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

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For example, Matson 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 Matson 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 Matson 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 Matson employees.

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

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

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

   Does Matson provide any employer match contributions to the 401(k) plan?

   Yes, Matson offers an employer match on employee contributions to the 401(k) plan, subject to certain limits.

   What is the eligibility requirement for Matson employees to participate in the 401(k) plan?

   Employees of Matson are typically eligible to participate in the 401(k) plan after completing a specified period of service, which is outlined in the plan documents.

   Can Matson employees make pre-tax contributions to their 401(k) accounts?

   Yes, Matson employees can make pre-tax contributions to their 401(k) accounts, reducing their taxable income.

   Are there any Roth contribution options available in Matson's 401(k) plan?

   Yes, Matson offers a Roth 401(k) option, allowing employees to make after-tax contributions.

   What investment options are available in Matson's 401(k) plan?

   Matson's 401(k) plan includes a variety of investment options, such as mutual funds and target-date funds, allowing employees to choose according to their risk tolerance.

   How often can Matson employees change their contribution amounts to the 401(k) plan?

   Matson employees can change their contribution amounts to the 401(k) plan on a regular basis, typically during open enrollment periods or as specified in the plan guidelines.

   What is the vesting schedule for Matson's employer match contributions in the 401(k) plan?

   The vesting schedule for Matson's employer match contributions may vary, but it generally requires employees to work for a certain number of years before becoming fully vested.

   Can Matson employees take loans against their 401(k) savings?

   Yes, Matson allows employees to take loans against their 401(k) savings, subject to the terms and conditions of the plan.

   What happens to Matson employees' 401(k) accounts if they leave the company?

   If Matson employees leave the company, they have several options for their 401(k) accounts, including rolling over the balance to another retirement account or leaving it with Matson.