USA residents mostly know about the common tax saving retirement plan BUT lot of Indians and many other resident aliens from other countries working in USA are unaware of this plan OR have misconceptions which prevent them from taking full advantage of this employee benefit plan.. Check with your company HRs about the match limit. It ranges from 3% to 8%. Pls use full benefit and invest as per maximum limit available Watch video 2 for withdrawal process A long term investor should not be worried with short bear markets. Those interested in stock market investing can open trading account with below links: (Indian subscribers can open account from below link with zerodha ) (USA subscribers can open account from below link with robinhood) #401k #401k for h1b #TCS #WIPRO #POLARIS #TECHM #COGNI #INFY #COGNIZANT #INFOSYS #STUDENT #US #IT #MS #401k #retirement #savings #USA...(read more)
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For anyone considering working in the United States on an H1B, L1A, F1, or VISA, understanding the concept of a 401K plan is crucial. This form of tax-advantaged retirement savings plan is easily the most significant savings tool in the US, and taking advantage of its benefits is advisable for anyone looking to plan financially for their future. What is a 401K plan? A 401K plan is a retirement savings plan that is offered by many employers in the United States. Employees are given the option to contribute a portion of their pre-tax salary into the plan, and this money is then invested in a range of stocks, bonds, and mutual funds. The money that is put into a 401K plan is not taxed until it is withdrawn, at which point it is taxed at the individual's marginal tax rate. Why is a 401K plan so important for H1B, L1A, F1, and VISA holders? The primary reason that a 401K plan is so important for those working on various temporary visas in the United States is that it allows for significant tax advantages. Contributing money into a 401K plan reduces an individual's taxable income, which can lead to a reduced overall tax liability. Additionally, many employers in the US match a portion of their employees' contributions into the plan, meaning that employees are essentially being paid extra to save for retirement. Another benefit of a 401K plan is that the money that is invested has the potential to grow significantly over time, providing a solid foundation for retirement savings. The earlier an individual begins contributing to a 401K plan, the more time there is for their money to grow and compound interest, leading to a more significant overall return. How to get started with a 401K plan To get started with a 401K plan, employees should first determine if their employer offers the option. If so, they should speak with their HR representative to determine what options are available, and how to set up the plan. Those with an H1B, L1A, F1, or VISA should be sure to consult with an experienced tax professional to ensure that they are taking advantage of the tax benefits available to them. In conclusion, for anyone working in the United States on a temporary visa, a 401K plan should be considered the most significant savings tool available. Taking advantage of its tax benefits, potential for growth, and employer contributions can lead to significant financial gains over time. https://inflationprotection.org/the-ultimate-guide-to-401k-for-h1b-l1a-f1-visa-holders-in-the-usa-maximize-your-savings-today/?feed_id=103020&_unique_id=647761fe372b5 #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #401kfordummies #401kforh1b #401kindia #401kinvesting #401kplan #401Kretirementplan #401kwithdrawalfromindia #410kexplained #benefit #cogni #employee #infy #investment #it #MS #PhD #plan #polaris #program #savings #Student #tax #tcs #techm #USA #wipro #401k #401k #401kfordummies #401kforh1b #401kindia #401kinvesting #401kplan #401Kretirementplan #401kwithdrawalfromindia #410kexplained #benefit #cogni #employee #infy #investment #it #MS #PhD #plan #polaris #program #savings #Student #tax #tcs #techm #USA #wipro
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