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

Healthcare Provider Update: Maximus, known for its administration of government health programs, primarily collaborates with state and federal health services. It provides administrative services for Medicaid, Medicare, and health care reform initiatives, which play a critical role in ensuring access to healthcare coverage for millions. Looking ahead to 2026, healthcare costs are anticipated to surge, significantly impacting consumers reliant on the Affordable Care Act (ACA) marketplace. As many states prepare for premium increases that could reach as high as 66%, the expiration of enhanced federal subsidies is expected to exacerbate financial burdens for enrollees, with nearly 92% of them facing potential out-of-pocket premium hikes exceeding 75%. This combination of factors is creating a challenging landscape for healthcare affordability, compelling individuals to take proactive steps in managing their healthcare expenditures. Click here to learn more

For example, Maximus 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 Maximus 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 Maximus 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 Maximus employees.

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

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 Maximus 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, Maximus 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. 'Maximus 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 Maximus?

   The 401(k) plan offered by Maximus is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

   How can I enroll in the Maximus 401(k) plan?

   You can enroll in the Maximus 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.

   Does Maximus match employee contributions to the 401(k) plan?

   Yes, Maximus offers a matching contribution to employee 401(k) plans, which helps to enhance your retirement savings.

   What is the maximum contribution limit for the Maximus 401(k) plan?

   The maximum contribution limit for the Maximus 401(k) plan is set annually by the IRS, and you can check the latest limits on the IRS website or through Maximus’s HR resources.

   Can I change my contribution percentage to the Maximus 401(k) plan?

   Yes, you can change your contribution percentage to the Maximus 401(k) plan at any time by submitting a request through the HR portal.

   When can I start withdrawing from my Maximus 401(k) plan?

   You can start withdrawing from your Maximus 401(k) plan at age 59½, or earlier under certain circumstances such as financial hardship.

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

   Yes, there may be administrative fees associated with the Maximus 401(k) plan, which are outlined in the plan documents provided to employees.

   Does Maximus provide investment options within the 401(k) plan?

   Yes, Maximus provides a variety of investment options within the 401(k) plan, allowing employees to choose based on their risk tolerance and retirement goals.

   How often can I change my investment allocations in the Maximus 401(k) plan?

   Employees can change their investment allocations in the Maximus 401(k) plan as often as they wish, subject to the plan's guidelines.

   What happens to my Maximus 401(k) plan if I leave the company?

   If you leave Maximus, you have several options regarding your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Maximus.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
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   Maximus offers stock options and RSUs to its employees as part of its compensation package. These are typically available to senior management and key employees based on performance and tenure. The specific types of stock options and RSUs include non-qualified stock options (NSOs) and time-vested RSUs.
   2023: Maximus has been actively expanding its mental health and telehealth services as part of its benefits package. There has been an increased emphasis on comprehensive care that includes mental health support and preventive services. 2024: The company has introduced new wellness initiatives, including more flexible health plans and enhanced coverage options for chronic conditions