| Would like to know about all that IRA, 401k and etc. stuff |
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deomix
Preferred Member
Cash: $ 15.60
Posts: 106
Joined: 19 Aug 2005
Location: Lithuania
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| Would like to know about all that IRA, 401k and etc. stuff |
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HI,
I'm completely new to these retirement programms and would like to know at least basic of these. I've read about the 401k in here, but also would like to know about others. Please post a link if you know one.
Cheers
http://www.markethealth.com/?aid=418357
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Thu Jan 26, 2006 7:07 pm |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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Are you in the U.S. (becoming a citizen?) or a U.S. citizen living in Lithuania?
For the rules as far as contributions and distributions go to http://www.irs.gov/ and search for 401k, IRA, retirement, etc.
Investment options vary. Employer plans like 401k typically have a limited number of options (typically mutual funds), but some offer equity trading (stocks, etc.).
IRA's have more limited qualifications and contribution amount, but there are more investment options depending upon where you set up the account(s). It can be anywhere from a bank (IRA CD) to brokerage firm (wider selection of mutual funds, stocks, etc.).
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Fri Jan 27, 2006 12:54 am |
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coaster
Senior Advisor
Cash: $ 1358.20
Posts: 6687
Joined: 11 Oct 2005
Location: Wisconsin
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Kind of a hard question to answer here -- you get into all sorts of plans, permutations, and tax treatments. I suppose to boil it all down to the very basics, there's:
1) who initiates and administers the plan: the individual - IRA, SEP; or the employer - 401(k)
2) when the money is taxed: upon withdrawal - IRA, 401(k); or before contribution - Roth IRA, Roth 401(k)
There are many variations I haven't mentioned. Just can't do it all here. 
~Tim~
Eye Candy : Why Whimsy
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Fri Jan 27, 2006 4:11 am |
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deomix
Preferred Member
Cash: $ 15.60
Posts: 106
Joined: 19 Aug 2005
Location: Lithuania
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quote:
Originally posted by efflandt
Are you in the U.S. (becoming a citizen?) or a U.S. citizen living in Lithuania?
I'm just planing to go to USA for my last school years ( they say that it's much easier to learn there, than down here in lithuania ) and then maybe become a citizien.
http://www.markethealth.com/?aid=418357
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Fri Jan 27, 2006 7:52 pm |
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coaster
Senior Advisor
Cash: $ 1358.20
Posts: 6687
Joined: 11 Oct 2005
Location: Wisconsin
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I just called T Rowe Price to check for sure on this: sorry, but I was told that non-citizens can't open an IRA even if they have US earned income and are paying US taxes.
We'd love to have you for a US citizen and taxpayer -- we can use all the taxpayers we can get!! 
~Tim~
Eye Candy : Why Whimsy
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Fri Jan 27, 2006 9:47 pm |
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deomix
Preferred Member
Cash: $ 15.60
Posts: 106
Joined: 19 Aug 2005
Location: Lithuania
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quote:
Originally posted by coaster
We'd love to have you for a US citizen and taxpayer -- we can use all the taxpayers we can get!!
I'd love to be just citizen instead of being taxpayer... Too bad it's not posible (in legal way that is).
http://www.markethealth.com/?aid=418357
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Sat Jan 28, 2006 2:18 pm |
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