What Amgen Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Amgen Amgen provides healthcare coverage primarily through various employer-sponsored plans that include offerings from national insurers. These plans are designed to support employees and their families, ensuring access to necessary medical services and medications. Potential Healthcare Cost Increases in 2026 In 2026, Amgen employees and retirees may face a significant surge in healthcare costs due to anticipated rate hikes in the Affordable Care Act (ACA) marketplace. Several states are expecting premium increases of over 60%, largely driven by the expiration of enhanced federal subsidies. As these subsidies fade, combined with rising medical expenses and aggressive pricing from insurers, many individuals could see their out-of-pocket premiums rise by more than 75%. This perfect storm of factors poses a considerable financial challenge for those relying on ACA coverage, necessitating careful planning and consideration of available options. Click here to learn more

For example, Amgen 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 Amgen 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 Amgen 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 Amgen employees.

Simply for political, economic, and social reasons, many Amgen 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 Amgen.

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 Amgen 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, Amgen 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. 'Amgen 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 Amgen?

   Amgen offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, which can help reduce taxable income.

   How can I enroll in Amgen's 401(k) plan?

   You can enroll in Amgen's 401(k) plan by completing the enrollment process through the company's benefits portal during your eligibility period.

   Does Amgen offer a company match for its 401(k) contributions?

   Yes, Amgen provides a company match for employee contributions to the 401(k) plan, which helps enhance your retirement savings.

   What is the maximum contribution limit for Amgen's 401(k) plan?

   The maximum contribution limit for Amgen's 401(k) plan is determined by IRS regulations, which are updated annually. Employees are encouraged to check the current limits.

   Can I change my contribution percentage to Amgen's 401(k) plan?

   Yes, you can change your contribution percentage to Amgen's 401(k) plan at any time through the benefits portal.

   What investment options are available in Amgen's 401(k) plan?

   Amgen's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to diversify their portfolios.

   When can I start withdrawing from my Amgen 401(k) plan?

   You can start withdrawing from your Amgen 401(k) plan after reaching the age of 59½, or under certain circumstances such as hardship withdrawals or termination of employment.

   Does Amgen provide financial education resources for 401(k) participants?

   Yes, Amgen offers financial education resources and tools to help employees make informed decisions about their 401(k) savings and investments.

   Is there a vesting schedule for Amgen's 401(k) company match?

   Yes, Amgen has a vesting schedule for the company match in the 401(k) plan, which means you must work for the company for a certain period before the match becomes fully yours.

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   Yes, Amgen allows employees to take loans from their 401(k) plan under specific conditions, providing a way to access funds while still saving for retirement.

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   Amgen offers both a traditional Defined Benefit Pension Plan and a 401(k) plan with company match. The pension plan provides a fixed monthly benefit based on years of service and salary. The 401(k) plan includes various investment options and financial planning resources.
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