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eligibility criteria for retirment account take out.

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  • eligibility criteria for retirment account take out.

    I have  DB account  from employer, 403, 457 and Roth IRA ( and of course SS account from feds) . I know there are criteria with age, employment status etc before tapping these accounts. My question is do I need to be a US citizen /green card holder/ a resident of USA  to get these benefits at retirement. I really worried that at current situation I may not get even green card in my life time because I am from India and it has a long waiting list!!!

  • #2




    I have  DB account  from employer, 403, 457 and Roth IRA ( and of course SS account from feds) . I know there are criteria with age, employment status etc before tapping these accounts. My question is do I need to be a US citizen /green card holder/ a resident of USA  to get these benefits at retirement. I really worried that at current situation I may not get even green card in my life time because I am from India and it has a long waiting list!!!
    Click to expand...


    Yes, as of today, that is not a problem. Of course, the tax laws of India and/or wherever you reside at the time of withdrawal could be an issue for you. Hopefully, by then, you will be a citizen of the US if that is your goal, however.

    You might also want to check out Social Security's Payments Abroad Screening Tool for eligibility to receive SS payments while abroad long-term.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      That is great news.

      Yes. I will sign up for citizenship immediately if I have the option. But unfortunately the path to skilled workers to become citizens is more complicated !!!!! if you are from India or China!

       

      Seems SS may not be possible if I am  not a citizen. Alas I loose SS contributions /may be paying extra tax for being non citizen!!..That is fine as long as I get my DB and other retirement plans.

       

      Thank you.

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      • #4


        Seems SS may not be possible if I am  not a citizen. Alas I loose SS contributions /may be paying extra tax for being non citizen!!..That is fine as long as I get my DB and other retirement plans.
        Click to expand...


        That is not correct. Social Security is definitely available to non-US citizens if you have paid into the system for 40 quarters and meet other qualifications. Typically, SS payments stop if you are out of the country for more than 6 straight months, but you can re-start them by returning to the US for one month. We have treaties with some countries that don't require even that. I checked and, unfortunately, India is not on the list at this time, but surely you can meet the one month every six months requirement and get your 40 quarters in. SS is a very valuable benefit and, if you earn it, you should get it.
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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