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

Healthcare Provider Update: Healthcare Provider for PerkinElmer PerkinElmer, a key player in the diagnostics and life sciences industry, offers its employees access to various healthcare providers through employer-sponsored health plans. Typically, these plans include options from prominent national insurers such as UnitedHealthcare, Anthem, and Cigna, but specific provider networks may vary based on the region and the type of plan selected. Potential Healthcare Cost Increases in 2026 As we approach 2026, PerkinElmer and its employees may face significant increases in healthcare costs amidst a challenging landscape. Predicted healthcare premiums for Affordable Care Act (ACA) marketplace plans are set to rise sharply, with some states anticipating hikes exceeding 60%. Contributing factors include the expiration of enhanced federal subsidies, rising medical inflation, and aggressive rate requests from major insurers. With over 22 million marketplace enrollees expected to see their out-of-pocket premiums surge by more than 75%, strategic planning for healthcare expenses will be critical for individuals and families in the coming year. Click here to learn more

For example, PerkinElmer 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 PerkinElmer 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 PerkinElmer 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 PerkinElmer employees.

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

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 PerkinElmer 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, PerkinElmer 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. 'PerkinElmer 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 PerkinElmer?

   The 401(k) plan at PerkinElmer is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them build a nest egg for retirement.

   How can I enroll in the 401(k) plan at PerkinElmer?

   Employees can enroll in the PerkinElmer 401(k) plan through the company’s HR portal or by contacting the HR department for assistance with the enrollment process.

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

   Yes, PerkinElmer provides a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.

   What is the eligibility requirement to participate in PerkinElmer's 401(k) plan?

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

   How much can I contribute to the PerkinElmer 401(k) plan each year?

   Employees can contribute up to the IRS limit for 401(k) contributions, which may change annually. PerkinElmer encourages employees to check the current limits for accurate information.

   Are there any investment options available in PerkinElmer's 401(k) plan?

   Yes, PerkinElmer offers a variety of investment options within the 401(k) plan, including mutual funds and other investment vehicles to help employees grow their retirement savings.

   Can I change my contribution amount to the 401(k) plan at PerkinElmer?

   Yes, employees can change their contribution amounts to the PerkinElmer 401(k) plan at any time, subject to certain guidelines provided by the plan.

   What happens to my 401(k) if I leave PerkinElmer?

   If you leave PerkinElmer, you have several options for your 401(k), including rolling it over to a new employer’s plan, transferring it to an IRA, or cashing it out, though cashing out may incur taxes and penalties.

   When can I start withdrawing from my PerkinElmer 401(k) plan?

   Employees can typically begin withdrawing from their PerkinElmer 401(k) plan at age 59½, though there are specific rules and conditions that apply.

   Does PerkinElmer offer loans against my 401(k) balance?

   Yes, PerkinElmer allows employees to take loans against their 401(k) balance, subject to the terms and conditions of the plan.