizen
Topics covered on what you can do with your 401k as a non US citizen
- Why we encourage non-residents to contribute to an employer-sponsored retirement account
- What happens if you withdraw money from a 401(k) before the age of 59½
- 6 options for what a non-resident can do with their 401(k) after moving back to their home country
- Why a non-US resident might want to leave their 401(k) untouched until retirement
- The benefit of rolling a 401(k) into an Individual Retirement Account for non-residents returning home
- How to transfer your 401(k) to a qualified retirement plan in your home country
- The pros and cons of taking a lump sum distribution from your 401(k)
- Who is a good candidate for converting their 401(k) into a Roth IRA once they leave the US
- Why you might want to take periodic distributions from your 401(k) as a non-resident of the US
Resources on what you can do with your 401k as a non US citizen
- ROMBA Conference on Reaching Out MBA.corg
- 401(k)s vs. 403(b)s on Queer Money EP166
- Wealth Builder’s Pyramid
- CreditWise
Connect with David and John
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- Email [email protected]
Watch this week’s episode on what you can do with your 401k as a non US citizen
Previous 3 Podcast Episodes
- Securing Love: A Guide to Financial Documents for Same-Sex Couples
- 10 Great Gay Retirement Communities
- 5 Ways to Rock Your Finances in 2024
We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com), and the Queer Money® podcast hosts. We help queer people (and allies) live fabulously, not fabulously broke, by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.