What OneMain Holdings Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, OneMain Holdings 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 OneMain Holdings 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 OneMain Holdings 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 OneMain Holdings employees.

Simply for political, economic, and social reasons, many OneMain Holdings 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 OneMain Holdings.

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 OneMain Holdings 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, OneMain Holdings 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. 'OneMain Holdings 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 OneMain Holdings?

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

   Does OneMain Holdings match employee contributions to the 401(k) plan?

   Yes, OneMain Holdings offers a company match on employee contributions to the 401(k) plan, which helps employees save for retirement more effectively.

   What is the eligibility requirement for OneMain Holdings' 401(k) plan?

   Employees of OneMain Holdings are eligible to participate in the 401(k) plan after completing a specified period of service, typically outlined in the employee handbook.

   How can employees at OneMain Holdings enroll in the 401(k) plan?

   Employees can enroll in the OneMain Holdings 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.

   What types of investment options are available in the OneMain Holdings 401(k) plan?

   The OneMain Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk levels.

   Can employees at OneMain Holdings take loans against their 401(k) savings?

   Yes, OneMain Holdings allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan documents.

   What happens to my 401(k) savings if I leave OneMain Holdings?

   If you leave OneMain Holdings, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out (which may incur penalties), or leaving it in the OneMain Holdings plan if allowed.

   Is there a vesting schedule for the company match in the OneMain Holdings 401(k) plan?

   Yes, OneMain Holdings has a vesting schedule for the company match, which determines how much of the employer's contributions you own based on your length of service.

   How often can employees at OneMain Holdings change their 401(k) contribution amounts?

   Employees can change their 401(k) contribution amounts at OneMain Holdings during designated enrollment periods or as allowed by the plan guidelines.

   Does OneMain Holdings provide financial education resources for employees regarding the 401(k) plan?

   Yes, OneMain Holdings provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.