What Sherwin-Williams Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Sherwin-Williams Sherwin-Williams provides its employees with access to comprehensive healthcare benefits through employer-sponsored health plans, which include medical, dental, and vision coverage. These plans are designed to meet the diverse needs of their workforce and are typically updated annually during the open enrollment period each October and November. Potential Healthcare Cost Increases for Sherwin-Williams in 2026 As healthcare costs continue to rise, Sherwin-Williams may face significant increases in insurances premiums for 2026. Due to anticipated record hikes in Affordable Care Act (ACA) marketplace plans, some employees could see their healthcare expenses surge by over 75% if enhanced federal premium subsidies are not extended. This situation is compounded by rising medical costs, with overall healthcare costs expected to increase by approximately 8.5% for employers, meaning that Sherwin-Williams will likely need to navigate these challenges while managing employee healthcare benefits responsibly. As a proactive measure, employees might consider optimizing their healthcare choices in 2025 to mitigate potential financial impacts in the coming year. Click here to learn more

For example, Sherwin-Williams employees planning on moving overseas need to have a clear plan of action to overcome the challenges of acquiring residency and citizenship in another country,' according to Brent Wolf from The Retirement Group at Wealth Enhancement Group.

Kevin Landis of The Retirement Group, a division of Wealth Enhancement Group, explains why detailed planning is crucial for Sherwin-Williams employees who intend to retire abroad. However,

In this article we will discuss:

1. The complexity of obtaining residency or citizenship abroad: Discussing the legal, financial, and cultural issues that are involved in moving overseas for Sherwin-Williams employees.

2. The necessity of professional advice and planning: Emphasizing the importance of thorough preparation and professional advice to ensure a smooth transition to retiring abroad.

3. Tax advantages and financial planning for retirees: Explaining the possible tax advantages that are available through international treaties and the strategic financial planning that needs to be done for the retirement savings of Sherwin-Williams employees.

Simply for political, economic, and social reasons, many Sherwin-Williams employees are looking to secure citizenship or residency in other countries if the United States is not as attractive as it once was. But, getting residency in another country and, perhaps, citizenship is not as simple as just buying a plane ticket and setting an itinerary.

This is because there are many processes that may take a few years to accomplish at times. The more people who are considering these options, the more difficult these choices become. It is therefore crucial to identify the legal, financial, and cultural implications that arise in order to ensure a smooth transition to a new home overseas before embarking on this journey.

Without a proper plan and some professional advice, it can be quite a challenge to switch gears and retire during your tenure at Sherwin-Williams.

The impact of potential tax advantages when retiring abroad will definitely affect your financial position. Many countries, including the United States, have tax treaties that prevent income from being taxed twice. For instance, pensioners are attracted to Portugal by the Non-Habitual Resident (NHR) regime that offers special tax concessions for up to 10 years.

You can enhance your retirement benefits by taking advantage of these perks and seeking the advice of a tax specialist. The IRS notes that because these treaties can be very different it is important to research and seek the advice of a professional (IRS, 2023). These advantages must be used by Sherwin-Williams employees to enhance their retirement.

Expatriating and retiring is a process of planning a long and beautiful road trip. Just as you would not travel without a map, a well-maintained car, and knowledge of your location, Sherwin-Williams employees who are retiring abroad need to plan carefully.

Featured Video

Articles you may find interesting:

Step by step, you will be guided on how to make your transition to your new home easier, from explaining cultural differences and tax benefits to helping you understand the legal and financial environment. Just as a road trip opens new views and experiences, retirement abroad presents a world of possibilities for a happy and comfortable retirement.

Sources:

1. The Warren Street Wealth Advisors Team. 'Sherwin-Williams and Large Company Employees.' Warren Street Wealth Advisors, 3 Feb. 2025, Accessed from warrenstreetwealth.com.

2. 'US Taxes for Americans Retiring Abroad in 2025.' MyExpatTaxes, 20 Nov. 2024, Accessed 3 Feb. 2025 from myexpattaxes.com.

3. Toms, Mary, CPA, MBA, MS. 'US Tax Implications of Retiring Abroad: What You Need to Know.' PBMares, 10 Dec. 2024, Accessed 3 Feb. 2025 from pbmares.com.

