What American National Group Employees Need to Consider Before Making the Leap to Retire Abroad

For example, American National Group 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 American National Group 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 American National Group 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 American National Group employees.

Simply for political, economic, and social reasons, many American National Group 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 American National Group.

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 American National Group 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, American National Group 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. 'American National Group 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 type of retirement savings plan does American National Group offer to its employees?

   American National Group offers a 401(k) retirement savings plan to its employees.

   How can employees of American National Group enroll in the 401(k) plan?

   Employees of American National Group can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

   Does American National Group provide matching contributions to the 401(k) plan?

   Yes, American National Group provides matching contributions to the 401(k) plan, subject to certain eligibility criteria.

   What is the vesting schedule for employer contributions at American National Group?

   The vesting schedule for employer contributions at American National Group typically follows a graded vesting schedule, which means employees earn ownership of the contributions over a period of time.

   Can employees take loans against their 401(k) plans at American National Group?

   Yes, employees may have the option to take loans against their 401(k) plans at American National Group, subject to the plan's terms and conditions.

   What investment options are available in the American National Group 401(k) plan?

   The American National Group 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

   How often can employees change their contribution amounts to the 401(k) plan at American National Group?

   Employees at American National Group can typically change their contribution amounts on a quarterly basis or as specified in the plan documents.

   What is the minimum contribution percentage required for the 401(k) plan at American National Group?

   The minimum contribution percentage for the 401(k) plan at American National Group is usually outlined in the plan documents, often starting at 1% or 2%.

   Does American National Group allow employees to make catch-up contributions to their 401(k) plans?

   Yes, American National Group allows eligible employees aged 50 and older to make catch-up contributions to their 401(k) plans.

   What happens to an employee's 401(k) balance if they leave American National Group?

   If an employee leaves American National Group, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the plan if allowed.