Access to 401k/IRA/SS benefits money outside USA

[pareshshenoy]

Hi, I'm a US citizen - 25 years old, and I plan to move back to India in 5-6 years. I started working in Feb 2007. If some of my money is in a 401k account here, would it be possible for me to withdraw the money from India after the age of 60 (after a rollover to an IRA, of course)? Will there be any complications? Same Q for an IRA.

Also, as a citizen, will I be able to receive SS benefits, inspite of not meeting the 10 years (40 quarters) condition?

Thanks,
Paresh.

 

[Jackolantern]

Access to 401k/IRA money outside the US is no problem. They'll wire the money or send you a check almost anywhere in the world.

The lack of 10 years will probably mean you can't collect SS (except for disability). But you have plenty of time to get the remaining credits before you reach 67. You don't have to work a full year to get a year's worth of credits; you only need to earn a few thousand in the year (I forgot the amount). And I think you can even opt to pay SS tax on your Indian salary so you'll get the credits.

But why are you on this part of the forum? If you're a US citizen you are long past any concerns about priority dates. Another part of the forum, or another web site altogether will probably provide better answers to your question.

 

[GotPR?]

you only need to earn a few thousand in the year (I forgot the amount).

This makes me wonder whether contribution to SS makes any difference in SS benefit.
In otherword, if one paid more SS tax than others, does he get more pension than others when he becomes eligible ?

 

[Jackolantern]

This makes me wonder whether contribution to SS makes any difference in SS benefit.
In otherword, if one paid more SS tax than others, does he get more pension than others when he becomes eligible ?

Yes, to an extent the more you pay in the more you'll get back. But it hits diminishing returns fairly quickly. You could pay 50% more than somebody else but only get back 20% more (note that I'm just making up the numbers for the sake of discussion; the actual formulas for deciding benefits are very complex), and there is a maximum limit to what you'll get back regardless of how much you paid in.