Understanding the 401k Plan

It is not at all surprising if you find British workers deciding to go abroad and trying their luck in places like the US. Especially if you have been working in the UK for quite some time now, the need to explore greener pastures will always be there.

Should you find yourself in such a position, there’s a big chance that your occupational pension will be one of the first things you’ll think of. What will happen to it once you make the big move?

The good news is that the US ranks ninth on a list of countries that have the best pension schemes in the world. And yes, you can experience the benefits too should you wish to transfer your existing UK pension. This is why you should find out more about 401k plans in the US, as this would be the key for you to enjoy the decision to move from the UK to the US.

A 401k plan is one of the most common benefits for employees in the US, allowing them to contribute a portion of their salary towards a qualified profit-sharing plan. This contribution plan allows you to save money without paying any taxes to the government until the money is withdrawn upon retirement.

What’s great about 401k plans is the fact that you can actually withdraw a certain amount from your retirement savings anytime, as long as you follow the set guidelines. This amount would have to be paid at a later date, but at least you can be assured that not only would you receive the full amount you expect upon retirement but that you also get to enjoy the money anytime you need it.

If you need more information on possible 401k plans wherein you can transfer your occupational pension from the UK to the US, you can check Tim Carroll UK Pension. Tim Carroll UK Pension will help you understand everything about 401k plans, and will make it easier for you to make your dream of transferring your pension to a US scheme to come true.