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

Healthcare Provider Update: Healthcare Provider for SkyWest SkyWest Airlines provides its employees with health insurance coverage through various insurance providers, including UnitedHealthcare and Blue Cross Blue Shield. The specific plans offered may vary by location and employment status, so employees are encouraged to consult the Human Resources department for detailed information about their healthcare options. Impact of Potential Healthcare Cost Increases in 2026 SkyWest employees should be prepared for significant healthcare cost increases in 2026, as projections indicate that ACA marketplace premiums may rise sharply. This surge, driven by the expiration of enhanced federal premium subsidies and escalating medical costs, could lead to premiums climbing by upwards of 60% in certain states. Particularly concerning for SkyWest employees is the forecasted average rise of over 75% in out-of-pocket premiums for subsidized enrollees, placing a considerable financial burden on those relying on ACA coverage. It is crucial for employees to reassess their healthcare plans early and consider the potential financial implications these changes may have on their budgets. Click here to learn more

For example, SkyWest 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 SkyWest 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 SkyWest 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 SkyWest employees.

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

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 SkyWest 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, SkyWest 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. 'SkyWest 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 SkyWest?

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

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

   SkyWest offers a company match on employee contributions, typically matching a percentage of what employees contribute up to a certain limit.

   When can employees at SkyWest start contributing to the 401(k) plan?

   Employees at SkyWest can begin contributing to the 401(k) plan after completing their initial onboarding period.

   Is there a vesting schedule for SkyWest's 401(k) match?

   Yes, SkyWest has a vesting schedule for the company match, meaning employees must work for a certain number of years before they fully own the matched funds.

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

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

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

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

   How can employees at SkyWest change their 401(k) contribution percentage?

   Employees at SkyWest can change their 401(k) contribution percentage by accessing their account online or by contacting the HR department for assistance.

   Does SkyWest offer financial education resources for employees regarding the 401(k) plan?

   Yes, SkyWest provides financial education resources, including workshops and online tools, to help employees make informed decisions about their 401(k) savings.

   What happens to the 401(k) savings if an employee leaves SkyWest?

   If an employee leaves SkyWest, they can choose to roll over their 401(k) savings into another retirement account, cash out, or leave the funds in the SkyWest plan, depending on the plan's rules.

   Are there any fees associated with SkyWest's 401(k) plan?

   Yes, there may be administrative fees associated with managing the 401(k) plan at SkyWest, which are typically disclosed in the plan documents.