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

Healthcare Provider Update: Healthcare Provider for Stericycle Stericycle, a leading provider of medical waste management services, collaborates with various healthcare facilities, which include hospitals, clinics, and laboratories, to provide environmentally responsible solutions for waste disposal and compliance services. Their focus is on ensuring that medical waste is managed safely and effectively, minimizing risks to public health and safety. Potential Healthcare Cost Increases in 2026 In 2026, Stericycle employees may find themselves facing significant increases in healthcare expenses, as rising costs continue to dominate the landscape. Multiple factors contribute to this situation, including the anticipated expiration of enhanced federal premium subsidies and soaring medical costs, with estimates suggesting a potential spike in premiums by over 60% across various states. As employers, including Stericycle, adjust benefit structures to mitigate these rising expenses, employees may bear a larger share of healthcare costs through higher deductibles and out-of-pocket maximums. Awareness and proactive planning for these changes are essential to minimize the financial impact on households. Click here to learn more

For example, Stericycle 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 Stericycle 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 Stericycle 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 Stericycle employees.

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

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 Stericycle 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, Stericycle 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. 'Stericycle 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 types of contributions can employees make to Stericycle's 401(k) plan?

   Employees at Stericycle can make pre-tax contributions, Roth (after-tax) contributions, and catch-up contributions if they are eligible.

   Does Stericycle offer a company match for 401(k) contributions?

   Yes, Stericycle provides a company match on employee contributions to the 401(k) plan, subject to certain limits.

   When can I enroll in Stericycle's 401(k) plan?

   Employees can enroll in Stericycle's 401(k) plan during the initial enrollment period or during the annual open enrollment period.

   What is the vesting schedule for Stericycle's 401(k) company match?

   Stericycle has a vesting schedule for the company match, which typically requires employees to be with the company for a certain number of years before they fully own the matched contributions.

   How can I access my Stericycle 401(k) account information?

   Employees can access their Stericycle 401(k) account information through the company's designated retirement plan website or by contacting the plan administrator.

   Can I take a loan against my Stericycle 401(k) plan?

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

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

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

   How often can I change my contribution amount to Stericycle's 401(k) plan?

   Employees can change their contribution amount to Stericycle's 401(k) plan at any time, subject to the plan's guidelines.

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

   If you leave Stericycle, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, cashing it out, or leaving it in the Stericycle plan if allowed.

   Does Stericycle provide financial education regarding the 401(k) plan?

   Yes, Stericycle offers resources and financial education to help employees understand their 401(k) options and make informed decisions.