Can retirement account be considered valid settlement fund?

[linboren]

Hi I'm currently working in US.
Did anybody submit a retirement plan statements as documents for settlement fund?
I know it's not cashable until you are unemployed.
But of course you are going to be unemployed in US because you'll need to move to Canada.
So, doesn't it sound like an option?

[shuhash]

hi,

I am going to show my 401K fund as well. But in my case i am going to show savings account/brokerage and 401k combined... 401k needs to 100% vested ... but i would suggest keep a back up as well..

[linboren]

Hi I didn't read through all the posts yet. But have you heard from anybody who have done this without any problem?

[jes_ON]

I think it depends on the type of account.  If it is possible to cash it out, there likely to be a substantial penalty - about 30% - which you would have to deduct from the value.  If you can, try to get a written statement from the account manager about the "cash" value of the account.  

(Of course, that does not mean that you have to actually cash it out)

[linboren]

good point jes_ON.
i'm going to call my agent to figure it out.
thank you.

[Skeptic]

I am skeptical whether you can claim the value of an investment like a 401(k) without cashing it out. The value of the fund could theoretically be zero at the time your application is accepted. I tried to find something definite in the Buffalo office instructions and couldn't. I wouldn't risk it personally, I believe I asked something like this to my lawyer and they advised against trying to use an investment as proof of funds.

[jes_ON]

I  know people who have used 401Ks as part of their POF requirement, but of course it was a couple of years ago and the rules keep changing.  As for the changing value of investment funds, you would also have the same problem with fluctuating currencies, and that's why you have to show proof at landing too, I guess. 

I also think it's a different matter if it is PART of your your total funds (which hopefully exceed the minimum) or if you're relying on it as your "main" POF...

[linboren]

the total amount of my savings is about 3-4k short, but my cashable retirement fund can cover this part without a problem if it can be accepted.  i need to apply through Buffalo, and i assume there might be differences from other offices.