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

Healthcare Provider Update: Healthcare Provider for Deere: Deere & Company, known for its agricultural machinery and equipment, primarily offers healthcare benefits to its employees through a network of health insurance providers. These usually include notable insurers such as UnitedHealthcare, Aetna, and Blue Cross Blue Shield, depending on the specific location and employment agreements. Potential Healthcare Cost Increases in 2026: As we look ahead to 2026, healthcare costs are poised to increase significantly, largely driven by anticipated rate hikes in the Affordable Care Act (ACA) marketplace. Reports indicate that premiums could rise by as much as 75% for a substantial majority of enrollees if enhanced federal premium subsidies expire. Coupled with rising medical service costs and inflation pressures, the ACA's potential median premium increase of 18% could lead many employees and their families, including those at Deere, to face markedly higher healthcare expenses just as the industry grapples with supply chain and labor cost challenges. This situation underscores the urgent need for employee awareness and strategic planning in the upcoming open enrollment periods. Click here to learn more

For example, Deere 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 Deere 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 Deere 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 Deere employees.

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

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 Deere 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, Deere 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. 'Deere 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 the 401(k) Savings Plan at Deere?

   The purpose of the 401(k) Savings Plan at Deere is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or Roth after-tax basis.

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

   Employees can enroll in Deere's 401(k) Savings Plan by accessing the plan's website or contacting the HR department for enrollment instructions.

   What types of contributions can employees make to Deere'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.

   Does Deere offer a company match for the 401(k) Savings Plan?

   Yes, Deere offers a company match for the 401(k) Savings Plan, which helps employees boost their retirement savings.

   What is the vesting schedule for Deere's company match in the 401(k) Savings Plan?

   The vesting schedule for Deere's company match varies based on the employee's length of service, and employees should refer to the plan documents for specific details.

   Can employees take loans against their 401(k) Savings Plan at Deere?

   Yes, employees may have the option to take loans against their 401(k) Savings Plan at Deere, subject to the plan's rules and limits.

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

   Deere's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

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

   Employees can change their contribution amounts to Deere's 401(k) Savings Plan at any time, subject to plan rules and limits.

   What happens to my 401(k) Savings Plan at Deere if I leave the company?

   If you leave Deere, you can choose to roll over your 401(k) Savings Plan balance to another retirement account, cash out, or leave it in the plan, depending on the plan's rules.

   Are there penalties for withdrawing funds from Deere's 401(k) Savings Plan before retirement?

   Yes, there may be penalties for early withdrawals from Deere's 401(k) Savings Plan before age 59½, along with potential tax implications.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Deere provides RSUs and stock options to eligible employees.