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

Healthcare Provider Update: Healthcare Provider for KeyCorp: KeyCorp partners with Anthem Blue Cross Blue Shield as their primary healthcare provider. This relationship offers KeyCorp employees a broad range of health insurance options and services to ensure their healthcare needs are met efficiently. Healthcare Cost Increases in 2026: As we approach 2026, significant increases in healthcare costs are anticipated. With the expiration of enhanced federal premium subsidies under the Affordable Care Act, many enrollees could face out-of-pocket premium hikes exceeding 75%. This situation is exacerbated by rising medical costs and aggressive rate hikes from major insurers, which in some states might surpass 60%. The combination of these factors suggests a challenging landscape for consumers, potentially prompting healthier individuals to exit the market, thus raising costs for those who remain. As the healthcare industry grapples with these changes, proactive planning for 2026 will be essential for individuals and employers alike. Click here to learn more

For example, KeyCorp 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 KeyCorp 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 KeyCorp 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 KeyCorp employees.

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

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 KeyCorp 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, KeyCorp 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. 'KeyCorp 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 KeyCorp offer to its employees?

   KeyCorp offers a 401(k) Savings Plan to help employees save for retirement.

   How can KeyCorp employees enroll in the 401(k) Savings Plan?

   KeyCorp employees can enroll in the 401(k) Savings Plan through the company’s HR portal or by contacting the benefits department.

   Does KeyCorp match employee contributions to the 401(k) Savings Plan?

   Yes, KeyCorp provides a matching contribution to employee contributions made to the 401(k) Savings Plan, subject to certain limits.

   What is the maximum contribution limit for KeyCorp's 401(k) Savings Plan?

   The maximum contribution limit for KeyCorp's 401(k) Savings Plan is determined by IRS regulations and may change annually.

   Can KeyCorp employees take loans against their 401(k) Savings Plan balance?

   Yes, KeyCorp allows employees to take loans against their 401(k) Savings Plan balance under certain conditions.

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

   KeyCorp's 401(k) Savings Plan offers a variety of investment options, including mutual funds and other investment vehicles.

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

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

   Is there a vesting schedule for KeyCorp's 401(k) Savings Plan?

   Yes, KeyCorp has a vesting schedule for its matching contributions, which determines when employees fully own those contributions.

   At what age can KeyCorp employees begin withdrawing from their 401(k) Savings Plan without penalties?

   KeyCorp employees can begin withdrawing from their 401(k) Savings Plan without penalties at age 59½.

   What happens to KeyCorp's 401(k) Savings Plan if an employee leaves the company?

   If an employee leaves KeyCorp, they can roll over their 401(k) Savings Plan balance to another retirement account or leave it in the plan, depending on the balance.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   KeyCorp offers a comprehensive retirement benefits package for its employees, including a 401(k) plan and a cash balance pension plan. Employees are automatically enrolled in the 401(k) plan at a 2% contribution rate upon hire, with the option to contribute up to 100% of eligible compensation. KeyCorp matches contributions dollar-for-dollar up to 7% after one year of service. The plan allows both pre-tax and Roth contributions, with a variety of investment options available. The company also offers a cash balance pension plan, though specific details about the pension formula and eligibility requirements were not publicly disclosed in the documents reviewed. The information was sourced from KeyCorp's benefits documentation, specifically on pages related to retirement and financial wellness​
   Restructuring Layoffs: In 2023 and 2024, KeyCorp faced restructuring efforts driven by market conditions, which resulted in layoffs across various departments. These layoffs are part of KeyCorp's strategy to manage rising costs and align resources more efficiently. The financial services sector has seen increased pressure due to economic fluctuations and regulatory challenges​ (InvestmentNews). It is important to address this news because of the current economic environment, which has significantly impacted corporate decision-making. The tax and political landscape has also created a more uncertain outlook, making cost management and workforce reductions crucial for businesses like KeyCorp.
   KeyCorp (NYSE: KEY) provides employees with stock options and Restricted Stock Units (RSUs) as part of their compensation and incentive programs. These RSUs are offered to select employees at the company's discretion, based on performance and role. Employees at KeyCorp typically receive RSUs that vest over time, encouraging long-term retention and performance. In 2022, 2023, and 2024, the stock option and RSU programs were part of broader efforts to retain talent, with eligibility based on management-level roles and tenure within the company
   KeyCorp provides comprehensive health benefits to support the well-being of its employees, with a strong focus on both physical and financial wellness. The health benefits offered are centered around three high-deductible health plan options, all of which are managed through UnitedHealthcare and provide preventive care at 100%, even before deductibles are met​ (Key.com)​ (Key.com). The available plans are compatible with Health Savings Accounts (HSAs), allowing employees to make pre-tax contributions to cover medical expenses. KeyCorp's healthcare plans also include coverage for prescription drugs through Express Scripts. Additionally, dental and vision plans are offered, and employees who work 30 or more hours per week are eligible for these benefits​ (Key.com). There are also wellness programs such as health screenings, health coaching, and fitness benefits, aimed at promoting healthier lifestyles among employees​ (