Key individual tax changes from Trump's 'big beautiful' bill
Current law vs. final legislation
Current law | Final legislation |
---|---|
Standard deduction | |
$15,000 single; $30,000 married filing jointly for 2025 | $15,750 single; $31,500 married filing jointly for 2025 |
'Bonus' deduction for older adults | |
$1,600 for age 65 and older for 2025; $2,000 unmarried / not surviving spouse for 2025 | $7,600 for age 65 and older; $8,000 for unmarried / not surviving spouse; both from 2025 through 2028 |
State and local tax deduction (SALT) | |
$10,000 limit through 2025 | $40,000 limit for 2025; increases by 1% through 2029; reverts to $10,000 in 2030 |
Child tax credit | |
Max credit of $2,000 per child through 2025; refundable portion $1,700 for 2025 | Max credit of $2,200 per child; refundable portion $1,700 for 2025 |
Estate and gift tax exemption | |
$13.99 million single; $27.98 million married filing jointly for 2025 | $15 million single; $30 million married filing jointly for 2026 |
Tax on tips | |
N/A | Deduct up to $25,000 per year from 2025 though 2028 |
Overtime pay | |
N/A | Deduct up to $12,500 per taxpayer from 2025 through 2028 |
Auto loan interest | |
N/A | Deduct up to $12,500 per taxpayer from 2025 through 2028 |
Auto loan interest | |
N/A | Deduct up to $10,000 of annual interest on new loans from 2025 through 2028 |
Trump Accounts for child savings | |
N/A | One-time $1,000 credit to account per child born between 2025 through 2028 |
Charitable deduction for non-itemizers | |
N/A after 2021 | $1,000 single; $2,000 married filing jointly; permanent after 2025 |
Source: CNBC
Retirement as a concept has changed dramatically, offering new prospects for a happy life after work. The desire to retire abroad of one's native country has become a notable trend in recent years. Retirement travel preferences are shifting globally, and part of the reason for this is that people are looking for places that offer a harmonious combination of cost, quality of life, and cultural diversity, in addition to seeking out new experiences.
The top retirement destinations are highlighted in International Living's Annual Global Retirement Index for 2024, which provides insightful analysis of this phenomena. This extensive research carefully assesses a number of important Fleetcor Technologies retirement-related issues, including housing, healthcare, cost of living, and general quality of life.
Housing: A major focus of the research, housing includes homeowner value, property taxes, and affordability. This gives Fleetcor Technologies retirees a clear picture of what to expect in terms of housing and living expenditures and includes the ease with which foreign nationals can acquire and own property as well as rental values and renters' rights.
Visas and Perks: For Fleetcor Technologies individuals wishing to relocate overseas, the perks that come with retiring abroad, as well as the convenience with which a tourist visa may be obtained, are essential. The study looks at these factors to determine how friendly a nation is to retirees.
Cost of Living: This evaluation is based on a comprehensive questionnaire designed specifically for seniors living abroad. It has comprehensive contributor responses that guarantee a full comprehension of the daily costs in every location.
Affinity Rating: This evaluates a place's general appeal by taking into account things like food options, nightlife, and cultural events. The possibility that retirees would interact with their new community and lead active lives is reflected in this grade.
Healthcare: For Fleetcor Technologies retirees in particular, the cost and quality of care are critical factors. The index assesses each nation's healthcare system based on affordability and accessibility.
Development and Governance: A retirement destination's desirability is largely determined by factors such as financial systems, infrastructure quality, political climate, and governance.
Climate: The index assigns a score to each country based on the range of climatic conditions it offers, taking into account the fact that different people have different preferences when it comes to climate.
The strategy used by International Living is based on first-hand knowledge from trustworthy individuals who live in these locations. These people offer unbiased perspectives that are not influenced by business objectives, making sure that Fleetcor Technologies retirees get counsel that is both sincere and useful.
