What Skechers U.S.A. Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, Skechers U.S.A. 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 Skechers U.S.A. 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 Skechers U.S.A. 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 Skechers U.S.A. employees.

Simply for political, economic, and social reasons, many Skechers U.S.A. 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 Skechers U.S.A..

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 Skechers U.S.A. 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, Skechers U.S.A. 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. 'Skechers U.S.A. 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 plan does Skechers U.S.A. offer to its employees?

   Skechers U.S.A. offers a 401(k) retirement savings plan to its employees.

   Is there a company match for contributions made to the 401(k) plan at Skechers U.S.A.?

   Yes, Skechers U.S.A. provides a company match for eligible employee contributions to the 401(k) plan.

   How can employees at Skechers U.S.A. enroll in the 401(k) plan?

   Employees at Skechers U.S.A. can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

   What is the minimum age requirement to participate in the Skechers U.S.A. 401(k) plan?

   The minimum age requirement to participate in the Skechers U.S.A. 401(k) plan is 21 years old.

   How much can employees contribute to their 401(k) plans at Skechers U.S.A.?

   Employees at Skechers U.S.A. can contribute up to the IRS limit for 401(k) contributions, which is adjusted annually.

   Does Skechers U.S.A. offer any investment options within the 401(k) plan?

   Yes, Skechers U.S.A. offers a variety of investment options within the 401(k) plan, including mutual funds and target-date funds.

   Can employees at Skechers U.S.A. take loans against their 401(k) savings?

   Yes, Skechers U.S.A. allows employees to take loans against their 401(k) savings under certain conditions.

   What happens to the 401(k) plan if an employee leaves Skechers U.S.A.?

   If an employee leaves Skechers U.S.A., they have several options for their 401(k) plan, including rolling it over to another retirement account or cashing it out.

   Are there any fees associated with the Skechers U.S.A. 401(k) plan?

   Yes, there may be administrative fees associated with the Skechers U.S.A. 401(k) plan, which are disclosed in the plan documents.

   How often can employees at Skechers U.S.A. change their contribution amounts to the 401(k) plan?

   Employees at Skechers U.S.A. can change their contribution amounts to the 401(k) plan at specified times, typically during open enrollment periods.