401K advice for UK citizen on L1 Visa in US? | 401k Questions

Question

Asked 7/22/2006

401K advice for UK citizen on L1 Visa in US?

Does it make sense for me to invest in a 401K in the US, given that I will probably move back to the UK in 3 to 5 years and, as I understand it, will not be able to transfer it to a UK equivalent without tax and penalties etc? My company already pays into a 401K but I'm not contributing at the moment.

Or would it make sense to keep not contributing and just stick it in a mutual fund?

I also have a UK pension with my employer (same employer) which is currently frozen and I assume I would continue on my return.

Answers

Answer 1/1 - Submitted 7/24/2006

By all means, contribute to a 401K, especially if your company gives a match. Even if you move back to the UK, you can still leave your money in the 401K in the US.

401k Related Topics

Related Questions (Ask a New Question)

Non us citizen 401k beneficiaries

My wife is a us citizen. i am not, i have a green card. if i die with her as my beneficiary, i've been told that because i'm not a us citizen, the government takes 50% of my 401k funds and she will get 50%. is there any truth to this?

See Answers

401k non us citizen beneficiaries

My wife is a us citizen, i am not, i have a green card. i've been told that if i die my wife will only get 50% of my 401k, the other 50% goes to the government because i'm not a citizen. any truth to this?

See Answers

401k problem

I have a cousin who was terminated from his job at ups. he was asked to provide a valid birth certificate and could not. it's a long immigration story, but long story short, he was told that his 401k from 15 years of accumulation is now property of ups. since he has to provide a birth certificate...

See Answers

Related Questions

Non us citizen 401k beneficiaries

My wife is a us citizen. i am not, i have a green card. if i die with her as my beneficiary,...

See Answers

401k non us citizen beneficiaries

My wife is a us citizen, i am not, i have a green card. i've been told that if i die my...

See Answers

401k problem

I have a cousin who was terminated from his job at ups. he was asked to provide a valid birth...

See Answers

401k loan

My position was abolished. i have a loan balance of approx $10,000.00. i wanted to rollover...

See Answers

I want to quit work when i have a baby next year. what should i do with my 401k?

I am 26 years old and currently have $25k in my 401k plan. i want to quit work next year...

See Answers

401 k in divorce

My wife has a 401k worth 40,000 i have none. she says i have no right to half of her 401k...

See Answers

See more 401k questions

Advertise on this Site