Check this out

Finally, there will be light! If the benefits are available for H1Bs, the Indian who had a H1B and left after six years has more chance of getting his SS benefits than a GC holder here. You know that they will have a deficit in the Social Security from the next decade onwards till another 75 years.
Great! now they got me thinking of retirement, and I am still in AOS!
 
If India government can get China government on his side to lobby the same, things will be much better.
 
I think thats all smoke and no fire. Indian govt. doesn't have enough clout to make a thing like that move .. unless of course the US govt. wants to co-operate.
 
This is reg. SS benefits. What about 401K ? Can you withdraw 401K anytime later if you decide to go back to India.
 
401k Story.

If you withdraw from 401k,then you will pay penalty 10%,
so 30 + 10% will be gone from your pocket.

By another interesting side is ,if you want to goback to home
country then try to hang on for the next JAN ,so that your
tax bracket will be less for that year ,since you wont be
working for that year in US.
 
Originally posted by mango_pickle
This is reg. SS benefits. What about 401K ? Can you withdraw 401K anytime later if you decide to go back to India.
Click to expand...
Pay them theor damn 10% penality and you are good...Not to mention, withdrew the amount when you are going to be out of country, or when your annual income is less just to save on taxes as 401K withdrawl will be counted as income.
 
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This demand was made to Indian Govt. by NASCOM, individual H1B returnees and other leading IT industries for a long time. Only now we have a minister who has some brain and guts to ask the USA Govt. for a refund. So far no Govt. or a minister bothered to ask for the legitimate savings of Indian workers in US. Had all the H1B returnees formed a consortium and lobbied with the Govt. (ofcourse agreeing for paying suitable commision to the minister and his party) this would have been taken up long time back.

Better late than never, at last some saner sense prevailed upon our leaders and they started asking for the return of the looted money. Good Start Mr.Jaitely. But how far it is going to materialize is a different question. May be if India agrees to send troops to Iraq, US will agree to payback the money. Let us see what happens. US will insist for an assurance of similar social security scheme for those employees and it might deposit that money in such a pension funds or schemes. Whatever it may, it is too big a savings to be ignored by any sensible Indian Govt.
 
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Maybe INS will look at the amount of money they stand to loose if they don't approve 485's fast enough (6 x 0.15 x annual_salary), if any of these unapproved dudes actually go back.
 
Hi guys,
What if the gov. asks for tax for the SS. and 401k money you would get from US? Another 50% will be disappeared from your pocket !
 
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