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

Healthcare Provider Update: Belden offers health, dental, and vision insurance, along with life and disability coverage. Employees benefit from a 401(k) retirement plan, stock purchase options, and paid time off. The company promotes a culture of inclusion and community engagement, with wellness programs and education assistance available. Beldens total rewards program is designed to support employees physical, financial, and emotional well-being3. Belden With ACA premiums projected to rise sharply in 2026, Beldens comprehensive benefits and inclusive culture help employees avoid the financial strain of marketplace plans. The companys emphasis on preventive care and wellness education further reduces long-term healthcare costs. Click here to learn more

For example, Belden 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 Belden 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 Belden 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 Belden employees.

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

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

   The primary purpose of Belden's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

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

   Employees can enroll in Belden's 401(k) Savings Plan by accessing the benefits portal or contacting the HR department for guidance on the enrollment process.

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

   Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for employer matching contributions in Belden's 401(k) Savings Plan.

   Is there a company match for contributions made to Belden's 401(k) Savings Plan?

   Yes, Belden offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees increase their retirement savings.

   What is the vesting schedule for employer contributions in Belden's 401(k) Savings Plan?

   The vesting schedule for employer contributions in Belden's 401(k) Savings Plan typically follows a graded vesting schedule, which means employees earn ownership of the contributions over a specified period.

   Can employees change their contribution percentage at Belden?

   Yes, employees can change their contribution percentage to Belden's 401(k) Savings Plan at any time, usually through the benefits portal or by contacting HR.

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

   Belden'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.

   At what age can employees begin to withdraw from Belden's 401(k) Savings Plan without penalties?

   Employees can begin to withdraw from Belden's 401(k) Savings Plan without penalties at age 59½, provided they meet other plan requirements.

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

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

   Does Belden's 401(k) Savings Plan allow loans against the account?

   Yes, Belden's 401(k) Savings Plan may allow employees to take loans against their account balance, subject to specific terms and conditions outlined 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.
   In 2024, Belden announced a significant restructuring plan, which includes layoffs and the consolidation of some manufacturing operations. The company is aiming to streamline its operations and reduce costs amid challenging market conditions. This restructuring involves a substantial reduction in workforce, with a focus on optimizing production and supply chain processes.