What Western Midstream Partners Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Western Midstream Partners Western Midstream Partners typically partners with major insurers for employee healthcare coverage, with providers including national firms such as UnitedHealthcare, Anthem (Elevance Health), and Cigna. These partnerships are crucial for delivering health benefits to employees, enabling access to essential medical services and prescription drugs. Potential Healthcare Cost Increases in 2026 In 2026, employees of Western Midstream Partners may face substantial healthcare cost increases, primarily driven by the anticipated expiration of enhanced federal premium subsidies and significant rate hikes from major insurers. Projections indicate that average ACA marketplace premiums could rise dramatically, with some states experiencing increases of over 60%. As a result, many employees could see their out-of-pocket costs surge by as much as 75%, necessitating a careful evaluation of both employer-sponsored plans and marketplace options to mitigate the financial impact. Click here to learn more

For example, Western Midstream Partners 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 Western Midstream Partners 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 Western Midstream Partners 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 Western Midstream Partners employees.

Simply for political, economic, and social reasons, many Western Midstream Partners 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 Western Midstream Partners.

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 Western Midstream Partners 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, Western Midstream Partners 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. 'Western Midstream Partners 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 Western Midstream Partners?

   The 401(k) plan at Western Midstream Partners is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

   How can I enroll in the 401(k) plan at Western Midstream Partners?

   Employees can enroll in the 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 company match for the 401(k) plan at Western Midstream Partners?

   Western Midstream Partners offers a company match of 50% on employee contributions up to a certain percentage of their salary, helping to boost retirement savings.

   When can I start contributing to the 401(k) plan at Western Midstream Partners?

   Employees can start contributing to the 401(k) plan after completing their eligibility period, which is typically within the first month of employment.

   What types of investments are available in the Western Midstream Partners 401(k) plan?

   The 401(k) plan at Western Midstream Partners offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock.

   Can I change my contribution percentage to the 401(k) plan at Western Midstream Partners?

   Yes, employees can change their contribution percentage at any time through the HR portal or by contacting payroll services.

   Is there a vesting schedule for the company match in the 401(k) plan at Western Midstream Partners?

   Yes, Western Midstream Partners has a vesting schedule, which means that employees must work for the company for a certain period before they fully own the company match contributions.

   What happens to my 401(k) if I leave Western Midstream Partners?

   If you leave Western Midstream Partners, you have several options for your 401(k), including rolling it over to a new employer’s plan, transferring it to an IRA, or cashing it out (subject to taxes and penalties).

   Can I take a loan against my 401(k) at Western Midstream Partners?

   Yes, Western Midstream Partners allows employees to take loans against their 401(k) balance, subject to certain terms and conditions.

   Are there hardship withdrawal options available in the 401(k) plan at Western Midstream Partners?

   Yes, employees may be eligible for hardship withdrawals from their 401(k) plan at Western Midstream Partners under specific circumstances defined by the plan.