What Ingles Markets Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Ingles Markets, a regional grocery store chain, partners with UnitedHealthcare for its employee healthcare benefits. As we look ahead to 2026, potential healthcare cost increases for Ingles Markets and similar employers are concerning. The projected rise in health insurance premiums linked to the Affordable Care Act (ACA) suggests many employees could see out-of-pocket costs soar by over 75%. This surge is driven by several factors, including higher medical expenses, the potential expiration of enhanced federal subsidies, and significant rate hikes from major insurers, all of which combine to create a challenging financial landscape for both employers and their employees. Click here to learn more

For example, Ingles Markets 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 Ingles Markets 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 Ingles Markets 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 Ingles Markets employees.

Simply for political, economic, and social reasons, many Ingles Markets 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 Ingles Markets.

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 Ingles Markets 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, Ingles Markets 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. 'Ingles Markets 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 plan does Ingles Markets offer to its employees?

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

   How can employees of Ingles Markets enroll in the 401(k) plan?

   Employees of Ingles Markets can enroll in the 401(k) plan by completing the enrollment process through the company's HR portal or by contacting the HR department for assistance.

   Does Ingles Markets provide any matching contributions to the 401(k) plan?

   Yes, Ingles Markets provides matching contributions to the 401(k) plan, subject to certain conditions and limits.

   What is the eligibility requirement to participate in the Ingles Markets 401(k) plan?

   Employees of Ingles Markets typically become eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the plan documents.

   Can employees of Ingles Markets change their contribution percentage to the 401(k) plan?

   Yes, employees of Ingles Markets can change their contribution percentage to the 401(k) plan at any time, following the guidelines set forth in the plan.

   What investment options are available in the Ingles Markets 401(k) plan?

   The Ingles Markets 401(k) plan offers a variety of investment options, including mutual funds, target date funds, and other investment vehicles.

   Is there a loan provision available in the Ingles Markets 401(k) plan?

   Yes, the Ingles Markets 401(k) plan may allow participants to take loans against their account balance, subject to specific terms and conditions.

   At what age can employees of Ingles Markets begin to withdraw funds from their 401(k) plan without penalties?

   Employees of Ingles Markets can typically begin to withdraw funds from their 401(k) plan without penalties at age 59½, following IRS regulations.

   How does Ingles Markets communicate changes to the 401(k) plan to its employees?

   Ingles Markets communicates changes to the 401(k) plan through employee newsletters, meetings, and updates on the HR portal.

   Are there any fees associated with the Ingles Markets 401(k) plan?

   Yes, there may be administrative and investment fees associated with the Ingles Markets 401(k) plan, which are detailed 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.
   Name of Pension Plan: Ingles Markets does not appear to have a traditional defined benefit pension plan. Instead, they offer a 401(k) plan with company matching. Years of Service and Age Qualification: Ingles Markets primarily offers a 401(k) plan rather than a pension plan. For specific qualifications related to pension plans, further details would need to be reviewed from additional sources or contact Ingles Markets directly. Name of 401(k) Plan: Ingles Markets 401(k) Plan. Who Qualifies: Employees of Ingles Markets who are at least 21 years old and have completed 90 days of service are eligible to participate in the Ingles Markets 401(k) Plan. 401(k) Plan Details: Matching Contributions: Ingles Markets offers a match of 50% on the first 6% of employee contributions. Vesting: The employee’s contributions are always vested; company contributions vest according to a specified schedule.
   Layoffs and Restructuring: In 2023, Ingles Markets underwent a significant restructuring plan aimed at optimizing their operations. The company announced a reduction in its workforce in several departments to streamline processes and cut costs. This move was largely driven by the need to adapt to changing market conditions and enhance efficiency. As economic pressures continue, such restructurings become crucial for companies to remain competitive and financially stable.
   Ingles Markets offers stock options and RSUs as part of its compensation package. The stock options typically include stock option grants with specific vesting schedules. RSUs are awarded to certain employees based on performance and seniority.
   Health Insurance: Ingles Markets offers health insurance plans, including medical, dental, and vision coverage. They provide options for both employees and their dependents. Flexible Spending Accounts (FSAs): Employees can use FSAs for medical expenses. 401(k) Retirement Plan: Includes company matching contributions. Paid Time Off: Includes vacation days, personal days, and sick leave. Employee Assistance Program (EAP): Provides support for personal and professional challenges.