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vina92
11-02-2006, 10:09 AM
Folks,

I want to start entirely unrelated but important topic here.

Is it worth saving in Traditional IRA when we are uncertain about our stay in this country.

I also want to know if we have to pay penalty if we decide to leave the country and take our retirement investment with us.

Experts in investing, please help

subba
11-02-2006, 10:14 AM
I believe you pay 10% penalty if you withdraw before retirement age, irrespective of whether you reside in the US at time of withdrawal.
However, note that it *might* be possible to save on taxes because you might have very little other US income in the year you withdraw. One dependency here is what tax laws and treaties your home country has on foreign income.

cool_guy_onnet1
11-02-2006, 12:15 PM
You pay 10% Penalty plus 30% taxes. Eitherway you will pay 30% taxes.
Listen, Invest agressively. and if you make 10% gain... (RIO jumped 5% in a week!) you are fine.
I religiously do IRA and would recommend to everyone.
Later,

kghoshal
11-02-2006, 12:31 PM
Since we are uncertain of our job as well as status in USA,
is it really worth to save on 401K? More input will be appreciateI.

pappu
11-02-2006, 12:46 PM
Since we are uncertain of our job as well as status in USA,
is it really worth to save on 401K? More input will be appreciateI.
I started a discussion on this subject
http://immigrationvoice.org/forum/showthread.php?t=2137
to have all related useful information in one place.