What Primoris Services Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, Primoris Services 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 Primoris Services 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 Primoris Services 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 Primoris Services employees.

Simply for political, economic, and social reasons, many Primoris Services 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 Primoris Services.

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 Primoris Services 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, Primoris Services 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. 'Primoris Services 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 Primoris Services?

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

   How can I enroll in the Primoris Services 401(k) plan?

   Employees can enroll in the Primoris Services 401(k) plan by completing the online enrollment process through the company’s benefits portal during the enrollment period.

   Does Primoris Services offer matching contributions to the 401(k) plan?

   Yes, Primoris Services offers matching contributions to the 401(k) plan, which helps employees grow their retirement savings.

   What is the maximum contribution limit for the Primoris Services 401(k) plan?

   The maximum contribution limit for the Primoris Services 401(k) plan follows the IRS guidelines, which can change annually. Employees should check the current limits for accuracy.

   Can I change my contribution percentage to the Primoris Services 401(k) plan?

   Yes, employees can change their contribution percentage to the Primoris Services 401(k) plan at any time through the benefits portal.

   What investment options are available in the Primoris Services 401(k) plan?

   The Primoris Services 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles suitable for retirement savings.

   When can I start withdrawing funds from my Primoris Services 401(k) plan?

   Employees can start withdrawing funds from their Primoris Services 401(k) plan upon reaching the age of 59½, subject to certain conditions.

   Are there any penalties for early withdrawal from the Primoris Services 401(k) plan?

   Yes, there are typically penalties for early withdrawal from the Primoris Services 401(k) plan, including a 10% penalty tax on amounts withdrawn before age 59½.

   How often can I change my investment allocations in the Primoris Services 401(k) plan?

   Employees can change their investment allocations in the Primoris Services 401(k) plan as frequently as allowed by the plan, typically on a daily basis.

   Does Primoris Services provide financial education regarding the 401(k) plan?

   Yes, Primoris Services offers financial education resources and workshops to help employees understand their 401(k) plan and make informed investment decisions.