What Surgery Partners Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, Surgery Partners 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 Surgery Partners 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 Surgery Partners 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 Surgery Partners employees.

Simply for political, economic, and social reasons, many Surgery Partners 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 Surgery Partners.

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 Surgery Partners 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, Surgery Partners 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. 'Surgery Partners 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 Surgery Partners offer to its employees?

   Surgery Partners offers a 401(k) retirement savings plan to its employees.

   Does Surgery Partners match employee contributions to the 401(k) plan?

   Yes, Surgery Partners provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

   What is the eligibility requirement to participate in the Surgery Partners 401(k) plan?

   Employees of Surgery Partners are generally eligible to participate in the 401(k) plan after completing a specified period of service, typically 30 days.

   Can employees of Surgery Partners choose how their 401(k) contributions are invested?

   Yes, employees at Surgery Partners can choose from a variety of investment options for their 401(k) contributions.

   How much can employees contribute to the Surgery Partners 401(k) plan each year?

   Employees can contribute up to the IRS annual limit for 401(k) contributions, which is adjusted periodically. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and older.

   When can employees of Surgery Partners start withdrawing from their 401(k) accounts?

   Employees can typically begin withdrawing from their Surgery Partners 401(k) accounts at age 59½ without penalties, subject to plan rules.

   Does Surgery Partners allow for loans against the 401(k) plan?

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

   What happens to my 401(k) balance if I leave Surgery Partners?

   If you leave Surgery Partners, you can choose to roll over your 401(k) balance to another retirement account, leave it in the Surgery Partners plan, or cash it out, though cashing out may incur taxes and penalties.

   Is there a vesting schedule for the Surgery Partners 401(k) matching contributions?

   Yes, Surgery Partners has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the matched funds.

   How can employees at Surgery Partners access their 401(k) account information?

   Employees can access their Surgery Partners 401(k) account information through the plan’s online portal or by contacting the plan administrator.