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If i enroll in 401 k plan and i plan to go to some other country and want to take my money, how can i do that. After all my reasearch on the internet, the best way is to tranfer my money to my IRA account to save the tax, but how pls explain.

2007-06-04 21:15:22 · 2 answers · asked by Anonymous in Business & Finance Investing

2 answers

Benefits of transferring money from 401k to IRA
- you have more control over what you invest in
- you can invest in individual stocks
- you'll get a higher interestest rate on CDs
- probably get lower management fees
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2007-06-05 01:54:45 · answer #1 · answered by SWH 6 · 0 0

After you quit or retire, chances are you will have to put the 401K in an IRA. It's a straight swap and you don't pay taxes in that trans action. When you take that money out you will have to pay the taxes. If you want to save taxes, you might want to move the 401K into a Roth IRA instead. It's a little bit more complicated but you can talk to a representative to walk you through it. The downsize is you will have to pay taxes up from, but the advantage is you will pay less taxes on $90,000 up front than $1.8 million down the road.

2007-06-05 04:39:34 · answer #2 · answered by gregory_dittman 7 · 0 0

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