What ON Semiconductor Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for ON Semiconductor ON Semiconductor partners with various health insurance providers to administer employee healthcare benefits. While the specific provider may vary based on location and employee needs, large national insurers such as UnitedHealthcare and Anthem BlueCross BlueShield are often utilized by companies of ON Semiconductor's size. This partnership emphasizes ON Semiconductor's commitment to providing comprehensive healthcare benefits to its workforce. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, ON Semiconductor, along with other companies, may face substantial increases in healthcare costs due to anticipated record hikes in premiums for Affordable Care Act (ACA) marketplace plans. Reports indicate that some states could experience premium increases over 60%, driven by factors such as rising medical costs and the potential expiration of enhanced federal premium subsidies. This perfect storm of challenges is expected to push out-of-pocket premiums up by 75% or more for a significant number of enrollees, thereby amplifying the financial burden on employers and employees alike. Companies like ON Semiconductor will need to prepare for these increased costs in their healthcare budgets, particularly as the healthcare landscape continues to evolve dramatically. Click here to learn more

For example, ON Semiconductor 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 ON Semiconductor 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 ON Semiconductor 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 ON Semiconductor employees.

Simply for political, economic, and social reasons, many ON Semiconductor 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 ON Semiconductor.

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 ON Semiconductor 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, ON Semiconductor 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. 'ON Semiconductor 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 ON Semiconductor 401(k) plan?

   The ON Semiconductor 401(k) plan is a retirement savings plan that allows employees to save for retirement through pre-tax contributions, with the option for after-tax contributions as well.

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

   Employees can enroll in the ON Semiconductor 401(k) plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.

   What is the employer match for the ON Semiconductor 401(k) plan?

   ON Semiconductor offers a competitive employer matching contribution to the 401(k) plan, which typically matches a percentage of employee contributions, up to a certain limit.

   At what age can I start contributing to the ON Semiconductor 401(k) plan?

   Employees can start contributing to the ON Semiconductor 401(k) plan as soon as they meet the eligibility requirements, which generally begin upon employment.

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

   Yes, employees can change their contribution amount to the ON Semiconductor 401(k) plan at any time by accessing their account online or by contacting HR.

   Does ON Semiconductor offer a Roth 401(k) option?

   Yes, ON Semiconductor offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

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

   The ON Semiconductor 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   When can I access my ON Semiconductor 401(k) funds?

   Employees can access their ON Semiconductor 401(k) funds upon reaching retirement age, or in certain circumstances such as financial hardship, termination of employment, or other qualifying events.

   Is there a vesting schedule for the ON Semiconductor 401(k) employer match?

   Yes, ON Semiconductor has a vesting schedule for the employer match, meaning employees must work for a certain period before they fully own the matching contributions.

   How do I check my balance in the ON Semiconductor 401(k) plan?

   Employees can check their balance in the ON Semiconductor 401(k) plan by logging into their account on the plan's administrative website or through the mobile app.