What Syneos Health Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Syneos Health and Upcoming Healthcare Costs Healthcare Provider for Syneos Health: Syneos Health primarily collaborates with multiple healthcare providers across various sectors in the healthcare industry, including pharmaceutical companies, biotechnology firms, and medical device manufacturers. Their services typically encompass clinical development, commercialization, and consulting services to help healthcare organizations efficiently manage their clinical trials and product launches. Potential Healthcare Cost Increases in 2026: In 2026, Syneos Health employees may face significant increases in healthcare costs driven by expected premium hikes in ACA marketplace plans. These could exceed 60% in some states, resulting from higher medical expenses and the potential expiration of enhanced federal premium subsidies. With insurers projecting medical cost trends between 7% and 10%, employees should prepare for an increased financial burden. Adjustments in company benefits, including higher deductibles and out-of-pocket maximums, may further impact out-of-pocket expenses, urging employees to carefully review benefit changes and make informed plan selections to navigate the rising costs effectively. Click here to learn more

For example, Syneos Health 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 Syneos Health 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 Syneos Health 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 Syneos Health employees.

Simply for political, economic, and social reasons, many Syneos Health 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 Syneos Health.

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 Syneos Health 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, Syneos Health 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. 'Syneos Health 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 Syneos Health?

   The 401(k) plan at Syneos Health is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them prepare for retirement.

   Does Syneos Health match contributions to the 401(k) plan?

   Yes, Syneos Health offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.

   How can I enroll in the Syneos Health 401(k) plan?

   Employees can enroll in the Syneos Health 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

   What is the eligibility requirement to participate in the Syneos Health 401(k) plan?

   Employees of Syneos Health are typically eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the plan documentation.

   How much can I contribute to the Syneos Health 401(k) plan each year?

   The contribution limits for the Syneos Health 401(k) plan are in line with IRS regulations, which may change annually. Employees should check the latest guidelines for the current limits.

   Can I take a loan from my Syneos Health 401(k) plan?

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

   What investment options are available in the Syneos Health 401(k) plan?

   The Syneos Health 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

   How often can I change my investment choices in the Syneos Health 401(k) plan?

   Employees can change their investment choices in the Syneos Health 401(k) plan at any time, allowing for flexibility in managing their retirement savings.

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

   If you leave Syneos Health, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the Syneos Health plan, depending on the plan’s rules.

   Is there a vesting schedule for the Syneos Health 401(k) plan?

   Yes, Syneos Health has a vesting schedule for employer contributions, meaning employees must work for the company for a certain period before they fully own the employer-matched funds.