[USER]

My boyfriend wants to add me as a 401(k) nominee, he has a visa issue……. He’s leaving the country for good. …….He’s telling him after he goes back to his country in singapirw….

He will ensure that I receive the money ……is such a thing possible or does he have to like Give me the money right here before he leaves the country for good..

(he has like $60,000 in the 401(k) and he’s like only 50 years old and if he opens it, he’s telling he will lose like $20,000 in taxes and fines but if open it at 60 years old, he will not lose the money) so my question is does he have to ensure I receive the money before he leaves the country for good or can he even do it after staying overseas?

Can he still give me the money and I am based in the US..

[Lee]

I love those that self deport, I would get the money asap if I were you!

[Mala]

He can simply withdraw it from Singapore once he’s of age. He doesn’t need you as the nominee at all.

[Anjoli]

Just to cover all bases here: Have you met this man in person and had a long-term relationship with him that has allowed you to build a certain level of trust in him?

Why is he wanting to withdraw and grant this money to you if he is leaving and you are staying?

Is he not anticipating that he will need the money after living elsewhere, or is the assumption here that he will be unable to withdraw the money once in another country for some reason?

If he’s looking at doing his now vs when he is 60, I’m missing a few pieces of the puzzle, I think.

Are you discontinuing your relationship when he leaves or planning to reconnect after a given timeframe? Is his plan to never return to the US?

Consider these questions as they will impact the validity of this plan.

If you are both in a trusting and committed relationship, and if this is something that you are both very intentional about doing, I see others have responded with helpful feedback in that regard. Just make sure you’re protecting yourself!

[Iryna]

He can designate you as the primary beneficiary of his 401k. This means that if he PASSES AWAY, the account will transfer to you, and you can withdraw the funds according to the plan’s rules.

He cannot transfer ownership of a 401k account to another person while he is alive.

If he does not withdraw the money before leaving, he may still be able to manage his 401(k) from overseas, depending on the plan provider’s policies.

many U.S.-based financial institutions require a U.S. address and bank account for distributions.

He should confirm with his provider if he can access funds while residing overseas.

If he withdraws the full amount now, he will face a 10% early withdrawal penalty since he is under 59 1/2 years old.

He will also owe income taxes on the entire withdrawal, so 20-30% in total taxes and penalties.

If his 401k plan allows, he might be able to roll it over into an IRA, which could provide more flexibility.

Many IRA providers allow non-U.S. residents to manage and withdraw funds more flexibly.

He could also consider leaving the money in the U.S. and taking distributions in the future while overseas.

Save the guy’s life here (if he wants to keep living in US), marry him (assuming you are a U.S. citizen).

If you and he are in a serious relationship, marriage to a US citizen could allow him to apply for a marriage-based green card.

[Faith]

Be careful though some people prey on people to marry to help them with their visa situation. He should just withdraw and use the money to invest in his home country.

Immigration is a lot of added stress.

Just let him cash out his 401k, don’t try to tie any of his finances to yours.

[Ellen]

He can withdraw the money even from overseas, after 59.5 years old for no withdrawal penalty.

What he decides to do with the money after withdrawing, he can send it to you or not.

[Lori]

how long has he been your boyfriend? What information is he asking you to provide to make you a “nominee”?

I ask these questions not to get your answer here but to make you think about the answers.

If this is not not a long standing relationship, please be careful of the information you provide him.

Much of what is being said to you is raising alarm bells for me for a possible scam. If I am off base, I sincerely apologize.

[Author]

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