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

For example, NCR 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 NCR 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 NCR 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 NCR employees.

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

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 NCR 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, NCR 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. 'NCR 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 NCR 401(k) plan?

   The NCR 401(k) plan is a retirement savings plan that allows NCR employees to save for retirement through pre-tax contributions, which can grow tax-deferred until withdrawal.

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

   You can enroll in the NCR 401(k) plan by visiting the employee benefits portal or contacting the HR department for assistance with the enrollment process.

   What types of contributions can I make to the NCR 401(k) plan?

   NCR employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older.

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

   Yes, NCR offers a company match on employee contributions to the 401(k) plan, which helps to enhance your retirement savings.

   How does the NCR company match work?

   The NCR company match typically matches a percentage of your contributions up to a certain limit, which is outlined in the plan documents.

   When can I start contributing to the NCR 401(k) plan?

   You can start contributing to the NCR 401(k) plan after you have completed the eligibility requirements, which are detailed in the employee handbook.

   Can I change my contribution amount to the NCR 401(k) plan?

   Yes, NCR allows employees to change their contribution amounts at any time throughout the year, subject to plan rules.

   What investment options are available in the NCR 401(k) plan?

   The NCR 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds, allowing employees to choose based on their risk tolerance.

   Is there a vesting schedule for the NCR company match?

   Yes, NCR has a vesting schedule for the company match, meaning you must work for NCR for a certain period before you fully own the matched contributions.

   How can I access my NCR 401(k) account?

   You can access your NCR 401(k) account online through the plan's designated website or mobile app, where you can view your balance and make changes.