Hello, sorry if this is a recurring topic that’s well answered already, but I haven’t found quite the info I need.
First, I’m an American citizen.
My company set up a DC plan for me, and I had no idea what that meant or what I was agreeing to, if I actually agreed to anything (I’m not sure j ever had a choice not to enroll in DC. I think it was a choice between iDeCo or DC, but I didn’t know the pros and cons, I just had DC recommended if I planned not to retire in Japan).
I’ve since learned that this is bad for me, because the money just sits there, and I can’t invest in any of the provided funds from the DC management company (Miziho iDeCo/DC) without incurring double taxation and extremely complicated filing in the USA, or something like that.
My employer has told me I can’t switch plans, and I have no other options that might offer more investment flexibility.
What can I do in this situation to actually be able to invest with the money getting put into the DC?
If I leave this company, I will have to set up some other tax advantaged plan if independent? And whether independent or no, I will have to transfer all assets to a new plan? What if I’m unemployed?
by Academic_Finger_1403
