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Using 401k/IRA to meet spousal savings requirements

Using 401k/IRA to meet spousal savings requirements

Old Feb 14th 2017, 6:57 pm
  #1  
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Default Using 401k/IRA to meet spousal savings requirements

Has anyone been successful in using a 401k/IRA account to meet the UK spousal visa saving requirements.

Not sure if funds in a US account is acceptable and if in a 401k/IRA whether would need to be liquidated.

Thanks,

David
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Old Feb 14th 2017, 6:59 pm
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Default Re: Using 401k/IRA to meet spousal savings requirements

It has to be accessible funds in a bank account, so you're looking at around a 40% tax hit on the value of your 401k to get it liquidated and into a bank account, and then hold it for six months, to meet the requirements for a UK spouse visa.
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Old Feb 17th 2017, 3:23 pm
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Default Re: Using 401k/IRA to meet spousal savings requirements

Originally Posted by Pulaski
It has to be accessible funds in a bank account, so you're looking at around a 40% tax hit on the value of your 401k to get it liquidated and into a bank account, and then hold it for six months, to meet the requirements for a UK spouse visa.
The 6 months liquidity is unavoidable, but depending how keen the OP is to return, it's worth mentioning that prior to the EU referendum, he'd have needed $90,650 to meet the requirements whereas today $77,500 would suffice.

Just saying.

Last edited by Novocastrian; Feb 17th 2017 at 3:42 pm.
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