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

Healthcare Provider Update: Healthcare Provider and Cost Increases for Western Union Employees Western Union employees' healthcare coverage is typically provided through a major health insurer, with specific details often outlined in their employee benefits package. As 2026 approaches, Western Union employees should brace for potential increases in healthcare costs. Significant hikes in premiums are anticipated, particularly due to the expiration of enhanced federal ACA premium subsidies that could push out-of-pocket costs up by over 75% for many. Additionally, as a response to rising medical expenses driven by inflation3 (projected at 7-10% annually) and the high costs of certain medications, employers, including Western Union, may shift additional financial burdens onto employees by increasing deductibles and out-of-pocket maximums. Understanding these changes and preparing accordingly is crucial for employees navigating the upcoming healthcare landscape. Click here to learn more

For example, Western Union 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 Union 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 Union 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 Union employees.

Simply for political, economic, and social reasons, many Western Union 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 Union.

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 Union 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 Union 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 Union 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 Union?

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

   How can employees enroll in Western Union's 401(k) plan?

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

   Does Western Union match employee contributions to the 401(k) plan?

   Yes, Western Union offers a matching contribution to employees who participate in the 401(k) plan, up to a certain percentage of their salary.

   What are the eligibility requirements for Western Union's 401(k) plan?

   Employees are typically eligible to participate in Western Union's 401(k) plan after completing a specified period of employment, which is outlined in the employee handbook.

   Can employees change their contribution rate to Western Union's 401(k) plan?

   Yes, employees can change their contribution rate to Western Union's 401(k) plan at any time, subject to the plan’s rules.

   What investment options are available in Western Union's 401(k) plan?

   Western Union's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

   Is there a vesting schedule for Western Union's 401(k) matching contributions?

   Yes, Western Union has a vesting schedule for its matching contributions, which means employees must work for a certain period before they fully own those contributions.

   How often can employees access their 401(k) account statements at Western Union?

   Employees can access their 401(k) account statements online through the benefits portal, typically on a quarterly basis.

   What happens to the 401(k) plan if an employee leaves Western Union?

   If an employee leaves Western Union, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Western Union plan if allowed.

   Are there loans available against the 401(k) plan at Western Union?

   Yes, Western Union's 401(k) plan may allow employees to take loans against their account balance, subject to specific terms and conditions.