What PBF Energy Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, PBF Energy 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 PBF Energy 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 PBF Energy 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 PBF Energy employees.

Simply for political, economic, and social reasons, many PBF Energy 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 PBF Energy.

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 PBF Energy 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, PBF Energy 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. 'PBF Energy 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 primary purpose of PBF Energy’s 401(k) Savings Plan?

   The primary purpose of PBF Energy’s 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

   How can I enroll in PBF Energy's 401(k) Savings Plan?

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

   Does PBF Energy offer matching contributions to the 401(k) Savings Plan?

   Yes, PBF Energy offers matching contributions to the 401(k) Savings Plan, which helps employees increase their retirement savings.

   What types of investment options are available in PBF Energy’s 401(k) Savings Plan?

   PBF Energy’s 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.

   When can I start contributing to PBF Energy’s 401(k) Savings Plan?

   Employees can start contributing to PBF Energy’s 401(k) Savings Plan after they have completed their eligibility requirements, typically within the first few months of employment.

   What is the maximum contribution limit for PBF Energy’s 401(k) Savings Plan?

   The maximum contribution limit for PBF Energy’s 401(k) Savings Plan is determined by the IRS limits, which may change annually. Employees should refer to the plan documents for the current limits.

   Can I take a loan against my 401(k) savings at PBF Energy?

   Yes, PBF Energy’s 401(k) Savings Plan allows employees to take loans against their savings under certain conditions. Employees should review the plan documents for specific terms and conditions.

   What happens to my 401(k) savings if I leave PBF Energy?

   If you leave PBF Energy, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the PBF Energy plan if permitted.

   Is there a vesting schedule for PBF Energy's matching contributions?

   Yes, PBF Energy has a vesting schedule for matching contributions, which means that employees earn ownership of the matching funds over time based on their years of service.

   How often can I change my contribution amount to PBF Energy’s 401(k) Savings Plan?

   Employees can change their contribution amount to PBF Energy’s 401(k) Savings Plan at designated times throughout the year, as outlined in the plan documents.