What Regal Rexnord Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Regal Rexnord: Regal Rexnord Corporation typically engages with a variety of healthcare providers for its employee health benefits. While specific healthcare providers can vary based on employee location and health plan selections, Regal Rexnord often collaborates with networks that include major insurers such as UnitedHealthcare, Anthem, and Cigna to offer comprehensive healthcare coverage for its employees. Healthcare Cost Increases in 2026: As 2026 approaches, Regal Rexnord, like many companies, may face significant increases in healthcare costs, primarily driven by anticipated hikes in ACA marketplace premiums. Reports indicate that some states are bracing for premium increases that could surpass 60%, largely due to factors such as rising medical costs, the expected end of enhanced federal premium subsidies, and aggressive rate adjustments by major insurers. This perfect storm of escalating costs could translate to a staggering increase in out-of-pocket healthcare expenses for consumers, impacting both employees and the overall budget for employers like Regal Rexnord. As a proactive measure, the company should consider strategies to mitigate these financial impacts for its workforce. Click here to learn more

For example, Regal Rexnord 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 Regal Rexnord 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 Regal Rexnord 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 Regal Rexnord employees.

Simply for political, economic, and social reasons, many Regal Rexnord 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 Regal Rexnord.

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 Regal Rexnord 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, Regal Rexnord 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. 'Regal Rexnord 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 Regal Rexnord?

   The 401(k) plan at Regal Rexnord is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

   How can I enroll in the Regal Rexnord 401(k) plan?

   Employees can enroll in the Regal Rexnord 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.

   Does Regal Rexnord offer a matching contribution for the 401(k) plan?

   Yes, Regal Rexnord offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

   What is the vesting schedule for Regal Rexnord's 401(k) matching contributions?

   The vesting schedule for Regal Rexnord's 401(k) matching contributions typically follows a graded vesting schedule, which means employees earn ownership of the match over a set period.

   Can I change my contribution percentage to the Regal Rexnord 401(k) plan?

   Yes, employees can change their contribution percentage to the Regal Rexnord 401(k) plan at any time, subject to the plan's guidelines.

   What investment options are available in the Regal Rexnord 401(k) plan?

   The Regal Rexnord 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   Is there a loan option available through the Regal Rexnord 401(k) plan?

   Yes, Regal Rexnord allows employees to take loans against their 401(k) balance, subject to certain terms and conditions.

   What happens to my Regal Rexnord 401(k) if I leave the company?

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

   Are there any fees associated with the Regal Rexnord 401(k) plan?

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

   How often can I make changes to my investments in the Regal Rexnord 401(k) plan?

   Employees can typically make changes to their investment allocations in the Regal Rexnord 401(k) plan on a regular basis, often daily or quarterly, depending on the plan's rules.