What Equitable Holdings Employees Need to Consider Before Making the Leap to Retire Abroad

For example, Equitable Holdings 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 Equitable Holdings 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 Equitable Holdings 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 Equitable Holdings employees.

Simply for political, economic, and social reasons, many Equitable Holdings 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 Equitable Holdings.

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 Equitable Holdings 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, Equitable Holdings 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. 'Equitable Holdings 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 401(k) plan offered by Equitable Holdings?

   The 401(k) plan at Equitable Holdings is a retirement savings plan that allows employees to save and invest a portion of their paycheck before taxes are taken out.

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

   Employees can enroll in the Equitable Holdings 401(k) plan by accessing the benefits portal or contacting the HR department for guidance on the enrollment process.

   Does Equitable Holdings offer a company match for the 401(k) contributions?

   Yes, Equitable Holdings provides a company match for employee contributions to the 401(k) plan, which helps to enhance retirement savings.

   What are the contribution limits for the 401(k) plan at Equitable Holdings?

   The contribution limits for the Equitable Holdings 401(k) plan are in line with IRS regulations, which can change annually. Employees should check the latest guidelines for the current limits.

   Can employees take loans against their 401(k) plans at Equitable Holdings?

   Yes, Equitable Holdings allows employees to take loans against their 401(k) balance, subject to certain terms and conditions outlined in the plan documents.

   What investment options are available in the Equitable Holdings 401(k) plan?

   The 401(k) plan at Equitable Holdings offers a range of investment options, including mutual funds, index funds, and other investment vehicles to suit different risk tolerances.

   Is there a vesting schedule for the company match in the Equitable Holdings 401(k) plan?

   Yes, Equitable Holdings has a vesting schedule for the company match, which means employees must work for the company for a certain period before they fully own the matched contributions.

   How can employees change their contribution percentage to the 401(k) plan at Equitable Holdings?

   Employees can change their contribution percentage by logging into the benefits portal or contacting HR to submit their request.

   What happens to the 401(k) plan if an employee leaves Equitable Holdings?

   If an employee leaves Equitable Holdings, they have several options for their 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Equitable Holdings.

   Are there any penalties for early withdrawal from the Equitable Holdings 401(k) plan?

   Yes, early withdrawals from the Equitable Holdings 401(k) plan may incur penalties and taxes, as per IRS regulations, unless certain conditions are met.