What Advantage Solutions Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, Advantage Solutions 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 Advantage Solutions 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 Advantage Solutions 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 Advantage Solutions employees.

Simply for political, economic, and social reasons, many Advantage Solutions 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 Advantage Solutions.

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 Advantage Solutions 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, Advantage Solutions employees who are retiring abroad need to plan carefully.

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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. 'Advantage Solutions 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 401(k) plan offered by Advantage Solutions?

   The 401(k) plan at Advantage Solutions is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or Roth after-tax basis.

   How does Advantage Solutions match employee contributions to the 401(k) plan?

   Advantage Solutions offers a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

   Can employees at Advantage Solutions choose how to invest their 401(k) funds?

   Yes, employees at Advantage Solutions can select from a variety of investment options within the 401(k) plan, including mutual funds and other investment vehicles.

   What is the eligibility requirement for Advantage Solutions’ 401(k) plan?

   Employees of Advantage Solutions are generally eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.

   Is there a vesting schedule for the Advantage Solutions 401(k) match?

   Yes, Advantage Solutions has a vesting schedule for the matching contributions, meaning employees must work for a certain period before they fully own the matched funds.

   How can Advantage Solutions employees enroll in the 401(k) plan?

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

   What are the contribution limits for the Advantage Solutions 401(k) plan?

   The contribution limits for the Advantage Solutions 401(k) plan are set by the IRS and may change annually; employees should refer to the latest IRS guidelines for the current limits.

   Can Advantage Solutions employees take loans against their 401(k) accounts?

   Yes, Advantage Solutions allows employees to take loans against their 401(k) accounts, subject to specific terms and conditions outlined in the plan.

   What happens to my 401(k) if I leave Advantage Solutions?

   If you leave Advantage Solutions, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it with Advantage Solutions.

   Does Advantage Solutions provide financial education regarding the 401(k) plan?

   Yes, Advantage Solutions offers resources and workshops to help employees understand their 401(k) options and make informed investment decisions.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Advantage Solutions announced a major restructuring plan involving significant layoffs and office closures. The company cited the need to streamline operations and reduce costs amid ongoing economic uncertainties and shifting market demands.