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

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For example, WeWork 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 WeWork 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 WeWork 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 WeWork employees.

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

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 WeWork 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, WeWork 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. 'WeWork 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 type of retirement plan does WeWork offer to its employees?

   WeWork offers a 401(k) retirement plan to help employees save for their future.

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

   Yes, WeWork provides a matching contribution to the 401(k) plan, subject to certain limits.

   How can WeWork employees enroll in the 401(k) plan?

   WeWork employees can enroll in the 401(k) plan through the employee benefits portal or by contacting the HR department for assistance.

   What is the eligibility requirement for WeWork employees to participate in the 401(k) plan?

   Generally, WeWork employees are eligible to participate in the 401(k) plan after completing a specified period of employment, as outlined in the employee handbook.

   Can WeWork employees change their contribution percentage to the 401(k) plan?

   Yes, WeWork employees can change their contribution percentage at any time during the year, subject to certain limitations.

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

   WeWork's 401(k) plan offers a variety of investment options, including mutual funds and other investment vehicles, allowing employees to choose based on their risk tolerance and retirement goals.

   Does WeWork provide financial education resources for employees regarding their 401(k) plan?

   Yes, WeWork offers financial education resources and workshops to help employees understand their 401(k) options and make informed decisions.

   What happens to my 401(k) plan if I leave WeWork?

   If you leave WeWork, you have several options for your 401(k) plan, including rolling it over to an IRA or a new employer's plan, cashing it out, or leaving it with WeWork until you reach retirement age.

   Are there any fees associated with WeWork's 401(k) plan?

   Yes, WeWork's 401(k) plan may have certain administrative fees and investment-related expenses, which are disclosed in the plan documents.

   How often can WeWork employees contribute to their 401(k) plan?

   WeWork employees can contribute to their 401(k) plan through payroll deductions, which occur with each paycheck.