Does it make sense to start saving into a 401k, if you might move out of the US before retirement?Should I open an RRSP if I don't plan to retire in Canada?If a non-citizen non-US-resident withdraws from their 401k, are they taxed based on their US income or worldwide income?Green Card holder (permanent resident): Should I contribute to my employer-matched 401(k), even if I might leave the U.S. later?Employer overpaid 401k - what's my liability?Over contribution to 401K between two employers, and maximizing employer match?Which earnings can be withdrawn when making an in-service withdrawal from a 401k?Could my employer give me a raise in terms of employer 401k contributions instead of salary?New 401(k) account, barely funded: can I withdraw penalty-free?What happens to the company match for a 401k over-contribution?Does 401k on H-1b visa make sense when there is an employer match?How to intentionally overcontribute to 401(k) to maximize new employer's matching?Two jobs two 401K both matches up to 6%
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Does it make sense to start saving into a 401k, if you might move out of the US before retirement?
Should I open an RRSP if I don't plan to retire in Canada?If a non-citizen non-US-resident withdraws from their 401k, are they taxed based on their US income or worldwide income?Green Card holder (permanent resident): Should I contribute to my employer-matched 401(k), even if I might leave the U.S. later?Employer overpaid 401k - what's my liability?Over contribution to 401K between two employers, and maximizing employer match?Which earnings can be withdrawn when making an in-service withdrawal from a 401k?Could my employer give me a raise in terms of employer 401k contributions instead of salary?New 401(k) account, barely funded: can I withdraw penalty-free?What happens to the company match for a 401k over-contribution?Does 401k on H-1b visa make sense when there is an employer match?How to intentionally overcontribute to 401(k) to maximize new employer's matching?Two jobs two 401K both matches up to 6%
.everyoneloves__top-leaderboard:empty,.everyoneloves__mid-leaderboard:empty,.everyoneloves__bot-mid-leaderboard:empty margin-bottom:0;
Contributions to 401k funds are subject to a 10% penalty if taken out before the age of 59.5. Presuming my employer has a 401k matching program, does it make sense to contribute to a 401k if I might move out of the US before the age of 59.5 and therefore take my savings with me to another country?
united-states 401k penalty moving employer-match
edited May 6 at 18:19
Chris W. Rea
26.8k1587175
asked May 6 at 17:58
JonathanReezJonathanReez
2,01051930
|
show 1 more comment
Contributions to 401k funds are subject to a 10% penalty if taken out before the age of 59.5. Presuming my employer has a 401k matching program, does it make sense to contribute to a 401k if I might move out of the US before the age of 59.5 and therefore take my savings with me to another country?
united-states 401k penalty moving employer-match
edited May 6 at 18:19
Chris W. Rea
26.8k1587175
asked May 6 at 17:58
JonathanReezJonathanReez
2,01051930
Related: money.stackexchange.com/questions/89968/…
– JonathanReez
May 6 at 17:58
Is the question from the point of view of a citizen of the US who plans to retire as an expat in the other country, or a non-US citizen?
– user662852
May 6 at 18:24
@user662852 non-US citizen
– JonathanReez
May 6 at 18:30
1
Is there something that prevents you from keeping your funds in your 401k even if you move out of the country? Then, just take it out when you turn 59.5?
– Better Budget
May 6 at 20:34
@BetterBudget lots of headache managing a fund in a foreign country, potentially
– JonathanReez
May 6 at 20:35
|
show 1 more comment
Contributions to 401k funds are subject to a 10% penalty if taken out before the age of 59.5. Presuming my employer has a 401k matching program, does it make sense to contribute to a 401k if I might move out of the US before the age of 59.5 and therefore take my savings with me to another country?
united-states 401k penalty moving employer-match
edited May 6 at 18:19
Chris W. Rea
26.8k1587175
asked May 6 at 17:58
JonathanReezJonathanReez
2,01051930
Contributions to 401k funds are subject to a 10% penalty if taken out before the age of 59.5. Presuming my employer has a 401k matching program, does it make sense to contribute to a 401k if I might move out of the US before the age of 59.5 and therefore take my savings with me to another country?
