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

Healthcare Provider Update: Healthcare Provider for Masco: Masco Corporation, primarily recognized for its home improvement and building products, collaborates with major health insurance companies for employee health coverage. The specific providers may vary by plan and location, but typically involve larger insurers such as UnitedHealthcare, Anthem (Elevance Health), or Blue Cross Blue Shield. Anticipated Healthcare Cost Increases in 2026: In 2026, Masco employees may face substantial increases in healthcare costs, with some states projecting premium hikes exceeding 60% due to a confluence of factors. The potential expiration of enhanced subsidies from the Affordable Care Act (ACA) coupled with rising medical costs-such as higher hospital fees and increasing drug prices-may push out-of-pocket premium payments up by over 75% for the majority of policyholders. As insurers respond to these pressures with significant rate increases, it will be crucial for employees to strategically plan their healthcare expenses to mitigate financial burdens in the upcoming year. Click here to learn more

For example, Masco 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 Masco 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 Masco 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 Masco employees.

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

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 Masco 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, Masco 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. 'Masco 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 Masco's 401(k) Savings Plan?

   The purpose of Masco's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest their earnings.

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

   Masco employees can enroll in the 401(k) Savings Plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

   What types of contributions can employees make to Masco's 401(k) Savings Plan?

   Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in Masco's 401(k) Savings Plan.

   Does Masco offer a company match for 401(k) contributions?

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

   What is the vesting schedule for Masco's 401(k) company match?

   The vesting schedule for Masco's 401(k) company match typically requires employees to work for a certain number of years before they fully own the matched contributions.

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

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

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

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

   How often can Masco employees change their contribution amounts to the 401(k) Savings Plan?

   Masco employees can typically change their contribution amounts to the 401(k) Savings Plan on a quarterly basis or as specified in the plan guidelines.

   What resources does Masco provide to help employees understand their 401(k) Savings Plan?

   Masco provides educational resources, such as seminars, online tools, and access to financial advisors to help employees understand their 401(k) Savings Plan.

   When can Masco employees start withdrawing from their 401(k) Savings Plan?

   Masco employees can generally start withdrawing from their 401(k) Savings Plan without penalties at age 59½, but specific rules may vary.