What Newmark Group Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Offers medical plans through Aetna, including HSA and POS options with tiered deductibles and out-of-pocket maximums 6. With ACA premiums increasing, Newmarks plan flexibility and employer HSA contributions help employees manage rising healthcare expenses effectively. Click here to learn more

For example, Newmark Group 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 Newmark Group 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 Newmark Group 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 Newmark Group employees.

Simply for political, economic, and social reasons, many Newmark Group 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 Newmark Group.

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 Newmark Group 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, Newmark Group employees who are retiring abroad need to plan carefully.

Featured Video

Articles you may find interesting:

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. 'Newmark Group 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 Newmark Group?

   The 401(k) plan offered by Newmark Group 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 Newmark Group's 401(k) plan?

   You can enroll in Newmark Group's 401(k) plan by completing the enrollment form provided during your onboarding process or by accessing the employee benefits portal.

   What is the employer match for Newmark Group's 401(k) plan?

   Newmark Group offers a competitive employer match for contributions made to the 401(k) plan, which is typically a percentage of your contributions up to a certain limit.

   Can I change my contribution percentage to Newmark Group's 401(k) plan?

   Yes, you can change your contribution percentage to Newmark Group's 401(k) plan at any time by accessing your account through the employee benefits portal.

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

   Newmark Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to meet different risk tolerances.

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

   You can start withdrawing from your Newmark Group 401(k) plan without penalty at age 59½, but there are specific rules regarding hardship withdrawals and loans.

   Does Newmark Group's 401(k) plan offer loans?

   Yes, Newmark Group's 401(k) plan allows participants to take loans against their account balance, subject to certain terms and conditions.

   Are there any fees associated with Newmark Group's 401(k) plan?

   Yes, there may be administrative fees and investment fees associated with Newmark Group's 401(k) plan, which are disclosed in the plan documents.

   How often can I review my Newmark Group 401(k) account?

   You can review your Newmark Group 401(k) account at any time by logging into the employee benefits portal, where you can view your balance and investment performance.

   What happens to my Newmark Group 401(k) if I leave the company?

   If you leave Newmark Group, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, or cashing it out (though this may incur taxes and penalties).