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

Healthcare Provider Update: Viatris Healthcare Provider Information Viatris, as a global healthcare company, partners with a variety of healthcare providers to ensure that high-quality medicines are accessible to patients. While specific healthcare partnerships vary by region and the type of products offered, Viatris focuses on collaborating with providers involved in specialty pharmaceuticals and chronic disease management. This includes partnerships with hospitals, clinics, and pharmacies to enhance patient health outcomes through innovative solutions and patient access programs. Brief Overview of Potential Healthcare Cost Increases in 2026 As healthcare costs continue to rise, Viatris employees may face significant increases in their out-of-pocket expenses starting in 2026. Projections indicate that premiums for Affordable Care Act (ACA) marketplace plans could surge, with some states experiencing hikes of over 60%. This surge stems from a confluence of factors, including the expected expiration of enhanced federal premium subsidies and ongoing medical inflation, which is projected to exacerbate the burden on consumers. Companies are also revising their employee health plans, potentially leading to higher deductibles and more substantial cost-sharing, placing greater financial pressure on employees seeking affordable healthcare coverage. Click here to learn more

For example, Viatris 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 Viatris 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 Viatris 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 Viatris employees.

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

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 Viatris 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, Viatris 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. 'Viatris 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 Viatris 401(k) plan?

   The Viatris 401(k) plan is a retirement savings plan that allows eligible employees to save for retirement through pre-tax and/or Roth contributions.

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

   You can enroll in the Viatris 401(k) plan by accessing the employee benefits portal and following the enrollment instructions provided there.

   What is the employer match for the Viatris 401(k) plan?

   Viatris offers a matching contribution to the 401(k) plan, which may vary based on your contributions and the company's policy. You should refer to the plan documents for specific details.

   When can I start contributing to the Viatris 401(k) plan?

   Eligible employees can start contributing to the Viatris 401(k) plan after completing the required waiting period, typically within the first few months of employment.

   What types of contributions can I make to the Viatris 401(k) plan?

   Employees can make pre-tax contributions, Roth contributions, and potentially after-tax contributions to the Viatris 401(k) plan, depending on the specific plan provisions.

   Are there any fees associated with the Viatris 401(k) plan?

   Yes, there may be administrative fees and investment-related fees associated with the Viatris 401(k) plan. You can find detailed information in the plan's fee disclosure document.

   How does the Viatris 401(k) plan help me save for retirement?

   The Viatris 401(k) plan allows you to save for retirement on a tax-advantaged basis, helping you grow your savings over time through contributions and potential employer matching.

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

   Yes, the Viatris 401(k) plan may allow loans, subject to certain conditions and limits. You should review the plan documents or consult the HR department for specific details.

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

   If you leave Viatris, you will have several options for your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Viatris, depending on the plan's rules.

   How often can I change my contributions to the Viatris 401(k) plan?

   You can typically change your contribution amount to the Viatris 401(k) plan at least once per year or during designated enrollment periods.