Factoring the immigration issues, US is probably not going to let people stay here long term anyway. And money will be blocked till a person is 60. Unless you are willing to pay the penalty!!
I would still contribute to whatever your company match. But no more than that.
If the company matches your contribution, then it makes sense. You can withdraw at a penalty of 10% and paying for the tax .
Why not? The money is yours and youre tax deferring. Not that the US govt will take your money away. Tbh socking away $19k per year is not that big of a deal. Plus get your company match as well
Yep. Not a big deal. Put money away. Make it grow
Yeah i mean, for tech industry salaries , $19k is a miniscule amount, which saved now, could tremendously help in retirement. Plus were you to spend that $19k now, youd effectively get $12k cuz of taxes. I dont even think of small amounts like this. Just let it be deducted from payroll .. keeps it simple
If you have a company match then YES. It’s free money!
Yes, absolutely yes. Start contributing even if your employee doesn't contribute. It's gonna be free money (if you get employer contribution in the future) When you move to your country, convert 401k to IRA, and move 30k from entire corpus every year (or amount with low tax) to Roth. Let it grow in Roth. Every 5 years withdraw from Roth. Guarantees less penalty. Caveat: you may have to pay tax at your new country. By contributing to 401k, you are saving x% of your Y contribution. So if you are making out 19k, assuming 30% tax bracket, its like $5700 every year, its an indirect return of 30%, right.
Yes. You can withdraw when you return back to your country and pay some penalty. Edit - changed as per Hulk’s comment. But it’s only the Indians with the IMMIGRATION ISSUES. That’s how.
How do you know he's going back to India :-p
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No point in investing unless the company does 401k match IMO
Uh pre tax investment is t good enough. Move to the next person for advice