What Waste Management Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Waste Management Waste Management, Inc., a leading provider of waste collection, disposal, and recycling services in North America, partners with Cigna Healthcare to provide healthcare benefits to its employees. Cigna offers a range of health insurance plans, including medical, dental, and vision coverage, tailored to meet the needs of Waste Management's diverse workforce. Healthcare Cost Increases in 2026 As we approach 2026, Waste Management and its employees may face significant healthcare cost increases due to substantial projected hikes in health insurance premiums. The Affordable Care Act (ACA) marketplace is anticipating an average increase of over 20%, with certain states seeing hikes surpassing 60% as a result of rising medical costs and the potential expiration of enhanced federal premium subsidies. This combination of factors could lead to out-of-pocket premium costs soaring by more than 75% for many employees, placing additional financial strain on both the company and its workforce during the upcoming year. Click here to learn more

For example, Waste Management 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 Waste Management 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 Waste Management 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 Waste Management employees.

Simply for political, economic, and social reasons, many Waste Management 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 Waste Management.

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 Waste Management 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, Waste Management 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. 'Waste Management 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 Waste Management?

   The 401(k) plan at Waste Management is a retirement savings plan that allows employees to save a portion of their earnings on a tax-deferred basis.

   How can I enroll in Waste Management's 401(k) plan?

   Employees can enroll in Waste Management's 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

   Does Waste Management provide a company match for the 401(k) contributions?

   Yes, Waste Management offers a company match for employee contributions to the 401(k) plan, which helps employees save more for retirement.

   What is the maximum contribution limit for Waste Management's 401(k) plan?

   The maximum contribution limit for Waste Management's 401(k) plan is in line with IRS regulations, which may change annually. Employees should refer to the latest IRS guidelines for current limits.

   Can I change my contribution percentage to Waste Management's 401(k) plan?

   Yes, employees can change their contribution percentage to Waste Management's 401(k) plan at any time by accessing their account through the HR portal.

   When can I start withdrawing funds from my Waste Management 401(k) plan?

   Employees can typically start withdrawing funds from their Waste Management 401(k) plan at age 59½, but specific conditions may apply.

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

   Waste Management's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   Is there a vesting schedule for Waste Management's 401(k) company match?

   Yes, Waste Management has a vesting schedule for the company match, which means employees must work for a certain period before they fully own the matched contributions.

   How can I access my Waste Management 401(k) account?

   Employees can access their Waste Management 401(k) account online through the designated retirement plan website or mobile app.

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

   If you leave Waste Management, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the Waste Management plan if permitted.