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

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For example, NortonLifeLock 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 NortonLifeLock 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 NortonLifeLock 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 NortonLifeLock employees.

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

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 NortonLifeLock 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, NortonLifeLock 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. 'NortonLifeLock 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 NortonLifeLock?

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

   Does NortonLifeLock offer a matching contribution for the 401(k) plan?

   Yes, NortonLifeLock offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.

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

   Employees can enroll in the NortonLifeLock 401(k) plan through the company’s HR portal during the enrollment period or after a qualifying event.

   What are the eligibility requirements for the 401(k) plan at NortonLifeLock?

   To be eligible for the NortonLifeLock 401(k) plan, employees typically need to be full-time employees and meet a minimum service requirement.

   Can I change my contribution rate for the NortonLifeLock 401(k) plan?

   Yes, employees can change their contribution rate for the NortonLifeLock 401(k) plan at any time, subject to plan rules.

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

   The NortonLifeLock 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

   Is there a vesting schedule for the NortonLifeLock 401(k) matching contributions?

   Yes, NortonLifeLock has a vesting schedule for matching contributions, which determines how much of the employer contributions you own based on your years of service.

   How can I access my 401(k) account information at NortonLifeLock?

   Employees can access their 401(k) account information through the NortonLifeLock benefits portal or by contacting the plan administrator.

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

   If you leave NortonLifeLock, you can choose to roll over your 401(k) balance to another qualified plan, cash it out, or leave it in the NortonLifeLock plan if eligible.

   Are loans available from the NortonLifeLock 401(k) plan?

   Yes, employees may have the option to take loans from their NortonLifeLock 401(k) plan, subject to specific terms and conditions.