What Olympic Steel Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Olympic Steel The primary healthcare provider for Olympic Steel is typically Cigna HealthCare. Olympic Steel, like many employers, partners with specific insurance companies to offer health benefits to its employees. Potential Healthcare Cost Increases for 2026 As we approach 2026, Olympic Steel may face significant healthcare cost increases alongside broader market trends. Expected premium hikes in the Affordable Care Act (ACA) marketplace could exceed 60% in certain states, driven by rising medical costs, the potential expiration of enhanced federal premium subsidies, and substantial demands from large insurers. Consequently, employees enrolling in these plans might see their out-of-pocket expenses surge by over 75%, aggravating budget constraints for the company and its workforce. With a projected employer-sponsored insurance increase of 8.5%, Olympic Steel must prepare for an environment where healthcare expenses will be a critical concern, likely leading to shifts in benefits and out-of-pocket responsibilities. Click here to learn more

For example, Olympic Steel 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 Olympic Steel 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 Olympic Steel 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 Olympic Steel employees.

Simply for political, economic, and social reasons, many Olympic Steel 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 Olympic Steel.

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 Olympic Steel 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, Olympic Steel 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. 'Olympic Steel 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 Olympic Steel?

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

   How can employees at Olympic Steel enroll in the 401(k) plan?

   Employees at Olympic Steel can enroll in the 401(k) plan by completing the enrollment forms provided by the HR department or through the company’s online benefits portal.

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

   Yes, Olympic Steel offers a company match for employee contributions to the 401(k) plan, helping employees to maximize their retirement savings.

   What is the maximum contribution limit for the 401(k) plan at Olympic Steel?

   The maximum contribution limit for the 401(k) plan at Olympic Steel is aligned with IRS guidelines, which are updated annually.

   When can employees at Olympic Steel start contributing to their 401(k) plan?

   Employees at Olympic Steel can start contributing to their 401(k) plan after completing their eligibility period, which is typically outlined in the employee handbook.

   What investment options are available in Olympic Steel's 401(k) plan?

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

   Can employees at Olympic Steel take a loan against their 401(k) savings?

   Yes, employees at Olympic Steel may have the option to take a loan against their 401(k) savings, subject to the plan’s terms and conditions.

   What happens to my 401(k) savings if I leave Olympic Steel?

   If you leave Olympic Steel, you can either roll over your 401(k) savings into another retirement account, leave it in the Olympic Steel plan (if eligible), or cash it out, although cashing out may incur taxes and penalties.

   How often can employees at Olympic Steel change their contribution amounts to the 401(k) plan?

   Employees at Olympic Steel can typically change their contribution amounts to the 401(k) plan at designated times throughout the year, usually during open enrollment or after a qualifying life event.

   Is there a vesting schedule for the company match in Olympic Steel's 401(k) plan?

   Yes, Olympic Steel has a vesting schedule for the company match, which determines how much of the matched contributions you own based on your years of service.