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

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For example, Avient 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 Avient 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 Avient 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 Avient employees.

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

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 Avient 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, Avient 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. 'Avient 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 purpose of Avient's 401(k) Savings Plan?

   The purpose of Avient's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary into a tax-advantaged account.

   How can employees enroll in Avient's 401(k) Savings Plan?

   Employees can enroll in Avient's 401(k) Savings Plan by accessing the enrollment portal through the company's HR website or by contacting the HR department for assistance.

   What types of contributions can employees make to Avient's 401(k) Savings Plan?

   Employees can make pre-tax contributions, Roth (after-tax) contributions, and in some cases, catch-up contributions if they are age 50 or older in Avient's 401(k) Savings Plan.

   Does Avient offer a company match on 401(k) contributions?

   Yes, Avient offers a company match on employee contributions to the 401(k) Savings Plan, which helps to enhance overall retirement savings.

   What is the vesting schedule for Avient's 401(k) company match?

   The vesting schedule for Avient's 401(k) company match typically follows a graded schedule, meaning employees earn ownership of the company match over a period of time.

   Can employees take loans against their 401(k) accounts at Avient?

   Yes, Avient allows employees to take loans against their 401(k) accounts, subject to certain limits and repayment terms as outlined in the plan documents.

   What investment options are available in Avient's 401(k) Savings Plan?

   Avient's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   How often can employees change their contribution amounts to Avient's 401(k) Savings Plan?

   Employees can change their contribution amounts to Avient's 401(k) Savings Plan at any time, typically through the online portal or by contacting HR.

   What happens to an employee's 401(k) account if they leave Avient?

   If an employee leaves Avient, they can choose to leave their funds in the plan, roll them over to another qualified retirement account, or cash out, subject to taxes and penalties.

   Are there any fees associated with Avient's 401(k) Savings Plan?

   Yes, there may be administrative fees and investment-related fees associated with Avient's 401(k) Savings Plan, which are disclosed 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.
   Avient has announced a significant restructuring effort, which includes layoffs across multiple departments. This move is part of a broader strategy to streamline operations and improve financial performance. The company is also modifying its pension plans and benefits to align with its new organizational structure.