What ABM Industries Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for ABM Industries ABM Industries primarily partners with various insurance providers to offer healthcare benefits to its employees. While specific contracts may vary, commonly engaged healthcare insurers for employee benefits may include Blue Cross Blue Shield (BCBS), Aetna, and UnitedHealthcare, among others. Potential Healthcare Cost Increases in 2026 As healthcare costs continue to rise, employees of ABM Industries should be prepared for significant increases in out-of-pocket premiums in 2026. With the potential expiration of enhanced federal subsidies under the Affordable Care Act (ACA), many employees may face premium hikes exceeding 75%. The perfect storm of escalating medical costs, driven by high drug prices and labor expenses, is compounded by insurer rate increases, with reports indicating some states may see hikes surpassing 60%. Given these factors, careful planning is essential for employees to navigate their healthcare options effectively amidst such financial pressures. Click here to learn more

For example, ABM Industries 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 ABM Industries 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 ABM Industries 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 ABM Industries employees.

Simply for political, economic, and social reasons, many ABM Industries 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 ABM Industries.

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 ABM Industries 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, ABM Industries 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. 'ABM Industries 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 primary purpose of the 401(k) plan at ABM Industries?

   The primary purpose of the 401(k) plan at ABM Industries is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

   Does ABM Industries offer a matching contribution for its 401(k) plan?

   Yes, ABM Industries offers a matching contribution to encourage employees to save for retirement, which can significantly enhance their retirement savings.

   What are the eligibility requirements for participating in ABM Industries' 401(k) plan?

   Employees of ABM Industries are typically eligible to participate in the 401(k) plan after completing a specified period of service, usually 30 days.

   How can employees at ABM Industries enroll in the 401(k) plan?

   Employees at ABM Industries can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

   What types of investment options are available in ABM Industries' 401(k) plan?

   ABM Industries' 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock, allowing employees to choose based on their risk tolerance.

   Can employees change their contribution percentage to the 401(k) plan at ABM Industries?

   Yes, employees at ABM Industries can change their contribution percentage at any time, subject to the plan's guidelines.

   Is there a vesting schedule for ABM Industries' matching contributions?

   Yes, ABM Industries has a vesting schedule for matching contributions, meaning employees must work for the company for a certain period before they fully own the employer's contributions.

   What happens to the 401(k) plan if an employee leaves ABM Industries?

   If an employee leaves ABM Industries, they can choose to roll over their 401(k) balance to another retirement account, withdraw the funds, or leave the money in the ABM Industries plan if allowed.

   Are there loans available against the 401(k) balance at ABM Industries?

   Yes, ABM Industries may allow employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.

   How often can employees at ABM Industries make changes to their investment allocations in the 401(k) plan?

   Employees at ABM Industries can typically make changes to their investment allocations on a quarterly basis or as specified in the plan documents.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   ABM Industries is laying off 176 janitorial workers in San Antonio due to the end of a contract with Flowers Baking Co.