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

Healthcare Provider Update: Offers comprehensive medical, dental, and vision plans, plus telemedicine and wellness programs 1. Employees are encouraged to compare employer plans with ACA marketplace options as 2026 premium hikes approach. Click here to learn more

For example, Biogen 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 Biogen 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 Biogen 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 Biogen employees.

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

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 Biogen 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, Biogen employees who are retiring abroad need to plan carefully.

Featured Video

Articles you may find interesting:

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. 'Biogen 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 Biogen offer to its employees?

   Biogen offers a 401(k) retirement savings plan to its employees.

   How can employees at Biogen enroll in the 401(k) plan?

   Employees at Biogen can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

   Does Biogen match employee contributions to the 401(k) plan?

   Yes, Biogen provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

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

   The maximum contribution limit for Biogen's 401(k) plan is determined by IRS guidelines, which may change annually.

   Can employees at Biogen take loans against their 401(k) savings?

   Yes, Biogen allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

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

   Biogen’s 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

   How often can Biogen employees change their 401(k) contribution amounts?

   Biogen employees can change their 401(k) contribution amounts at any time, subject to payroll processing timelines.

   Is there a vesting schedule for Biogen's 401(k) matching contributions?

   Yes, Biogen has a vesting schedule for its matching contributions, which means employees must work for a certain period to fully own those contributions.

   Can Biogen employees roll over their 401(k) savings from a previous employer?

   Yes, Biogen employees can roll over their 401(k) savings from a previous employer into Biogen's 401(k) plan.

   What happens to Biogen employees' 401(k) savings if they leave the company?

   If Biogen employees leave the company, they can either roll over their 401(k) savings to another qualified plan, cash out, or leave the savings in the Biogen plan if permitted.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Biogen is undergoing a significant restructuring that includes layoffs impacting various departments. The company is also making changes to its pension plan and 401(k) benefits.