united-states 401k penalty moving employer-match
united-states 401k penalty moving employer-match
edited May 6 at 18:19
Chris W. Rea
26.8k1587175
asked May 6 at 17:58
JonathanReezJonathanReez
2,01051930
edited May 6 at 18:19
Chris W. Rea
26.8k1587175
asked May 6 at 17:58
JonathanReezJonathanReez
2,01051930
edited May 6 at 18:19
Chris W. Rea
26.8k1587175
edited May 6 at 18:19
Chris W. Rea
26.8k1587175
edited May 6 at 18:19
Chris W. Rea
26.8k1587175
26.8k1587175
asked May 6 at 17:58
JonathanReezJonathanReez
2,01051930
asked May 6 at 17:58
JonathanReezJonathanReez
2,01051930
asked May 6 at 17:58
JonathanReezJonathanReez
2,01051930
2,01051930
Related: money.stackexchange.com/questions/89968/…
– JonathanReez
May 6 at 17:58
Is the question from the point of view of a citizen of the US who plans to retire as an expat in the other country, or a non-US citizen?
– user662852
May 6 at 18:24
@user662852 non-US citizen
– JonathanReez
May 6 at 18:30
1
Is there something that prevents you from keeping your funds in your 401k even if you move out of the country? Then, just take it out when you turn 59.5?
– Better Budget
May 6 at 20:34
@BetterBudget lots of headache managing a fund in a foreign country, potentially
– JonathanReez
May 6 at 20:35
|
show 1 more comment
Related: money.stackexchange.com/questions/89968/…
– JonathanReez
May 6 at 17:58
Is the question from the point of view of a citizen of the US who plans to retire as an expat in the other country, or a non-US citizen?
– user662852
May 6 at 18:24
@user662852 non-US citizen
– JonathanReez
May 6 at 18:30
1
Is there something that prevents you from keeping your funds in your 401k even if you move out of the country? Then, just take it out when you turn 59.5?
– Better Budget
May 6 at 20:34
@BetterBudget lots of headache managing a fund in a foreign country, potentially
– JonathanReez
May 6 at 20:35
Related: money.stackexchange.com/questions/89968/…
– JonathanReez
May 6 at 17:58
Related: money.stackexchange.com/questions/89968/…
– JonathanReez
May 6 at 17:58
Is the question from the point of view of a citizen of the US who plans to retire as an expat in the other country, or a non-US citizen?
– user662852
May 6 at 18:24
Is the question from the point of view of a citizen of the US who plans to retire as an expat in the other country, or a non-US citizen?
– user662852
May 6 at 18:24
@user662852 non-US citizen
– JonathanReez
May 6 at 18:30
@user662852 non-US citizen
– JonathanReez
May 6 at 18:30
1
1
Is there something that prevents you from keeping your funds in your 401k even if you move out of the country? Then, just take it out when you turn 59.5?
– Better Budget
May 6 at 20:34
Is there something that prevents you from keeping your funds in your 401k even if you move out of the country? Then, just take it out when you turn 59.5?
– Better Budget
May 6 at 20:34
@BetterBudget lots of headache managing a fund in a foreign country, potentially
– JonathanReez
May 6 at 20:35
@BetterBudget lots of headache managing a fund in a foreign country, potentially
– JonathanReez
May 6 at 20:35
|
show 1 more comment
3 Answers
3
active
oldest
votes
It does make sense to contribute to your 401k, even if you plan to move out of the country. Besides the "headache managing a fund in a foreign country", you can keep your 401k even if you're residing in a foreign country (source). Your best financial outcome would be to contribute to your 401k with matches and hold it until you're 59.5 and just figure out how to minimize the "headache".
answered May 6 at 20:47
Better BudgetBetter Budget
43113
3
This does depend on the country. Some will tax you on the yearly gains of the 401k anyway. Then you will be taxed again by the US during draw down.
– Vality
May 6 at 21:14
add a comment |
If it's a Roth 401k, you can withdraw what you invested (but not the growth) at any time, without penalty.
Then you just have to wait until you are 59.5 to withdraw any growth that occurred.
I do all my 401k management online, so I see no reason why that couldn't be done from a foreign country. If your company's 401k broker doesn't support that, you could roll the 401k over into an IRA held with a manager that does support online management. It may be worth asking potential fund managers how they would handle that now.
