Are you an expat or foreign national with a United States 401k?
If you’re one of the millions of people who spent time working in the United States, more than likely you have a company-sponsored 401k. When people leave a company, they often consider transferring their 401k into an Individual Retirement Account (IRA). However, for many without a United States address, rolling a 401k into an IRA is a very difficult thing to do.
Fortunately, we can help.
Six Benefits of Rolling Your 401k into an IRA with Beacon Global Advisors:
Broader Investment Choices. Your 401k may be limited to a small sample of the investment options. Having more options via an IRA can help you develop a better long-term strategy.
Lower Costs. Depending on your 401k plan, there may be lower-cost fund options with an IRA
Withdrawal Flexibility. Rolling your money into an IRA enables you to manage the money you take out of your account, the taxes you pay—and offer flexibility in determining which assets you can liquidate first.
More Control. If your 401k is not performing well, it’s easier to have access to and select among a wider selection of investment options through an IRA.
Wealth Transfer Advantages. Upon your death, there’s a good chance your 401k will be paid in one lump sum to your beneficiary. IRAs generally allow you to name multiple beneficiaries, and even a trust.
Easier Management. We know the ins and outs of managing globally conscious investments and, when the time comes, we can help you with IRA withdrawals and realignment of your assets
At Beacon Global Advisors, we have a process to help determine if an IRA is the right option for you—especially if you are a:
- United States citizen who left the country and still have a 401k
- Foreign national who worked for a United States company, have left the US, and have a 401k
- Foreign national who switched jobs in the United States and left behind a 401k
There are downside considerations to rolling a 401k into an IRA account including costs, creditor protections, differing investment choices, and any loan activity in the 401k. It is important to understand your options.
Call Beacon Global Advisors for a free,
no-obligation expat financial consultation today.