Should you invest in an IRA as a visa holder (H1B/F1 OPT/L1)? We go through a simple flowchart to help in making this decision.
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An IRA is an Individual retirement account. Unlike a 410k, it is not tied to a specific employer. There are two variations of this account – Traditional and Roth. The main difference between the two is the timing of their tax advantages.
An IRA is a great tool for building wealth, but as a non US citizen, there are more nuanced considerations to keep in mind like how long you intend to stay and tax treaties between countries.
The video also talks about how to invest in an IRA as a beginner. The IRA itself is not an investment but rather the vessel that contains different assets like stocks and bonds. For simplicity investing in index funds or a target date fund may be the most suitable.
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*** Personal Finance books I recommend:
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The Millionaire Next Door by Thomas Stanley:
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The advice provided in this video is for informational/entertainment purposes only. The creators take no responsibility for any actions or decisions you may take based on the contents of the video. Please consult a professional for strategies related to your specific needs.
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ABOUT US:
We want to share our stories and talk about lessons learned while first moving to America, planning our journey to financial literacy, and adopting best practices into our lives.
As internationals, it was difficult to find relevant resources to understand the aspects of life that were different in a new country. Some of us come from places that treat the path to success as a “competition” and as a result, we shy away from having open conversations about money.
This channel is a comfortable space to have those discussions and help each other out!
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#rothira #investingonh1b…(read more)
LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Hope the decision-making flowchart helps everybody considering investing in an IRA.
TIME STAMPS:
00:23 – What is an IRA
01:55 – Roth Vs. Traditional IRA
03:02 – Should I invest on a visa?
05:50 – How to Start?
thanks for this video!
Hi, great video! I was wondering if F1 visa holders are eligible for Vanguard/fidelity roth IRA's
Hey, I have one question. Why can’t traditional IRA is better than Roth if we decide to move to India in the middle? It is tax deductible first and if we want to withdraw early after goin to India , it can also be tax free as we don’t earn any income in the US at that point?
Great video thank you!
Descriptive yet easy to follow! I appreciate your extensive research and simplification of such a vast topic, I know how difficult and time consuming that is! Thank you!
Arjun, What if Backdoor RothIRA is closed by the government, the existing amount still gets invested? . I know you may not have experience like everyone. just would like to understand that is it still good time to put backdoor roth IRA or not
You guys are doing such a great job!
Thank you so much for the video guys, very informative! I just wanted to know if brokerages let us keep the Roth IRA/IRA accounts as it is even after we leave the U.S. and let us manage it from India? I would prefer an IRA over a traditional brokerage account but just concerned about whether I'll have the ability to manage it after I leave the U.S.
So helpful, thank you so much!
Hi Arjun, which platform can F1/OPT visa holder (nonresident alien) open Roth IRA account? Which one do you use?
Hi. I do not wish to stay in USA but I wish to buy stocks. What is the best way to go about it?
Hi,
Recently started to watch your channel and you guys are doing awesome job.
I am on H1b and my employer doesn't provide any 401k but have an HSA.
In this case can I open a IRA or roth IRA account by myself via vanguard or any other providers and invest in stocks?
since the contribution is low with IRA can I open any other tax savings account ?
also can I open another IRA for my non working spouse and contribute?
This was really good. Thank you so much
I did further reading and found out that even though ROTH IRA gains are treated tax free in the US if you happen to return to India, you will have to pay the taxes on the gains from your roth ira. Please correct me if I am wrong
Very helpful! Liked and subscribed!
this is a good research, thanks guys!
Hi there! Great video, thanks so much for the information
Let's say I have to move back to India after 6-7 years but I keep the money in a Roth IRA, when I take it out at 65, would I need to pay any money to get it transferred to India? Where can I find more information on that? thank you so much.
Can you clarify a few things? Say, I invested in Roth IRA for 3 years and then move to India.
1. Will I have to pay taxes on the interest earned on IRA?
2. How will I file the taxes from India, If I don't have a W-2 ?
3. Does the SSN become invalid if the person is no longer in the US and has moved out forever.?
Hi Arjun, I've been in US for past 6 years and currently on H1-B visa. When I tried to open ROTH IRA account online through vanguard, it said Non-Resident Aliens can't open the ROTH IRA account. Should I call vanguard customer care and check with them to see if I'm eligible ?
Fyi, I currently have 401(K) account with Vanguard.
Thank you for this information! My husband is an F-1 student and I'm a F-2 visa holder. Can I open a Roth IRA? He's gotten paid by the university, but this year we're not sure if we can have income. I'm thinking of contributing to a Roth IRA for 2020 first. I wonder if we can keep this Roth IRA even though we don't have income this year? Thanks a lot!