How to Withdraw Money From a 401k as a Temporary Visa Worker

Remember that while your 401k money is intended for your retirement and is not generally accessible before you reach the age of 59 1/2, the IRS does have provisions in place that allow you early access. For example, if you are facing significant hospital bills, if you've been permanently injured or if you need the money to finance a down payment on your first home, the IRS may let you tap into the account early.

Approach your employer or the financial institution where your 401k money is being held in trust. If you want to withdraw money as a temporary visa worker, you'll be subject to the same penalties as an ordinary American would. The standard penalty is 10 percent of the amount you withdraw, plus income tax (paid to the Internal Revenue Service of the United States at U.S. rates) on the payment.

Celebrate your sixtieth birthday by tapping into your 401k equity, if you were a temporary visa worker in the United States relatively late in your career. The magic number to gain access to the money in your 401k without having to pay the penalty is the age of 59 1/2 years. While there are ways American citizens who have worked for many years to build considerable equity in their 401k accounts can access it earlier without penalty, such an approach is not really practical for a temporary visa worker with a relatively small plan.

Leave your money in your 401k plan if you've built up $5,000 or more in equity. That's the minimum amount required to keep your account active and gain the benefits of the accruing interest.

Don't worry about account access--you'll have no problem getting your 401k money later in life if you choose to leave it in. Your 401k access is not complicated in any way by the fact that you were a temporary visa worker in the U.S.