What Owens Corning Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: For Owens Corning, the healthcare provider managing employee benefits is largely influenced by market dynamics and company-specific strategies. As reported, Owens Corning employees may face significant healthcare cost increases in 2026 due to a combination of factors. The anticipated sharp rise in Affordable Care Act (ACA) premiums-potentially exceeding 60% in some states-will likely lead the company to adjust its benefit structures, including higher deductibles and out-of-pocket maximums. With many large firms adopting similar approaches to manage rising healthcare expenses, Owens Corning employees should be proactive in understanding upcoming benefit changes and optimizing their plan selections to mitigate the impact of rising costs. Overall, 2026 could see employees bearing a larger share of healthcare expenses, reflecting broader trends in the insurance marketplace. Click here to learn more

For example, Owens Corning 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 Owens Corning 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 Owens Corning 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 Owens Corning employees.

Simply for political, economic, and social reasons, many Owens Corning 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 Owens Corning.

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 Owens Corning 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, Owens Corning 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. 'Owens Corning 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 Owens Corning 401(k) Savings Plan?

   The Owens Corning 401(k) Savings Plan is a retirement savings plan that allows employees to save for retirement through pre-tax and/or after-tax contributions.

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

   Employees can enroll in the Owens Corning 401(k) Savings Plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.

   What are the contribution limits for the Owens Corning 401(k) Savings Plan?

   The contribution limits for the Owens Corning 401(k) Savings Plan are set by the IRS and may change annually. Employees should check the latest IRS guidelines or consult the Owens Corning benefits team for current limits.

   Does Owens Corning offer a company match for the 401(k) Savings Plan?

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

   When can I start contributing to the Owens Corning 401(k) Savings Plan?

   Employees can start contributing to the Owens Corning 401(k) Savings Plan as soon as they are eligible, typically after completing a specified period of employment.

   How often can I change my contributions to the Owens Corning 401(k) Savings Plan?

   Employees can change their contribution amounts to the Owens Corning 401(k) Savings Plan at any time, subject to the plan's guidelines.

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

   The Owens Corning 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   Can I take a loan from my Owens Corning 401(k) Savings Plan?

   Yes, Owens Corning allows employees to take loans from their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.

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

   If you leave Owens Corning, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or a new employer's plan, cashing it out, or leaving it in the Owens Corning plan if eligible.

   Is there a vesting schedule for the Owens Corning 401(k) Savings Plan?

   Yes, Owens Corning has a vesting schedule for company match contributions, meaning employees must work for a certain period to fully own those contributions.