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What Cleveland-Cliffs Employees Need to Consider Before Making the Leap to Retire Abroad

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Healthcare Provider Update: Healthcare Provider for Cleveland-Cliffs Cleveland-Cliffs partners with Cleveland Clinic as its healthcare provider, offering a range of health services to its employees. This partnership is aimed at ensuring that employees receive quality medical care and support. Healthcare Cost Increases in 2026 As we approach 2026, Cleveland-Cliffs employees, especially those reliant on the Affordable Care Act (ACA) marketplace, may face significant healthcare cost challenges. With nationwide rate hikes projected to exceed 60% in some states, the removal of enhanced federal premium subsidies will further exacerbate this situation. More than 22 million marketplace enrollees could see their out-of-pocket premium costs rise by over 75%, driven by escalating medical expenses and insurer profit pressures. This sharp increase underscores the importance for employees to plan their healthcare budgets proactively to mitigate these potential financial burdens. Click here to learn more

For example, Cleveland-Cliffs 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 Cleveland-Cliffs 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 Cleveland-Cliffs 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 Cleveland-Cliffs employees.

Simply for political, economic, and social reasons, many Cleveland-Cliffs 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 Cleveland-Cliffs.

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 Cleveland-Cliffs 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, Cleveland-Cliffs 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. 'Cleveland-Cliffs 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 Cleveland-Cliffs 401(k) Savings Plan?

    The Cleveland-Cliffs 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their paycheck on a tax-deferred basis.

    How can I enroll in the Cleveland-Cliffs 401(k) Savings Plan?

    You can enroll in the Cleveland-Cliffs 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

    Does Cleveland-Cliffs offer a company match for the 401(k) contributions?

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

    What is the maximum contribution I can make to the Cleveland-Cliffs 401(k) Savings Plan?

    The maximum contribution limit for the Cleveland-Cliffs 401(k) Savings Plan is subject to IRS guidelines, which may change annually. Employees should check the latest limits for accurate information.

    When can I start contributing to the Cleveland-Cliffs 401(k) Savings Plan?

    Employees can start contributing to the Cleveland-Cliffs 401(k) Savings Plan after they have completed their eligibility period, which is typically outlined in the plan documents.

    What investment options are available in the Cleveland-Cliffs 401(k) Savings Plan?

    The Cleveland-Cliffs 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.

    Can I take a loan against my Cleveland-Cliffs 401(k) Savings Plan?

    Yes, Cleveland-Cliffs allows employees to take loans against their 401(k) Savings Plan balance, subject to specific terms and conditions outlined in the plan.

    What happens to my Cleveland-Cliffs 401(k) Savings Plan if I leave the company?

    If you leave Cleveland-Cliffs, you have several options for your 401(k) Savings Plan balance, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.

    How often can I change my contribution amount to the Cleveland-Cliffs 401(k) Savings Plan?

    Employees can typically change their contribution amount to the Cleveland-Cliffs 401(k) Savings Plan at any time, subject to the plan’s guidelines.

    Is there a vesting schedule for the Cleveland-Cliffs 401(k) Savings Plan?

    Yes, Cleveland-Cliffs has a vesting schedule for the company match contributions, which means you will need to work for a certain period before those contributions fully belong to you.

    With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
    Cleveland-Cliffs has announced a series of restructuring initiatives aimed at improving operational efficiency. This includes the potential closure of several facilities and a reduction in workforce to streamline operations.
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For more information you can reach the plan administrator for Cleveland-Cliffs at 200 Public Square Cleveland, OH 44114; or by calling them at (216) 694-5700.

*Please see disclaimer for more information

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