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Author: papr1ka Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76392  
Subject: IRA, is it for foreigner? Date: 8/8/2000 11:04 PM
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Hi all,

I am currently working in US under visa, and planning to stay until I am 40. (That's 23 years to go...whoaa)

I am thinking to put some money aside for investment and am thinking of opening IRA account.
What do you think about this?
Do you think IRA is a good choice for me?
I can defer from tax, but I have to pay the penalties eventually.
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 24019 of 76392
Subject: Re: IRA, is it for foreigner? Date: 8/9/2000 8:57 AM
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Greetings, Papr1ka, and welcome. You wrote:

<<I am currently working in US under visa, and planning to stay until I am 40. (That's 23 years to go...whoaa)

I am thinking to put some money aside for investment and am thinking of opening IRA account.
What do you think about this?
Do you think IRA is a good choice for me?
I can defer from tax, but I have to pay the penalties eventually.>>


If you're convinced you will withdraw all the money at age 40, then perhaps you would be better off in a fully taxable account using a long-term buy and hold strategy where the maximum tax rate on any gain would be limited to 20%. OTOH, there's no reason you couldn't use a Roth IRA for $2K, leave the money there until age 59 1/2, and then take it when it would be free of all U.S. taxes. As long as you have your statements sent to a U.S. address, the IRA provider will not force removal of the funds. Certainly in 23 years you will make enough friends that you would be able to get someone to act as a mail drop for you, no?

Regards..Pixy

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