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

Healthcare Provider Update: Healthcare Provider for Oshkosh Corporation Oshkosh Corporation typically works with health insurance providers such as Anthem Blue Cross Blue Shield and other local insurance carriers to offer healthcare coverage to its employees. Specific healthcare plan details may vary depending on the employee's location and role within the company, taking into account the healthcare landscape and statutory requirements in those regions. Blog Post Paragraph on Potential Healthcare Cost Increases in 2026 As healthcare costs continue to rise, Oshkosh Corporation employees should prepare for significant increases in their ACA premiums beginning in 2026. With projections indicating that national average premiums could escalate by up to 18%, many states may witness hikes exceeding 60%. The anticipated increase is driven by factors such as the expiration of enhanced federal premium subsidies and ongoing medical inflation, leading to higher out-of-pocket expenses for millions. For employees considering retirement or those enrolled in ACA plans, understanding these shifts will be crucial for effective financial planning and ensuring continued access to affordable healthcare coverage. Click here to learn more

For example, Oshkosh 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 Oshkosh 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 Oshkosh 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 Oshkosh employees.

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

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 Oshkosh 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, Oshkosh 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. 'Oshkosh 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 Oshkosh 401(k) Savings Plan?

   The Oshkosh 401(k) Savings Plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or post-tax (Roth) basis.

   How can I enroll in the Oshkosh 401(k) Savings Plan?

   Employees can enroll in the Oshkosh 401(k) Savings Plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

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

   Yes, Oshkosh offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

   What is the maximum contribution limit for the Oshkosh 401(k) Savings Plan?

   The maximum contribution limit for the Oshkosh 401(k) Savings Plan is determined by the IRS and may change annually. Employees should check the latest guidelines for the current limit.

   Can I change my contribution amount in the Oshkosh 401(k) Savings Plan?

   Yes, employees can change their contribution amount at any time by accessing their account through the benefits portal or by contacting HR.

   What investment options are available in the Oshkosh 401(k) Savings Plan?

   The Oshkosh 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

   When can I start withdrawing from my Oshkosh 401(k) Savings Plan?

   Employees can typically start withdrawing from their Oshkosh 401(k) Savings Plan at age 59½, but there are specific rules and options for hardship withdrawals or loans.

   Is there a vesting schedule for the Oshkosh 401(k) company match?

   Yes, the Oshkosh 401(k) Savings Plan has a vesting schedule for the company match, which means that employees must work for the company for a certain period before they fully own the matched funds.

   How often can I review my Oshkosh 401(k) account performance?

   Employees can review their Oshkosh 401(k) account performance at any time by logging into their account through the benefits portal.

   What happens to my Oshkosh 401(k) Savings Plan if I leave the company?

   If you leave Oshkosh, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if allowed.