What Summit Materials Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, Summit Materials 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 Summit Materials 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 Summit Materials 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 Summit Materials employees.

Simply for political, economic, and social reasons, many Summit Materials 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 Summit Materials.

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 Summit Materials 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, Summit Materials 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. 'Summit Materials 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 Summit Materials offer?

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

   When can employees at Summit Materials enroll in the 401(k) plan?

   Employees at Summit Materials can enroll in the 401(k) plan during the initial eligibility period or during the annual open enrollment period.

   Is there a company match for contributions made to the 401(k) plan at Summit Materials?

   Yes, Summit Materials provides a company match for employee contributions to the 401(k) plan, subject to certain limits.

   How much can employees contribute to their 401(k) at Summit Materials?

   Employees at Summit Materials can contribute up to the IRS annual limit, which is adjusted periodically. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and over.

   Does Summit Materials offer a Roth 401(k) option?

   Yes, Summit Materials offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

   What investment options are available in the Summit Materials 401(k) plan?

   The Summit Materials 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and company stock.

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

   Yes, employees at Summit Materials may be eligible to take loans against their 401(k) savings, subject to the plan's terms and conditions.

   What happens to my 401(k) balance if I leave Summit Materials?

   If you leave Summit Materials, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or keep it in the Summit Materials plan if eligible.

   How often can employees change their contribution amounts to the 401(k) at Summit Materials?

   Employees at Summit Materials can change their contribution amounts at any time, subject to the plan's guidelines.

   Is there a vesting schedule for the company match in the Summit Materials 401(k) plan?

   Yes, there is a vesting schedule for the company match in the Summit Materials 401(k) plan, which determines how much of the match you own based on your years of service.