It's also worth thinking about the risks here.
- If you do not use the 401k and instead use an unrestricted investment vehicle, you are guaranteed worse tax treatment and no employer match if you stay long enough to retire.
- If you do not invest at all, then you are guaranteed not to get any investment returns nor any employer match.
- If you invest in the 401k, then at worst you pay a 10% penalty and the taxes that you avoided (if any).
My thought is that the last risk is less of a problem than the two previous risks. This is particularly so if you can just leave the money in the account until you are old enough to withdraw it. So I would invest in the 401k. But you know more about the likelihoods of the various options than I do. For example, if it's a definite plan to leave the United States in five years and you are in your twenties or thirties, it may not be worth the aggravation. If you're not sure if you're going to leave the US and are already in your fifties, that's a completely different situation.
answered May 7 at 5:23
BrythanBrythan
19.3k64362
add a comment |
Yes
Assuming it's a 50% match, your absolute worst case scenario is that you'll have to withdraw the money, pay taxes on the money and pay 10% penalty. However, you already avoided taxes on the income. So you're likely putting 20% or so more into the 401(k) than you would have received if you hadn't contributed.
Assuming you make it to the top marginal tax rate, including the penalty, you still spend less than 50% of the income on taxes, which makes it a net positive in any scenario.
The numbers look even better for a 100% match, obviously.
answered May 7 at 15:31
xyiousxyious
1,390314
add a comment |
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3 Answers
3
active
oldest
votes
3 Answers
3
active
oldest
votes
active
oldest
votes
active
oldest
votes
It does make sense to contribute to your 401k, even if you plan to move out of the country. Besides the "headache managing a fund in a foreign country", you can keep your 401k even if you're residing in a foreign country (source). Your best financial outcome would be to contribute to your 401k with matches and hold it until you're 59.5 and just figure out how to minimize the "headache".
answered May 6 at 20:47
Better BudgetBetter Budget
43113
3
This does depend on the country. Some will tax you on the yearly gains of the 401k anyway. Then you will be taxed again by the US during draw down.
– Vality
May 6 at 21:14
add a comment |
It does make sense to contribute to your 401k, even if you plan to move out of the country. Besides the "headache managing a fund in a foreign country", you can keep your 401k even if you're residing in a foreign country (source). Your best financial outcome would be to contribute to your 401k with matches and hold it until you're 59.5 and just figure out how to minimize the "headache".
answered May 6 at 20:47
Better BudgetBetter Budget
43113
3
This does depend on the country. Some will tax you on the yearly gains of the 401k anyway. Then you will be taxed again by the US during draw down.
– Vality
May 6 at 21:14
add a comment |
It does make sense to contribute to your 401k, even if you plan to move out of the country. Besides the "headache managing a fund in a foreign country", you can keep your 401k even if you're residing in a foreign country (source). Your best financial outcome would be to contribute to your 401k with matches and hold it until you're 59.5 and just figure out how to minimize the "headache".
answered May 6 at 20:47
Better BudgetBetter Budget
43113
It does make sense to contribute to your 401k, even if you plan to move out of the country. Besides the "headache managing a fund in a foreign country", you can keep your 401k even if you're residing in a foreign country (source). Your best financial outcome would be to contribute to your 401k with matches and hold it until you're 59.5 and just figure out how to minimize the "headache".
answered May 6 at 20:47
Better BudgetBetter Budget
43113
answered May 6 at 20:47
Better BudgetBetter Budget
43113
answered May 6 at 20:47
Better BudgetBetter Budget
43113
answered May 6 at 20:47
Better BudgetBetter Budget
43113
43113
3
This does depend on the country. Some will tax you on the yearly gains of the 401k anyway. Then you will be taxed again by the US during draw down.
– Vality
May 6 at 21:14
add a comment |
3
This does depend on the country. Some will tax you on the yearly gains of the 401k anyway. Then you will be taxed again by the US during draw down.
– Vality
May 6 at 21:14
3
3
This does depend on the country. Some will tax you on the yearly gains of the 401k anyway. Then you will be taxed again by the US during draw down.
– Vality
May 6 at 21:14
This does depend on the country. Some will tax you on the yearly gains of the 401k anyway. Then you will be taxed again by the US during draw down.
