Financial markets around the world are reeling following President Donald Trump’s latest and most severe volley of tariffs, and the U.S. stock market is taking the worst of it so far.
I was considering trying to cash out my 401k and ira in the US (I bought my first house and I think that’s one of the allowed cases), but hadn’t worked out the details yet. Guess that’s not happening right now. I no longer live in the US and will probably renounce citizenship once my parents go.
I looked at my other investments this morning based on this post and… Lol. Granted, I only one a handful, but it still hurts. My stock that was worth only like 40 cents moved up 5+% so yay for that, I guess.
I’ve only been twice in the last decade: once the year after I moved and summer 2022ish. It’s just crazy to watch. My family just offered to pay for us to fly out for vacation but I declined. My non-white wife that doesn’t really speek English + immigration now means we’re not going near the place.
That wouldn’t effect legal agreements. if he’s still the owner of the accounts the are still enforced, at least when there was a functioning system in place to enforce contracts with in the US legal and banking systems.
I don’t know either. I imagine it just lives on. I can’t put money in them now from Japan anyway (well, unless I want to pay some taxes in the US on top of what I pay here; no thanks). I can’t use Japan’s equivalent either since the US tax authorities will massacre you with paperwork and fines (PFICs). If social security still exists, I worked long enough in the US to get that and it doesn’t matter for that if I renounce.
If social security still exists, I worked long enough in the US to get that and it doesn’t matter for that if I renounce.
Well, hope they won’t change the rules around that if it does still exist by the time you retire. Though generally such things aren’t done retroactively I believe. Once you’ve earned it, you’ve earned it. Even if rules change for future folks. At least in sane countries, but of course we’re talking about the US…
There is a totalization agreement with the japanese govt, so I could theoretically do something before renouncing, but I’ve never looked into it. I liked the idea of having both for diversity and safety
I was considering trying to cash out my 401k and ira in the US (I bought my first house and I think that’s one of the allowed cases), but hadn’t worked out the details yet. Guess that’s not happening right now. I no longer live in the US and will probably renounce citizenship once my parents go.
I looked at my other investments this morning based on this post and… Lol. Granted, I only one a handful, but it still hurts. My stock that was worth only like 40 cents moved up 5+% so yay for that, I guess.
To be fair, the market is roughly at where it was in September (pending further tanking). So, not a huge difference…yet.
Pretty much this. If you think “its going to get worse from here”, then why would you hold stocks?
Got my family out last year, I commute back and forth.
There is something really sick about watching this from overseas, like watching paramedics carry bodies out of a car crash.
But it was no fun when I was there.
Fucking morons shooting themselves in the balls to look tough.
I’ve only been twice in the last decade: once the year after I moved and summer 2022ish. It’s just crazy to watch. My family just offered to pay for us to fly out for vacation but I declined. My non-white wife that doesn’t really speek English + immigration now means we’re not going near the place.
What happens to your 401k and IRA if you’ve moved abroad and renounce your citizenship? Will it ever be paid out?
Not an American so I honestly don’t know.
That wouldn’t effect legal agreements. if he’s still the owner of the accounts the are still enforced, at least when there was a functioning system in place to enforce contracts with in the US legal and banking systems.
I don’t know either. I imagine it just lives on. I can’t put money in them now from Japan anyway (well, unless I want to pay some taxes in the US on top of what I pay here; no thanks). I can’t use Japan’s equivalent either since the US tax authorities will massacre you with paperwork and fines (PFICs). If social security still exists, I worked long enough in the US to get that and it doesn’t matter for that if I renounce.
Well, hope they won’t change the rules around that if it does still exist by the time you retire. Though generally such things aren’t done retroactively I believe. Once you’ve earned it, you’ve earned it. Even if rules change for future folks. At least in sane countries, but of course we’re talking about the US…
There is a totalization agreement with the japanese govt, so I could theoretically do something before renouncing, but I’ve never looked into it. I liked the idea of having both for diversity and safety