{ "media_type": "text", "post_content": "Those who left US, what did you do with 401k when it’s most unlikely you return to work in the US again? Cashed out or rolled over to IRA (is it even possible to keep IRA even after moving abroad) ?", "post_id": "600d14d720a34400210f0222", "reply_count": 25, "vote_count": 19, "bowl_id": "5abc4bc7cf9bd00013107acd", "bowl_name": "Global immigration " }

Those who left US, what did you do with 401k when it’s most unlikely you return to work in the US again? Cashed out or rolled over to IRA (is it even possible to keep IRA even after moving abroad) ?

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Rolled 401k over to traditional IRA before leaving the country. Following year (when income and tax rate were lower), converted to Roth IRA

likefunny

Yes, I want to know this too. No point in rolling over if only to be suspended the account ....

This might not be the answer to the question but: In my case, I knew I won’t be staying in the US permanently so I opted out 401k to avoid complications like this. Nevertheless, I do agree with D3 - depending on the amount it’s best to withdraw it in invest it in your home country

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I withdrew it and paid penalty too .. keeping money with you is safer than in US while you are abroad.

likefunny

D3 had the most dumbest of all arguments you can find any were - please ignore and leave the assets in your current 401k account to compound . You can use it when it’s mature or pay penalty and withdraw when needed. Most 401k companies will send communications and checks to your international address and cellphones. So you don’t even need an address or bank in the US . Compounding is magic don’t break it.

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It is best to leave it as it is, let it grow. It provide natural hedging against home currency devaluation.

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Not necessarily, for 401k international address are accepted and cheque can be sent out. Please check with provider.

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I’ve just been investing by myself using apps like Robinhood and opted out of 401k. I am also not sure whether I can manage my investments via Robinhood after I leave the US, but I guess not as much complication exists with withdrawing money there as retirement accounts

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Mega Back door Roth IRA

I assumed I’d just keep it in a 401k after I leave and collect it once I hit retirement age - is that not possible?

I’d roll over to an IRA so you don’t incur 401k account maintenance fees and not just tied to the fund options offered by your employer. IRA provides yo access to a much broader set of ETFs, MFs and stocks

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So, in case of my home country, since there are no IRS system, even if I have Roth IRS the capital gain will still be taxed at the time of withdrawal to receive in my country...unless I withdraw all at age of 60 in the US (which is not my case) so I can’t enjoy the same benefit of tax free Roth IRA. every country should have their own regulation. But even if that is the case I’m thinking it’s not as bad as 10% penalty plus income tax of withdrawal now. So in the end, its a comparison of less taxation scenario depending on the country where you will be as well.

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