What MGM Resorts International Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for MGM Resorts International MGM Resorts International primarily collaborates with various healthcare providers depending on the location and specific needs of their employees. However, the organization does not disclose a singular healthcare provider in publicly available resources. The company typically partners with major health insurance companies to offer medical benefits to its workforce. Potential Healthcare Cost Increases in 2026 As we approach 2026, MGM Resorts International employees are facing significant challenges concerning healthcare costs. With anticipated premium hikes on Affordable Care Act (ACA) marketplace plans, some states may see increases exceeding 60%. Without an extension of enhanced federal premium subsidies, many employees could experience premium surges of up to 75%. This financial burden is compounded by soaring medical costs associated with advances in therapies, such as GLP-1 medications, alongside aggressive rate hikes from top insurers. As a result, employees might find themselves shouldering a greater share of healthcare expenses, necessitating strategic planning to mitigate these anticipated increases. Click here to learn more

For example, MGM Resorts International 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 MGM Resorts International 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 MGM Resorts International 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 MGM Resorts International employees.

Simply for political, economic, and social reasons, many MGM Resorts International 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 MGM Resorts International.

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 MGM Resorts International 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, MGM Resorts International 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. 'MGM Resorts International 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 savings plan does MGM Resorts International offer to its employees?

   MGM Resorts International offers a 401(k) retirement savings plan to help employees save for their future.

   Does MGM Resorts International match employee contributions to the 401(k) plan?

   Yes, MGM Resorts International provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

   What is the eligibility requirement for employees to participate in MGM Resorts International's 401(k) plan?

   Employees of MGM Resorts International are eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.

   Can employees of MGM Resorts International choose how much to contribute to their 401(k) plan?

   Yes, employees at MGM Resorts International can choose their contribution percentage within the limits set by the IRS.

   What investment options are available in the MGM Resorts International 401(k) plan?

   The 401(k) plan at MGM Resorts International offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.

   How can MGM Resorts International employees access their 401(k) account information?

   Employees of MGM Resorts International can access their 401(k) account information through the company’s designated retirement plan website or mobile app.

   Is there a vesting schedule for the employer match in MGM Resorts International's 401(k) plan?

   Yes, MGM Resorts International has a vesting schedule for the employer match, meaning employees must work for a certain period to fully own the matched contributions.

   What happens to my 401(k) plan if I leave MGM Resorts International?

   If you leave MGM Resorts International, you can choose to leave your 401(k) funds in the plan, roll them over to an IRA, or transfer them to a new employer's retirement plan.

   Can MGM Resorts International employees take loans against their 401(k) savings?

   Yes, MGM Resorts International allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

   Are there penalties for early withdrawal from the MGM Resorts International 401(k) plan?

   Yes, early withdrawals from the MGM Resorts International 401(k) plan may incur taxes and penalties unless specific exceptions apply.

   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: MGM Resorts International does not have a traditional defined benefit pension plan; instead, it offers a 401(k) plan for retirement benefits. Years of Service and Age Qualification: Not applicable, as MGM Resorts International does not provide a defined benefit pension plan. Name of 401(k) Plan: MGM Resorts International 401(k) Plan Eligibility: Employees are generally eligible to participate in the 401(k) plan after completing 30 days of service. Contribution: Employees can make pre-tax or Roth contributions, and MGM Resorts International may provide matching contributions.
   MGM Resorts International has been actively involved in restructuring efforts due to the economic challenges brought by the ongoing market volatility. The company announced a significant reduction in its workforce in early 2024, affecting various departments across its properties. This move is part of a broader strategy to streamline operations and reduce costs amid declining revenues and increased operational expenses. The layoffs impact not only the operational staff but also senior management, indicating a deep organizational restructuring. In addition to the layoffs, MGM Resorts has made adjustments to its company benefits and retirement plans, including changes to its 401(k) matching contributions and pension plans. The company has revised its retirement benefits to align with new economic realities, potentially affecting employees' long-term financial planning. These changes underscore the importance of staying updated on how shifts in company policies could influence personal financial strategies. Understanding these adjustments is crucial in the current economic and investment climate, as it impacts both individual retirement planning and overall job security. Being informed about such developments helps employees and investors make more strategic decisions in response to the evolving landscape of company benefits and economic conditions.
   MGM Resorts International offers stock options and Restricted Stock Units (RSUs) to key executives and employees based on performance and tenure. The company uses the acronyms "SO" for Stock Options and "RSU" for Restricted Stock Units. Information about these benefits can be found in the annual reports and SEC filings.
   Healthcare Coverage: MGM Resorts provides a range of health benefits including medical, dental, and vision insurance. They offer multiple plan options to suit various needs, with benefits such as preventive care, mental health services, and wellness programs. Wellness Programs: The company promotes wellness through programs such as fitness reimbursements, health screenings, and access to employee assistance programs (EAPs). Acronyms & Terms: Commonly used terms include PPO (Preferred Provider Organization), HSA (Health Savings Account), and EAP (Employee Assistance Program).