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

Healthcare Provider Update: Healthcare Provider for Westlake Westlake Corporation primarily uses Aetna as its healthcare provider. Aetna offers a variety of health plans for employees, focusing on comprehensive coverage and wellness initiatives to support employees' health needs. Potential Healthcare Cost Increases in 2026 As we look towards 2026, significant healthcare cost increases are anticipated, particularly due to various economic factors. With many states projecting record premium hikes-some exceeding 60%-the potential expiration of enhanced ACA premium subsidies poses a crucial challenge. This may result in out-of-pocket premiums skyrocketing for most consumers, with estimates indicating increases of over 75% for 92% of policyholders. Coupled with a rise in medical expenses and demands for higher reimbursements from healthcare providers, employees at Westlake and nationwide may find their healthcare costs markedly elevated in the coming year, necessitating careful planning and strategic health coverage choices. Click here to learn more

For example, Westlake 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 Westlake 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 Westlake 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 Westlake employees.

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

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 Westlake 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, Westlake employees who are retiring abroad need to plan carefully.

Featured Video

Articles you may find interesting:

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. 'Westlake 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 Westlake 401k/Savings Plan?

   The Westlake 401k/Savings Plan is a retirement savings plan that allows employees to save for their future on a tax-deferred basis.

   How can I enroll in the Westlake 401k/Savings Plan?

   You can enroll in the Westlake 401k/Savings Plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.

   What is the employer match for the Westlake 401k/Savings Plan?

   Westlake offers a competitive employer match for contributions made to the 401k/Savings Plan, which is typically a percentage of your contributions up to a certain limit.

   When can I start contributing to the Westlake 401k/Savings Plan?

   Employees can start contributing to the Westlake 401k/Savings Plan after completing their eligibility period, which is usually outlined in the employee handbook.

   What types of investments are available in the Westlake 401k/Savings Plan?

   The Westlake 401k/Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk levels.

   How often can I change my contributions to the Westlake 401k/Savings Plan?

   Employees can typically change their contribution rates to the Westlake 401k/Savings Plan on a quarterly basis, but it’s best to check the specific guidelines provided by Westlake.

   Is there a vesting schedule for the Westlake 401k/Savings Plan?

   Yes, the Westlake 401k/Savings Plan includes a vesting schedule for employer contributions, which means you must work for Westlake for a certain period before you fully own those contributions.

   Can I take a loan against my Westlake 401k/Savings Plan?

   Yes, Westlake allows employees to take loans against their 401k/Savings Plan balance under certain conditions. Please refer to the plan documents for specific terms.

   What happens to my Westlake 401k/Savings Plan if I leave the company?

   If you leave Westlake, you have several options for your 401k/Savings Plan, including rolling it over to an IRA or another employer's plan, cashing it out, or leaving it with Westlake.

   Does Westlake offer financial education regarding the 401k/Savings Plan?

   Yes, Westlake provides financial education resources and workshops to help employees understand their 401k/Savings Plan options and make informed decisions.