Desi Cartman Posted August 17, 2012 Posted August 17, 2012 Dost log, As you know that I'm new to amreeeka, I'm still trying to understand the different retirement fund options that I have here. Ideally I'm looking for a way where I can invest and withdraw with ease since I am not a green card holder and my chances of living in amreeka forever are quite slim. Please suggest how it works and in your opinion whats are the best options in the meantime I will start reading more about the options :sleep:
vvvslaxman Posted August 17, 2012 Posted August 17, 2012 Both are not that much of use if you don't live there longer. You can always with draw money before you turn 60 (which is when you will get the full benefit). But you will lose a lot of money on taxes. 401K Withdrawal Rules With rare exceptions, all 401K withdrawals are taxable as ordinary income. An additional 10% early distribution penalty tax will be assessed if you have not reached at least age 59 Ž½ when you take your distribution. Several exceptions to this penalty include: You die and the account is paid to your beneficiary You become disabled You terminate employment and are at least 55 years old You withdraw an amount less than is allowable as a medical expense deduction You begin substantially equal periodic payments Your withdrawal is related to a qualified domestic relations order IRA early withdrawals When you take money out of an individual retirement account before you reach age 59 1/2, the Internal Revenue Service considers these premature distributions. In addition to owing any tax that might be due on the money, you'll face a 10 percent penalty charge on the amount. But there are times when the IRS says it's OK to use your retirement savings early. Two popular, penalty-free withdrawal circumstances are when you use IRA money to pay higher-education expenses or to help purchase your first home. OK for school When it comes to school costs, the IRS says no penalty will be assessed as long as your IRA money goes toward qualified schooling costs for yourself, your spouse or your children or grandkids. You must make sure the eligible student attends an IRS-approved institution. This is any college, university, vocational school or other post-secondary facility that meets federal student aid program requirements. The school can be public, private or nonprofit as long as it is accredited. Once enrolled, you can use retirement money to pay tuition and fees and buy books, supplies an -- ALso it depends on other factors how much company is sharing etc etc.. there are tons of materials on the internet.
maniac Posted August 17, 2012 Posted August 17, 2012 If you seek happiness in f**** it up yourself ,go for IRA and if you want the so called experts f*** it up for and pass the blame game then go for 401K
vvvslaxman Posted August 17, 2012 Posted August 17, 2012 http://www.smartmoney.com/retirement/planning/401ks-when-opting-out-makes-sense-1319035249518/ Read this article about opting out of 401k
Lurker Posted August 17, 2012 Posted August 17, 2012 Please suggest how it works and in your opinion whats are the best options The best option is to quit listening to beghum sahiba who is nagging ke paisa nahin bacha rahe ho. 401K and IRA have both screwed up people badly in recent times. So be careful. You wont be able to use them much anyway unless you plan to be here for the rest of your life. Instead of all that send me half of your paycheck per month :boffing:
veer Posted August 17, 2012 Posted August 17, 2012 if you are not planning on retiring in US then none of these two are for you.. put your money in CD.. you won't get much but at least you will get some interest. stock market gamble is another option for you.
Desi Cartman Posted August 17, 2012 Author Posted August 17, 2012 Thanks, but my employer matches contribution upto a "certain" amount so there is 100% return on it (obviously then I need to take out taxes) :P The problem is that I have found out that employer doesnt match IRA but only 401k .. and within 401k there is employee deferred and ROTH deferred. So now a new problem, which out of these should I take ? :wall: BTW thanks for pointing out that I can put money in IRA and use it for education, So what happens if I withdraw 4k for fees and my employer reimburses 2k out of it ? Can I cheat the system :dontknow:
Desi Cartman Posted August 17, 2012 Author Posted August 17, 2012 if you are not planning on retiring in US then none of these two are for you.. put your money in CD.. you won't get much but at least you will get some interest. stock market gamble is another option for you. Im ****ed considering that I lived in Aus for a long time, and since they have compulsory tax contribution which I'm not allowed to take out till I'm 55 unless I give up Aus citizenship :wall: Na Ghar ka na ghat ka :hehe: :((
punjabi_khota Posted August 17, 2012 Posted August 17, 2012 Get a tax attorney/specialist man, yahaan ICFers ki random advice mat lo itne important topic pe.
