What World Fuel Services Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Offers medical, dental, vision, mental health, FSAs, and disability insurance, along with paid leave and tuition reimbursement 7. As ACA premiums increase, World Fuels employer-sponsored plans may offer more predictable costs and better coverage than individual marketplace options. Click here to learn more

For example, World Fuel 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 World Fuel 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 World Fuel 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 World Fuel Services employees.

Simply for political, economic, and social reasons, many World Fuel 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 World Fuel 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 World Fuel 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, World Fuel Services 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. 'World Fuel 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 is the 401(k) plan offered by World Fuel Services?

   The 401(k) plan at World Fuel Services 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 World Fuel Services 401(k) plan?

   Employees can enroll in the World Fuel Services 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.

   Does World Fuel Services match contributions to the 401(k) plan?

   Yes, World Fuel Services offers a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.

   What is the vesting schedule for the World Fuel Services 401(k) matching contributions?

   The vesting schedule for World Fuel Services' 401(k) matching contributions typically follows a graded vesting schedule over a period of years, which is outlined in the plan documents.

   Can I change my contribution percentage to the World Fuel Services 401(k) plan?

   Yes, employees can change their contribution percentage to the World Fuel Services 401(k) plan at any time by submitting a request through the HR portal.

   What investment options are available in the World Fuel Services 401(k) plan?

   The World Fuel Services 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   When can I start withdrawing from my World Fuel Services 401(k) plan?

   Employees can typically start withdrawing from their World Fuel Services 401(k) plan without penalty at age 59½, subject to specific plan rules and regulations.

   Are there any loans available against my World Fuel Services 401(k) plan?

   Yes, World Fuel Services may allow employees to take loans against their 401(k) balance, subject to the terms and conditions of the plan.

   What happens to my World Fuel Services 401(k) if I leave the company?

   If you leave World Fuel Services, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the World Fuel Services plan if allowed.

   How often can I make changes to my investment choices in the World Fuel Services 401(k) plan?

   Employees can make changes to their investment choices in the World Fuel Services 401(k) plan on a regular basis, typically quarterly or as specified in the plan documents.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   World Fuel Services provides RSUs and stock options as part of their compensation packages.