What Public Storage Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Public Storage offers its employees health insurance options through the Affordable Care Act (ACA) marketplace as well as employer-sponsored plans. The specific healthcare providers utilized may vary, often including major insurers such as UnitedHealthcare and Anthem, which have strong presences in many states. As we approach 2026, significant increases in healthcare costs are anticipated, particularly for those enrolled in ACA marketplace plans. Projections suggest that average premiums could rise by approximately 18%, with certain states potentially experiencing hikes over 60%. The expected expiration of enhanced federal premium subsidies will largely contribute to these sharp increases, meaning many Public Storage employees and retirees could face drastic out-of-pocket costs. As the market grapples with rising medical expenses and insurer rate hikes, individuals should be prepared for a challenging landscape in healthcare costs as they plan for the upcoming year. Click here to learn more

For example, Public Storage 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 Public Storage 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 Public Storage 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 Public Storage employees.

Simply for political, economic, and social reasons, many Public Storage 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 Public Storage.

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 Public Storage 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, Public Storage 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. 'Public Storage 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 type of retirement savings plan does Public Storage offer to its employees?

   Public Storage offers a 401(k) retirement savings plan to help employees save for retirement.

   Does Public Storage match employee contributions to the 401(k) plan?

   Yes, Public Storage provides a matching contribution to employee 401(k) contributions, subject to certain limits.

   When can employees at Public Storage enroll in the 401(k) plan?

   Employees at Public Storage can enroll in the 401(k) plan during their initial eligibility period or during the annual open enrollment period.

   What is the eligibility requirement for Public Storage employees to participate in the 401(k) plan?

   To participate in the 401(k) plan at Public Storage, employees must meet specific service and age requirements as outlined in the plan documents.

   How can Public Storage employees make changes to their 401(k) contributions?

   Public Storage employees can make changes to their 401(k) contributions by logging into the employee benefits portal or by contacting the HR department.

   What investment options are available in the Public Storage 401(k) plan?

   The Public Storage 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

   Can Public Storage employees take loans against their 401(k) savings?

   Yes, Public Storage allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.

   What happens to my 401(k) account if I leave Public Storage?

   If you leave Public Storage, you can choose to roll over your 401(k) balance to another retirement account, cash out your account, or leave it in the Public Storage plan if you meet the minimum balance requirement.

   Are there any fees associated with the Public Storage 401(k) plan?

   Yes, there may be administrative fees and investment-related expenses associated with the Public Storage 401(k) plan, which are disclosed in the plan documents.

   How often can Public Storage employees change their investment allocations within the 401(k) plan?

   Public Storage employees can change their investment allocations at any time, subject to the plan's trading restrictions.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   401(k) plan with company match, discretionary profit sharing, stock purchase plan.
   Public Storage provides RSUs to its executives and key employees. RSUs typically vest over a period of three years, promoting retention and alignment with company goals.