What REV Group Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: REV Group provides its employees with a competitive benefits package that includes medical, dental, vision, and prescription coverage. Employees can access virtual care through Teladoc, diabetes management programs, and HSAs. Additional benefits include life and disability insurance, voluntary accident and critical illness coverage, and a 401(k) retirement plan 4. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

For example, REV Group 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 REV Group 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 REV Group 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 REV Group employees.

Simply for political, economic, and social reasons, many REV Group 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 REV Group.

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 REV Group 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, REV Group employees who are retiring abroad need to plan carefully.

Featured Video

Articles you may find interesting:

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. 'REV Group 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 REV Group offer to its employees?

   REV Group offers a 401(k) retirement savings plan to help employees save for their future.

   Does REV Group provide a company match for its 401(k) contributions?

   Yes, REV Group offers a company match for employee contributions to the 401(k) plan, enhancing employees' retirement savings.

   How can employees at REV Group enroll in the 401(k) plan?

   Employees at REV Group can enroll in the 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.

   What is the minimum age requirement for employees to participate in REV Group's 401(k) plan?

   Employees must be at least 21 years old to participate in REV Group's 401(k) plan.

   Can employees at REV Group change their contribution percentage to the 401(k) plan?

   Yes, employees at REV Group can change their contribution percentage at any time, subject to the plan's guidelines.

   What investment options are available in REV Group's 401(k) plan?

   REV Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

   Is there a vesting schedule for the company match in REV Group's 401(k) plan?

   Yes, REV Group has a vesting schedule for the company match, which means employees must work for a certain period to fully own the matched contributions.

   How often can employees at REV Group review their 401(k) account statements?

   Employees at REV Group can review their 401(k) account statements quarterly, providing them with updates on their retirement savings.

   What happens to my 401(k) account if I leave REV Group?

   If you leave REV Group, you have several options for your 401(k) account, including rolling it over to another retirement plan, cashing it out, or leaving it with REV Group until you reach retirement age.

   Does REV Group offer loans against the 401(k) plan?

   Yes, REV Group allows employees to take loans against their 401(k) plan, subject to certain terms and conditions.