What West Pharmaceutical Services Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: West Pharmaceutical Services: Healthcare Provider West Pharmaceutical Services is a global leader in the development and manufacturing of innovative delivery systems for injectable drugs and healthcare solutions. The company serves various sectors including pharmaceutical, biotechnology, and medical device industries. As a prominent entity in this space, they work with numerous healthcare providers to ensure their products meet the stringent requirements needed for safe and effective patient care. Potential Healthcare Cost Increases in 2026 Healthcare costs for West Pharmaceutical Services employees are expected to rise considerably in 2026, influenced by several market dynamics. Record increases in Affordable Care Act (ACA) premiums could pressure employers to shift more costs onto employees, potentially increasing out-of-pocket expenses significantly. Approximately 51% of large employers are anticipated to adjust their healthcare benefits by raising deductibles and out-of-pocket maximums. This, combined with soaring medical costs driven by inflation and high drug prices, will likely increase financial burdens on employees, making 2026 a pivotal year for healthcare affordability. Click here to learn more

For example, West Pharmaceutical Services 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 West Pharmaceutical Services 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 West Pharmaceutical Services 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 West Pharmaceutical Services employees.

Simply for political, economic, and social reasons, many West Pharmaceutical Services 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 West Pharmaceutical Services.

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 West Pharmaceutical Services 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, West Pharmaceutical Services 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. 'West Pharmaceutical Services 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 types of contributions can I make to the West Pharmaceutical Services 401(k) plan?

   Employees of West Pharmaceutical Services can make pre-tax and Roth (after-tax) contributions to the 401(k) plan.

   Does West Pharmaceutical Services offer a company match for the 401(k) contributions?

   Yes, West Pharmaceutical Services provides a company match for employee contributions to the 401(k) plan, subject to certain limits.

   When can I enroll in the West Pharmaceutical Services 401(k) plan?

   Employees can enroll in the West Pharmaceutical Services 401(k) plan during the initial enrollment period upon hire or during the annual open enrollment period.

   What is the vesting schedule for the West Pharmaceutical Services 401(k) company match?

   The vesting schedule for the company match at West Pharmaceutical Services typically follows a graded vesting schedule over a period of three to five years.

   Can I take a loan against my 401(k) with West Pharmaceutical Services?

   Yes, West Pharmaceutical Services allows participants to take loans against their 401(k) balance, subject to plan rules and limits.

   What investment options are available in the West Pharmaceutical Services 401(k) plan?

   The West Pharmaceutical Services 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and stable value funds.

   How can I access my West Pharmaceutical Services 401(k) account information?

   Employees can access their 401(k) account information through the West Pharmaceutical Services online portal or by contacting the plan administrator.

   Are there any fees associated with the West Pharmaceutical Services 401(k) plan?

   Yes, like most retirement plans, the West Pharmaceutical Services 401(k) plan may have administrative and investment fees, which are disclosed in the plan documents.

   What happens to my 401(k) if I leave West Pharmaceutical Services?

   If you leave West Pharmaceutical Services, you can roll over your 401(k) balance to another qualified plan, cash it out (subject to taxes and penalties), or leave it in the West plan if you meet certain criteria.

   Does West Pharmaceutical Services offer financial education resources for 401(k) participants?

   Yes, West Pharmaceutical Services provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.