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Timken Employees Take on the World: Exploring the Best Overseas Retirement Spots for 2025

'Timken employees exploring international retirement can enhance their lifestyle by planning carefully around healthcare, tax considerations, and residency requirements abroad.' – Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'Timken employees nearing retirement should view overseas living as a strategic lifestyle choice that combines financial efficiency with rich cultural experiences—when approached with thoughtful planning.' – Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

The growing trend of retiring abroad and its increasing allure among Americans.
Top international retirement destinations and their unique attractions, as highlighted in the 2025 Retirement Overseas Index.
Key considerations for transitioning to an overseas lifestyle, including residency visas, tax benefits, and healthcare options.

For Timken employees seeking a meaningful vacation or a permanent change of scenery after retirement, the idea of retiring abroad might be enticing. Recent trends show more Americans interested in international living. According to a Gallup poll, interest grew to 21% by 2024 from 10% in 2011. Improved global connectivity and broader social acceptance globally are contributing to this rising curiosity.

The 2025 Retirement Overseas Index by Live & Invest Overseas shows why people move abroad. This index rates retirement destinations on cost of living, healthcare quality, local regulations, tax considerations, and proximity to beaches, museums, and nature trails. Such factors are essential for retirement security.

The index considers some cities as good retirement spots. Valencia in Spain has an expat community and a Mediterranean climate for leisure and culture. And Medellin, Colombia, meanwhile, is an active urban area with a varied culinary and cultural scene for retirees looking for a dynamic lifestyle.

Transitioning to an overseas lifestyle takes planning. From choosing the right travel insurance to learning from current expats, Timken retirees can prepare for life abroad. Those efforts enable informed decision-making and realistic expectations for those prepared to live internationally.

Understanding residency is also important for retirees moving. For example, Portugal offers the D7 retirement visa, which has accessible income requirements and offers great healthcare and tax advantages. The historical richness, relaxed lifestyle, and beautiful landscape of Portugal are highlighted in the 2025 Retirement Overseas Index.

Find out where to retire abroad in 2025. Explore top options like Valencia and Medellin - both known for their cultural vibrancy, quality healthcare, affordability, and friendly environments. Taxes, residency visas, and leisure tips for retiring Americans abroad. Ideal for Timken workers looking for a beachy experience after work.

From Valencia's old-world charm to Medellin's cultural capital, each destination offers something different - like picking a wine for retirement. So, whether it's the soft familiarity of Valencia or the wild energy of Medellin, retirees can choose where to retire by weighing costs of living, healthcare, and local community - like choosing a wine by vineyard, vintage, and flavor profile.

Retiring abroad offers lower cost of living, affordable healthcare, and exposure to other cultures. The five sources that support these points are listed below with brief explanations of how they benefit retirees and strengthen the case for international retirement.

Articles you may find interesting:

Source:

1. Investopedia Staff. 'Is Retiring Abroad Right for You? Key Factors to Consider Now.' Investopedia , Nov. 2024, www.investopedia.com/is-retiring-abroad-right-for-you-key-factors-to-consider-now-8415232 .

2. Tubongbanua, Rachelle. 'Retiring Abroad: Financial Factors to Consider.' U.S. Bank , Oct. 2024, www.usbank.com/financialiq/inspire/retirement/retiring-abroad-financial-factors-to-consider.html .

3. Ingrim, Alex. 'The Pros and Cons of Retiring Abroad.' Kiplinger , July 2023, www.kiplinger.com/retirement/retiring-abroad/the-pros-and-cons-of-retiring-abroad .

4. U.S. News Staff. 'Best Places to Retire Overseas in 2025.' U.S. News & World Report , Jan. 2025, www.usnews.com/money/retirement/articles/best-places-to-retire-overseas-in-2025 .

5. Investopedia Staff. 'Retirees Flock to These Countries for Unmatched Benefits—Is Yours on the List?' Investopedia , Oct. 2024, www.investopedia.com/retirees-flock-to-these-countries-for-unmatched-benefits-8421893 .

What is the Timken 401(k) Savings Plan?

The Timken 401(k) Savings Plan is a retirement savings plan that allows employees to save for retirement through pre-tax and/or after-tax contributions.

How can I enroll in the Timken 401(k) Savings Plan?

You can enroll in the Timken 401(k) Savings Plan by completing the enrollment process through the Timken employee portal or by contacting the HR department for assistance.

What types of contributions can I make to the Timken 401(k) Savings Plan?

Timken allows employees to make pre-tax contributions, Roth (after-tax) contributions, and catch-up contributions if eligible.

Does Timken offer a company match for the 401(k) Savings Plan?

Yes, Timken provides a company match on employee contributions to the 401(k) Savings Plan, which helps to enhance your retirement savings.

What is the maximum contribution limit for the Timken 401(k) Savings Plan?

The maximum contribution limit for the Timken 401(k) Savings Plan is determined by the IRS and may change annually. Employees should check the latest IRS guidelines for the current limit.

When can I start withdrawing from my Timken 401(k) Savings Plan?

You can start withdrawing from your Timken 401(k) Savings Plan without penalty at age 59½, or earlier in cases of financial hardship, as defined by the plan.

How does Timken's company match work in the 401(k) Savings Plan?

Timken's company match typically matches a percentage of your contributions up to a certain limit, which is outlined in the plan documents.

Can I take a loan from my Timken 401(k) Savings Plan?

Yes, Timken allows participants to take loans from their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan.

What investment options are available in the Timken 401(k) Savings Plan?

The Timken 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

How can I change my contribution rate for the Timken 401(k) Savings Plan?

You can change your contribution rate for the Timken 401(k) Savings Plan by accessing your account through the employee portal or contacting HR for assistance.