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

Healthcare Provider Update: Healthcare Provider for Steelcase Steelcase employees typically access healthcare services through major national insurance providers, with several options available depending on their specific employee benefits plan. Common providers offering plans for Steelcase employees may include larger insurers like UnitedHealthcare, Anthem, and Cigna, among others. Employees should refer to their employee benefits information for the precise names and details of the providers available to them. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare costs are poised to rise significantly, driven by anticipated increases in health insurance premiums through the Affordable Care Act (ACA). Some states may see hikes exceeding 60%, largely due to increasing medical costs, the potential loss of enhanced federal subsidies, and aggressive rate adjustments from major insurers. Without congressional intervention to extend these subsidies, a staggering 92% of marketplace enrollees could face premium increases over 75%, putting affordable healthcare coverage further out of reach for many. For Steelcase employees relying on ACA coverage, these changes could lead to steep financial burdens come 2026. Click here to learn more

For example, Steelcase 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 Steelcase 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 Steelcase 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 Steelcase employees.

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

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 Steelcase 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, Steelcase 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. 'Steelcase 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 purpose of Steelcase's 401k/Savings Plan?

   The purpose of Steelcase's 401k/Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their earnings.

   How can Steelcase employees enroll in the 401k/Savings Plan?

   Steelcase employees can enroll in the 401k/Savings Plan through the company’s HR portal or by contacting the HR department for assistance.

   Does Steelcase offer a company match for the 401k contributions?

   Yes, Steelcase offers a company match for employee contributions to the 401k/Savings Plan, which helps to enhance retirement savings.

   What are the eligibility requirements for Steelcase's 401k/Savings Plan?

   Employees of Steelcase are generally eligible to participate in the 401k/Savings Plan after completing a specific period of service, as outlined in the employee handbook.

   Can Steelcase employees change their contribution percentage to the 401k/Savings Plan?

   Yes, Steelcase employees can change their contribution percentage to the 401k/Savings Plan at any time, subject to certain guidelines.

   What investment options are available in Steelcase's 401k/Savings Plan?

   Steelcase's 401k/Savings Plan offers a range of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.

   Is there a vesting schedule for Steelcase's company match in the 401k/Savings Plan?

   Yes, Steelcase has a vesting schedule for the company match in the 401k/Savings Plan, which determines when employees fully own the matching contributions.

   How often can Steelcase employees review their 401k/Savings Plan account?

   Steelcase employees can review their 401k/Savings Plan account at any time through the online portal provided by the plan administrator.

   What happens to Steelcase employees' 401k/Savings Plan accounts if they leave the company?

   If Steelcase employees leave the company, they have several options for their 401k/Savings Plan accounts, including rolling over the balance to another retirement account or cashing out.

   Are there any fees associated with Steelcase's 401k/Savings Plan?

   Yes, Steelcase's 401k/Savings Plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.