TN Visa holder - can you invest in retirement plans?

K

kimberlily

Registered Users (C)
My husband was reminded by his employer that the deadline for investing in the 401K is coming up. They can't say whether nor not he is allowed to invest since he's on a TN, but we're thinking about taking advantage of it for the tax benefits.

I would assume that because TN is temporary status, he can't participate, but does anyone know for sure?
 
.... and I've never heard of a deadline for participating in a 401(k) either. One can 'join' their firm's 401(K) at anytime during the year. They are not like other benefits which have a limited "open enrollment" period. Obviously, the longer one waits, the more company 'matching funds' they are losing.
 
nelsona said:
.... and I've never heard of a deadline for participating in a 401(k) either. One can 'join' their firm's 401(K) at anytime during the year.
Click to expand...

It depends. I've worked for firms that restricted when you could enroll, but my understanding is that this has been significantly loosened since then.
 
Cool, thanks :) Now to find an investment advisor who will work with people who don't have tens of thousands of dollars to invest!

nelsona, DH wants to take advantage of it for this year, and he's allowed to invest as much as he wants (direct debit from his pre-tax paycheck) and the company will match it up to a certain amount.
 
Sure, he needs to have the money come off his pay, that is the reason for hurrying up.

But the best way to fund the account is by having the deposits made on EACH pay thruoughout the year.
 
kimberlily said:
Cool, thanks :) Now to find an investment advisor who will work with people who don't have tens of thousands of dollars to invest!
Click to expand...

For a 401k, you don't need one. The company sponsors the plan and hires the advisor. Once you switch jobs and roll into an IRA, I'd go with someone low-cost like Vanguard.
 
You must log in or register to reply here.
Top