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

Healthcare Provider Update: Healthcare Provider for Aramark Aramark typically partners with leading healthcare providers to adequately support their employees and clients, including companies like UnitedHealthcare and Anthem. These partnerships facilitate a range of health benefits for Aramark employees, ensuring access to crucial healthcare services while managing costs effectively. Healthcare Cost Increases for Aramark in 2026 In 2026, Aramark employees may face significant increases in healthcare costs due to anticipated sharp rises in Affordable Care Act (ACA) premiums, which could soar by over 60% in some states, exacerbated by the potential expiration of enhanced federal premium subsidies. Market trends indicate that employers, including Aramark, are likely to shift more healthcare expenses onto employees, with many planning to adjust benefits structures, increase deductibles, or reevaluate available plans. As healthcare costs continue to climb, employees must proactively navigate their options, potentially leading to increased out-of-pocket spending amid tighter economic conditions. Click here to learn more

For example, Aramark 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 Aramark 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 Aramark 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 Aramark employees.

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

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 Aramark 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, Aramark 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. 'Aramark 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 Aramark?

   The 401(k) plan offered by Aramark is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

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

   Employees can enroll in Aramark's 401(k) plan by accessing the employee benefits portal or contacting the HR department for assistance.

   Does Aramark match contributions to the 401(k) plan?

   Yes, Aramark offers a matching contribution to the 401(k) plan, which helps employees grow their retirement savings.

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

   The maximum contribution limit for Aramark's 401(k) plan is determined by IRS guidelines, which can change annually. Employees should check the latest limits for the current year.

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

   Employees can typically start withdrawing from their Aramark 401(k) plan after reaching the age of 59½, or in accordance with the plan's specific rules.

   Are there any penalties for early withdrawal from Aramark's 401(k) plan?

   Yes, withdrawing funds from Aramark's 401(k) plan before age 59½ may incur penalties, as well as taxes on the withdrawn amount.

   Can I take a loan against my Aramark 401(k) plan?

   Yes, Aramark's 401(k) plan may allow employees to take loans against their balance, subject to specific terms and conditions.

   How often can I change my contribution amount to Aramark's 401(k) plan?

   Employees can typically change their contribution amount to Aramark's 401(k) plan at any time, subject to the plan's guidelines.

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

   Aramark's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.

   How can I check my balance in Aramark's 401(k) plan?

   Employees can check their balance in Aramark's 401(k) plan by logging into the employee benefits portal or contacting the plan administrator.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Aramark has announced a restructuring plan involving significant layoffs and the closure of several underperforming locations. These changes are aimed at streamlining operations and improving profitability.