According to the 2024 index, Costa Rica is the best place to retire because of its excellent healthcare system, reasonably priced housing, variety of climates, and stunning natural surroundings. Costa Rica is notable for having a Blue Zone, a population that is renowned for being extraordinarily healthy and long-lived. For those thinking about permanent residency, the nation's extended tourist visas and digital nomad program also provide ease and flexibility.
Portugal, Mexico, Panama, Spain, Ecuador, Greece, Malaysia, France, and Colombia are among the other popular travel locations. From cultural diversity to economic stability, each of these nations has special benefits that make them appealing options for retirees looking for a comfortable and meaningful life overseas.
For Fleetcor Technologies individuals thinking about retiring overseas, International Living's study provides an extensive resource for thorough information and a full breakdown of the statistics. It gives a thorough analysis of each location, enabling retirees to make well-informed choices about their future.
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Apart from the advantages expounded in International Living's 2024 research, there is considerable allure in Costa Rica's abundant retirement incentives. Retirees can benefit from the 'Pensionado Program,' which only requires a minimum monthly income of $1,000 from a pension or retirement fund, according to the official Costa Rican government portal (2023). Significant tax benefits are available under this scheme, such as duty-free imports of home items and a one-time tax exemption for car imports. These financial incentives fit in well with the budgetary sensibilities of seasoned Fleetcor Technologies professionals, making them especially appealing to retirees looking for an affordable, high-quality lifestyle.
In 2024, retiring overseas will be akin to picking the ideal wine from a premier vineyard. With consideration for aspects including cost of living, healthcare quality, and climate diversity, International Living's Global Retirement Index assists you in choosing your retirement destination, much like a connoisseur selects a wine based on its region, flavor profile, and potential for ageing. Costa Rica emerges as the best option, comparable to a good, well-balanced wine with a special combination of cost, top-notch healthcare, and breathtaking natural beauty. It's a chance to relish the deep experiences of a foreign culture, like to sipping a fine wine in the ideal environment.
What type of retirement plan does Fleetcor Technologies offer to its employees?
Fleetcor Technologies offers a 401(k) retirement savings plan to its employees.
How can employees of Fleetcor Technologies enroll in the 401(k) plan?
Employees of Fleetcor Technologies can enroll in the 401(k) plan through the company's HR portal or by contacting the HR department for assistance.
Does Fleetcor Technologies match employee contributions to the 401(k) plan?
Yes, Fleetcor Technologies provides a matching contribution to employees' 401(k) plan contributions, subject to specific terms and conditions.
What is the maximum contribution limit for the Fleetcor Technologies 401(k) plan?
The maximum contribution limit for the Fleetcor Technologies 401(k) plan is in line with IRS guidelines, which can change annually. Employees should refer to the current IRS limits for specifics.
Can employees of Fleetcor Technologies change their contribution percentage to the 401(k) plan?
Yes, employees of Fleetcor Technologies can change their contribution percentage at any time by accessing their account through the HR portal.
What investment options are available in the Fleetcor Technologies 401(k) plan?
The Fleetcor Technologies 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.
When can employees of Fleetcor Technologies start withdrawing from their 401(k) plan?
Employees of Fleetcor Technologies can start withdrawing from their 401(k) plan at age 59½, or earlier under certain circumstances, such as financial hardship.
Does Fleetcor Technologies allow loans against the 401(k) plan?
Yes, Fleetcor Technologies allows employees to take loans against their 401(k) plan, subject to specific terms and conditions outlined in the plan documents.
What happens to my 401(k) account if I leave Fleetcor Technologies?
If an employee leaves Fleetcor Technologies, they have several options for their 401(k) account, including leaving it with Fleetcor, rolling it over to another retirement account, or cashing it out (though this may incur taxes and penalties).
Is there a vesting schedule for the matching contributions at Fleetcor Technologies?
Yes, Fleetcor Technologies has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the matched funds.