Clarke Posted August 17, 2012 Posted August 17, 2012 Im ****ed considering that I lived in Aus for a long time, and since they have compulsory tax contribution which I'm not allowed to take out till I'm 55 unless I give up Aus citizenship :wall: Na Ghar ka na ghat ka :hehe: :(( Saala keeps 2 freakishly large hdtvs @ home and then complains about social safety net deductions. You deserve to be locked up in a classroom with CA as your professor for the course of conservatism 101.
Lurker Posted August 17, 2012 Posted August 17, 2012 Saala keeps 2 freakishly large hdtvs @ home and then complains about social safety net deductions. You deserve to be locked up in a classroom with CA as your professor for the course of conservatism 101. :hysterical::hysterical: Sahi hai. HBO/MSNBC dekh kar Fox News Conservatives type paisa bachata hai. :hitler:
Desi Cartman Posted August 17, 2012 Author Posted August 17, 2012 Get a tax attorney/specialist man, yahaan ICFers ki random advice mat lo itne important topic pe. I thought about it but then realized that my grand investment would be 1k for the year so whats the point of paying a tax agent for that much money. I might meet an agent at the start of the next year and plan well.
Desi Cartman Posted August 17, 2012 Author Posted August 17, 2012 Saala keeps 2 freakishly large hdtvs @ home and then complains about social safety net deductions. You deserve to be locked up in a classroom with CA as your professor for the course of conservatism 101. Dekhiye videshion ke $1000 hadap ke 16 trillion dollars ka defecit khatam nahi hoga. 2 large TV hain but I save money by not having an extra set top box since cable company charges $7 a month for that and instead I bought an AV transmitter for 50 bucks :aha:. This is called conservative idea, dekhiye I support small business by ordering dodgy gadgets, I still pay comcast and support big corps. I have created jobs hence conservatism FTW.
Desi Cartman Posted August 17, 2012 Author Posted August 17, 2012 :hysterical::hysterical: Sahi hai. HBO/MSNBC dekh kar Fox News Conservatives type paisa bachata hai. :hitler: dekhiye aap uttejit na ho, let me explain that I have not paid 1c for HBO in the last 6 months and wont be paying it for another 12. It was free for the first 6 months and then I threatened them to leave and they gave me free HBO for the next 12 months :hysterical: .,..... My HBO is kind of SS or similar to food stamps which is != Republican idea :cantstop:
Lurker Posted August 17, 2012 Posted August 17, 2012 dekhiye aap uttejit na ho' date=' let me explain that I have not paid 1c for HBO in the last 6 months and wont be paying it for another 12. It was free for the first 6 months and then I threatened them to leave and they gave me free HBO for the next 12 months :hysterical: .,..... My HBO is kind of SS or similar to food stamps :cantstop:[/quote'] Dekhiye aap galat baat mat kijiye. Maamla dar-asal ye hai ke aapke naye job mein apako major salary bump hua. Saalon ne dollars se tumhara muhn band kar diya hai aur jameer ki **** kar di. Overnight Sheila Dixit se you have become Sean Hannity :((
Desi Cartman Posted August 18, 2012 Author Posted August 18, 2012 Dekhiye aap galat baat mat kijiye. Maamla dar-asal ye hai ke aapke naye job mein apako major salary bump hua. Saalon ne dollars se tumhara muhn band kar diya hai aur jameer ki **** kar di. Overnight Sheila Dixit se you have become Sean Hannity :(( logic fail : Sheila dixit is richer than Hannity :wall: BTW I discovered MSNBC and my world is balanced now. Im sure if I watch enough MSNBC then very soon I will hate both parties equally :hatsoff: .. My life has balance and meaning once again. Oh yeh lo .. sun lo .. I didnt post it in riots wala thread nahi to sentiments hurt ho jatey aur I would have been declared "seekularist" Cn5FDRBoyY4
Lurker Posted August 18, 2012 Posted August 18, 2012 :giggle::giggle: This should be added in the "Songs that inspire you" thread. I fully insist!
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