4. 'Financial Planning for US Expatriates.' The Expat Financial, Accessed 3 Feb. 2025 from expatfinancial.com.

5. 'Retiring Overseas: What You Need to Know About Your US Taxes and Financial Planning.' Expat CPA, Accessed 3 Feb. 2025 from expatcpa.com.

   What is the Sherwin-Williams 401(k) plan?

   The Sherwin-Williams 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or after-tax basis for their future retirement.

   How can I enroll in the Sherwin-Williams 401(k) plan?

   Employees can enroll in the Sherwin-Williams 401(k) plan by accessing the company’s benefits portal or contacting the HR department for guidance on the enrollment process.

   What is the employer match for the Sherwin-Williams 401(k) plan?

   Sherwin-Williams offers a competitive employer match for contributions made to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

   At what age can I start contributing to the Sherwin-Williams 401(k) plan?

   Employees can start contributing to the Sherwin-Williams 401(k) plan as soon as they are eligible, which is generally after completing a certain period of service with the company.

   Can I take a loan against my Sherwin-Williams 401(k) plan?

   Yes, Sherwin-Williams allows employees to take loans against their 401(k) plan balance under certain conditions. Employees should review the plan’s specific loan provisions for details.

   What investment options are available in the Sherwin-Williams 401(k) plan?

   The Sherwin-Williams 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees grow their retirement savings.

   How often can I change my contribution amount to the Sherwin-Williams 401(k) plan?

   Employees can change their contribution amount to the Sherwin-Williams 401(k) plan at designated times throughout the year, typically during open enrollment or after a qualifying life event.

   Is there a vesting schedule for the Sherwin-Williams 401(k) employer match?

   Yes, Sherwin-Williams has a vesting schedule for the employer match, meaning employees must work for the company for a certain period to fully own the matched contributions.

   How can I check my Sherwin-Williams 401(k) balance?

   Employees can check their Sherwin-Williams 401(k) balance by logging into the benefits portal or contacting the plan administrator for assistance.

   What happens to my Sherwin-Williams 401(k) if I leave the company?

   If you leave Sherwin-Williams, you have several options for your 401(k) balance, including rolling it over to an IRA or a new employer’s plan, cashing it out, or leaving it in the Sherwin-Williams plan if eligible.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Sherwin-Williams provides a defined contribution plan for its salaried employees, which includes a pension investment plan (PIP). This plan involves company contributions to an employee's account based on a percentage of their income, which increases with age and service. For union employees, there is a defined benefit pension plan based on years of service and specific contractual amounts. Both plans aim to provide stable retirement income for employees. Additionally, Sherwin-Williams offers a 401(k) plan with matching contributions to further support employee retirement savings.
   Financial Performance and Layoffs: Sherwin-Williams reported modest sales growth of 0.5% for Q2 2024. The company is closing its Bedford Heights plant, resulting in 51 job cuts, as part of its efforts to streamline operations and reduce costs. Despite a softer macroeconomic environment, Sherwin-Williams is focusing on maintaining profitability and shareholder value through disciplined capital allocation and strategic market positioning (Sources: Sherwin-Williams, Cleveland.com).
   Sherwin-Williams grants RSUs that vest over a period, providing shares upon vesting. Stock options are also available, allowing employees to purchase shares at a set price.
   Sherwin-Williams has made significant updates to its employee healthcare benefits to align with the current economic, investment, tax, and political environment. In 2022, the company emphasized enhancing its occupational health and safety initiatives through the "S-W Cares" safety culture program. This program aims to reduce ergonomic injuries and workplace hazards by implementing comprehensive safety action plans and conducting monthly training sessions. These efforts reflect Sherwin-Williams' commitment to creating a safe and supportive work environment for its employees, which is crucial for maintaining productivity and morale. In 2023, Sherwin-Williams continued to build on these initiatives by launching a new data management system to improve reporting and oversight capabilities related to health and safety issues. This system includes dedicated learning and training modules designed to promote continuous improvement in workplace safety. Additionally, the company's sustainability framework highlights the integration of health and wellness programs into its overall strategy. By investing in comprehensive healthcare and safety benefits, Sherwin-Williams aims to attract and retain top talent, ensuring long-term business success and resilience amid economic uncertainties.