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

Healthcare Provider Update: Waters provides health insurance coverage to its U.S.-based employees through a selection of medical plans that include options for dental, vision, and life insurance. Employees can access Health Savings Accounts (HSAs) with employer contributions, along with wellness programs, disability coverage, and retirement savings plans. The company emphasizes preventive care and offers resources to support physical and mental well-being. Waters Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

For example, Waters 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 Waters 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 Waters 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 Waters employees.

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

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 Waters 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, Waters 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. 'Waters 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 primary purpose of Waters' 401(k) Savings Plan?

   The primary purpose of Waters' 401(k) Savings Plan is to help employees save for retirement through tax-advantaged contributions.

   Who is eligible to participate in Waters' 401(k) Savings Plan?

   All full-time employees of Waters are eligible to participate in the 401(k) Savings Plan after completing a specified period of service.

   Does Waters offer a company match for contributions to the 401(k) Savings Plan?

   Yes, Waters offers a company match for employee contributions to the 401(k) Savings Plan, subject to certain limits.

   How can employees enroll in Waters' 401(k) Savings Plan?

   Employees can enroll in Waters' 401(k) Savings Plan through the company’s benefits portal or by contacting the HR department for assistance.

   What types of contributions can employees make to Waters' 401(k) Savings Plan?

   Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option for catch-up contributions if they are age 50 or older.

   Are there any fees associated with Waters' 401(k) Savings Plan?

   Yes, Waters' 401(k) Savings Plan may have administrative fees, investment fees, and other costs that are disclosed in the plan documents.

   How often can employees change their contribution rates to Waters' 401(k) Savings Plan?

   Employees can change their contribution rates to Waters' 401(k) Savings Plan during designated enrollment periods or as permitted by the plan guidelines.

   What investment options are available in Waters' 401(k) Savings Plan?

   Waters' 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

   Can employees take loans against their 401(k) accounts at Waters?

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

   What happens to my 401(k) savings if I leave Waters?

   If you leave Waters, 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 Waters plan if permitted.