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

Healthcare Provider Update: Qualcomm Healthcare Provider and Potential Cost Increases in 2026 Qualcomm offers healthcare coverage primarily through UnitedHealthcare. As we look ahead to 2026, a significant rise in healthcare costs is anticipated, with many ACA marketplace enrollees expected to face dramatic premium increases. Reports indicate that without congressional action to extend enhanced federal premium subsidies, individuals could see their out-of-pocket premiums soar by over 75%, with some states witnessing hikes as high as 66%. Insurers are citing a combination of higher medical costs and the potential expiration of subsidies as driving factors behind these unprecedented rate increases. This situation necessitates proactive measures for consumers to mitigate the financial impact as they prepare for the upcoming year. Click here to learn more

For example, Qualcomm 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 Qualcomm 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 Qualcomm 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 Qualcomm employees.

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

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 Qualcomm 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, Qualcomm 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. 'Qualcomm 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 Qualcomm's 401(k) Savings Plan?

   Qualcomm's 401(k) Savings Plan is a retirement savings plan that allows employees to save for retirement through pre-tax contributions, with the option for after-tax contributions as well.

   How does Qualcomm match employee contributions to the 401(k) plan?

   Qualcomm offers a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions, up to a specified limit.

   When can Qualcomm employees enroll in the 401(k) Savings Plan?

   Qualcomm employees can enroll in the 401(k) Savings Plan during their initial onboarding period or during the annual open enrollment period.

   What investment options are available in Qualcomm's 401(k) Savings Plan?

   Qualcomm's 401(k) Savings Plan provides a variety of investment options, including mutual funds, target-date funds, and company stock.

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

   Yes, Qualcomm allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

   What happens to Qualcomm employees' 401(k) savings if they leave the company?

   If Qualcomm employees leave the company, they have several options for their 401(k) savings, including rolling over the balance to another retirement account or cashing out.

   Does Qualcomm offer financial counseling for employees regarding their 401(k) plan?

   Yes, Qualcomm provides access to financial counseling services to help employees make informed decisions about their 401(k) savings and investments.

   Are there any fees associated with Qualcomm's 401(k) Savings Plan?

   Qualcomm's 401(k) Savings Plan may have certain administrative fees, which are disclosed in the plan documents provided to employees.

   How can Qualcomm employees change their 401(k) contribution amount?

   Qualcomm employees can change their 401(k) contribution amount by accessing the employee benefits portal or contacting the HR department for assistance.

   Is there a vesting schedule for Qualcomm's matching contributions in the 401(k) plan?

   Yes, Qualcomm has a vesting schedule for its matching contributions, meaning employees must work for the company for a certain period before they fully own those contributions.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Qualcomm provides a defined contribution 401(k) plan with company matching contributions. Employees can contribute pre-tax or Roth (after-tax) dollars, and Qualcomm matches 50% of the first 8% of eligible compensation. The plan includes various investment options such as target-date funds, mutual funds, and a self-directed brokerage account. Qualcomm also offers an Employee Stock Purchase Plan (ESPP) with a discount on company stock. Financial planning resources and tools are available to help employees manage their retirement savings.
   Restructuring and Layoffs: Qualcomm announced layoffs of 1,258 employees in California in 2023 as part of a broader restructuring effort. The company faced revenue declines and aimed to cut operational costs. Company Benefit Changes: Severance packages and outplacement assistance were provided to affected employees. Qualcomm is focusing on its automotive and AI sectors for growth. (Sources: The Register, SiliconANGLE)
   Qualcomm offers stock options (SOs) and Restricted Stock Units (RSUs). SOs allow employees to purchase stock at a set price after vesting. RSUs vest over three to four years. In 2022, Qualcomm emphasized performance-based RSUs. In 2023, Qualcomm maintained its strategy with performance metrics. By 2024, Qualcomm expanded RSU programs. Executives, management, and broader employees are eligible. [Source: Qualcomm Annual Report 2022, p. 48; Qualcomm Q4 2023 Report, p. 20; Qualcomm Q2 2024 Report, p. 15]
   Qualcomm offers an extensive and competitive healthcare benefits package to support the diverse needs of its employees. In 2023, Qualcomm continued to provide a variety of health plan options, including Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) plans. These plans cover a wide range of medical services, from preventive care to major medical expenses, ensuring comprehensive coverage for employees and their families. Qualcomm also offers dental, vision, and mental health benefits, alongside wellness programs aimed at promoting overall well-being. Notably, employees can benefit from Qualcomm’s contributions to Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), which help manage out-of-pocket healthcare costs effectively. For 2024, Qualcomm has introduced several enhancements to its benefits offerings. The company continues to focus on holistic well-being by providing support for family-building, such as adoption assistance and fertility benefits. Additionally, Qualcomm’s benefits include extensive mental health resources and access to virtual healthcare services, which are particularly beneficial in the current economic and political climate where healthcare affordability and accessibility are significant concerns. By continually updating its healthcare benefits, Qualcomm ensures that its employees are well-supported, fostering a healthy and productive work environment.