Best 401K Strategy on H1B/F1 Visa | How much to Contribute & Options when Leaving the US

Whether to invest in a 401k is one of the first questions that anyone has when they start working in the US. In this video, we talk about how much you could benefit by contributing to this plan even as a Foreign National.

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A 401K is an employer-sponsored retirement savings account that allows an employee to deposit a portion of his/her salary into long term investments. There are two types - Traditional and Roth, each with its own tax advantages.

Within your 401k, you can invest in a combination of assets like stocks and bonds. If all the different investment options feel too overwhelming, start with ‘Target Date Funds’ that auto-balance your asset allocation based on the date you wish to retire.

You could be missing out on thousands and thousands of dollars if you don’t contribute at least up to the employer match. This applies to visa holders (f1/h1b/l1) too who might not be sure how long they will actually stay in the country.

If you decide to leave the US to a different country, you have 3 options:
- Early withdrawal with a 10% penalty
- Leave in the US and withdraw after 59.5
- Rollover into an IRA
Allowing your investment to remain in the US (option 2 or 3) and compound over time is an attractive option due to the strength of the dollar Vs. other currencies.

2020 Contribution Limits:
https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500

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*** Personal Finance books I recommend:
I Will Teach You to be Rich by Ramit Sethi: https://amzn.to/3aDJeTj
Little Book of Common Sense Investing by Jack Bogle: https://amzn.to/37NeWfb
Rich Dad Poor Dad by Robert Kiyosaki: https://amzn.to/3nQ4VDp
The Intelligent Investor by Benjamin Graham: https://amzn.to/3mHzyK1
The Millionaire Next Door by Thomas Stanley: https://amzn.to/2KPES0w

DISCLAIMER:
The content in this video and the comments is for informational/entertainment purposes only. The creators take no responsibility for any actions or decisions you may take based on the contents of the video. Please consult a professional for strategies related to your specific needs.

DISCLOSURE:
Some of the links in this description are promo links, meaning that I may receive a small commission when you sign up for these services.

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We want to share our stories and talk about lessons learned while first moving to America, planning our journey to financial literacy, and adopting best practices into our lives.

As internationals, it was difficult to find relevant resources to understand the aspects of life that were different in a new country. Some of us come from places that treat the path to success as a "competition" and as a result, we shy away from having open conversations about money.

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Видео Best 401K Strategy on H1B/F1 Visa | How much to Contribute & Options when Leaving the US канала Finance with Arjun