– Vality
May 6 at 21:14
add a comment |
If it's a Roth 401k, you can withdraw what you invested (but not the growth) at any time, without penalty.
Then you just have to wait until you are 59.5 to withdraw any growth that occurred.
I do all my 401k management online, so I see no reason why that couldn't be done from a foreign country. If your company's 401k broker doesn't support that, you could roll the 401k over into an IRA held with a manager that does support online management. It may be worth asking potential fund managers how they would handle that now.
It's also worth thinking about the risks here.
- If you do not use the 401k and instead use an unrestricted investment vehicle, you are guaranteed worse tax treatment and no employer match if you stay long enough to retire.
- If you do not invest at all, then you are guaranteed not to get any investment returns nor any employer match.
- If you invest in the 401k, then at worst you pay a 10% penalty and the taxes that you avoided (if any).
My thought is that the last risk is less of a problem than the two previous risks. This is particularly so if you can just leave the money in the account until you are old enough to withdraw it. So I would invest in the 401k. But you know more about the likelihoods of the various options than I do. For example, if it's a definite plan to leave the United States in five years and you are in your twenties or thirties, it may not be worth the aggravation. If you're not sure if you're going to leave the US and are already in your fifties, that's a completely different situation.
answered May 7 at 5:23
BrythanBrythan
19.3k64362
add a comment |
If it's a Roth 401k, you can withdraw what you invested (but not the growth) at any time, without penalty.
Then you just have to wait until you are 59.5 to withdraw any growth that occurred.
I do all my 401k management online, so I see no reason why that couldn't be done from a foreign country. If your company's 401k broker doesn't support that, you could roll the 401k over into an IRA held with a manager that does support online management. It may be worth asking potential fund managers how they would handle that now.
It's also worth thinking about the risks here.
- If you do not use the 401k and instead use an unrestricted investment vehicle, you are guaranteed worse tax treatment and no employer match if you stay long enough to retire.
- If you do not invest at all, then you are guaranteed not to get any investment returns nor any employer match.
- If you invest in the 401k, then at worst you pay a 10% penalty and the taxes that you avoided (if any).
My thought is that the last risk is less of a problem than the two previous risks. This is particularly so if you can just leave the money in the account until you are old enough to withdraw it. So I would invest in the 401k. But you know more about the likelihoods of the various options than I do. For example, if it's a definite plan to leave the United States in five years and you are in your twenties or thirties, it may not be worth the aggravation. If you're not sure if you're going to leave the US and are already in your fifties, that's a completely different situation.
answered May 7 at 5:23
BrythanBrythan
19.3k64362
add a comment |
If it's a Roth 401k, you can withdraw what you invested (but not the growth) at any time, without penalty.
Then you just have to wait until you are 59.5 to withdraw any growth that occurred.
I do all my 401k management online, so I see no reason why that couldn't be done from a foreign country. If your company's 401k broker doesn't support that, you could roll the 401k over into an IRA held with a manager that does support online management. It may be worth asking potential fund managers how they would handle that now.
It's also worth thinking about the risks here.
- If you do not use the 401k and instead use an unrestricted investment vehicle, you are guaranteed worse tax treatment and no employer match if you stay long enough to retire.
- If you do not invest at all, then you are guaranteed not to get any investment returns nor any employer match.
- If you invest in the 401k, then at worst you pay a 10% penalty and the taxes that you avoided (if any).
My thought is that the last risk is less of a problem than the two previous risks. This is particularly so if you can just leave the money in the account until you are old enough to withdraw it. So I would invest in the 401k. But you know more about the likelihoods of the various options than I do. For example, if it's a definite plan to leave the United States in five years and you are in your twenties or thirties, it may not be worth the aggravation. If you're not sure if you're going to leave the US and are already in your fifties, that's a completely different situation.
answered May 7 at 5:23
BrythanBrythan
19.3k64362
If it's a Roth 401k, you can withdraw what you invested (but not the growth) at any time, without penalty.
Then you just have to wait until you are 59.5 to withdraw any growth that occurred.
I do all my 401k management online, so I see no reason why that couldn't be done from a foreign country. If your company's 401k broker doesn't support that, you could roll the 401k over into an IRA held with a manager that does support online management. It may be worth asking potential fund managers how they would handle that now.
It's also worth thinking about the risks here.
- If you do not use the 401k and instead use an unrestricted investment vehicle, you are guaranteed worse tax treatment and no employer match if you stay long enough to retire.
- If you do not invest at all, then you are guaranteed not to get any investment returns nor any employer match.
- If you invest in the 401k, then at worst you pay a 10% penalty and the taxes that you avoided (if any).
My thought is that the last risk is less of a problem than the two previous risks. This is particularly so if you can just leave the money in the account until you are old enough to withdraw it. So I would invest in the 401k. But you know more about the likelihoods of the various options than I do. For example, if it's a definite plan to leave the United States in five years and you are in your twenties or thirties, it may not be worth the aggravation. If you're not sure if you're going to leave the US and are already in your fifties, that's a completely different situation.
answered May 7 at 5:23
BrythanBrythan
19.3k64362
answered May 7 at 5:23
BrythanBrythan
19.3k64362
answered May 7 at 5:23
BrythanBrythan
19.3k64362
answered May 7 at 5:23
BrythanBrythan
19.3k64362
19.3k64362
add a comment |
add a comment |
Yes
Assuming it's a 50% match, your absolute worst case scenario is that you'll have to withdraw the money, pay taxes on the money and pay 10% penalty. However, you already avoided taxes on the income. So you're likely putting 20% or so more into the 401(k) than you would have received if you hadn't contributed.
Assuming you make it to the top marginal tax rate, including the penalty, you still spend less than 50% of the income on taxes, which makes it a net positive in any scenario.
The numbers look even better for a 100% match, obviously.
answered May 7 at 15:31
xyiousxyious
1,390314
add a comment |
Yes
Assuming it's a 50% match, your absolute worst case scenario is that you'll have to withdraw the money, pay taxes on the money and pay 10% penalty. However, you already avoided taxes on the income. So you're likely putting 20% or so more into the 401(k) than you would have received if you hadn't contributed.
Assuming you make it to the top marginal tax rate, including the penalty, you still spend less than 50% of the income on taxes, which makes it a net positive in any scenario.
The numbers look even better for a 100% match, obviously.
answered May 7 at 15:31
xyiousxyious
1,390314
add a comment |
Yes
Assuming it's a 50% match, your absolute worst case scenario is that you'll have to withdraw the money, pay taxes on the money and pay 10% penalty. However, you already avoided taxes on the income. So you're likely putting 20% or so more into the 401(k) than you would have received if you hadn't contributed.
Assuming you make it to the top marginal tax rate, including the penalty, you still spend less than 50% of the income on taxes, which makes it a net positive in any scenario.
The numbers look even better for a 100% match, obviously.
answered May 7 at 15:31
xyiousxyious
1,390314
Yes
Assuming it's a 50% match, your absolute worst case scenario is that you'll have to withdraw the money, pay taxes on the money and pay 10% penalty. However, you already avoided taxes on the income. So you're likely putting 20% or so more into the 401(k) than you would have received if you hadn't contributed.
Assuming you make it to the top marginal tax rate, including the penalty, you still spend less than 50% of the income on taxes, which makes it a net positive in any scenario.
The numbers look even better for a 100% match, obviously.
answered May 7 at 15:31
xyiousxyious
1,390314
answered May 7 at 15:31
xyiousxyious
1,390314
answered May 7 at 15:31
xyiousxyious
1,390314
answered May 7 at 15:31
xyiousxyious
1,390314
1,390314
add a comment |
add a comment |
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Related: money.stackexchange.com/questions/89968/…
– JonathanReez
May 6 at 17:58
Is the question from the point of view of a citizen of the US who plans to retire as an expat in the other country, or a non-US citizen?
– user662852
May 6 at 18:24
@user662852 non-US citizen
– JonathanReez
May 6 at 18:30
1
Is there something that prevents you from keeping your funds in your 401k even if you move out of the country? Then, just take it out when you turn 59.5?
– Better Budget
May 6 at 20:34
@BetterBudget lots of headache managing a fund in a foreign country, potentially
– JonathanReez
May 6 at 20:35