What Builders FirstSource Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Builders FirstSource The healthcare provider for Builders FirstSource is not explicitly named in the available resources; however, large employers generally partner with major insurance companies such as UnitedHealthcare, Anthem, Cigna, or Aetna to offer health plans to their employees. Potential Healthcare Cost Increases in 2026 In 2026, employees of Builders FirstSource may face significant healthcare cost increases as a result of anticipated hikes in health insurance premiums-some states may see raises of over 60%. Factors contributing to these increases include the potential expiration of enhanced federal premium subsidies under the Affordable Care Act (ACA) and rising medical care costs driven by inflation and specific expensive treatments. As a result, many employees could experience greater out-of-pocket expenses, compelling them to evaluate their healthcare plans and reassess their financial options carefully. Preparedness in understanding and managing these changes will be crucial for maintaining affordability in the coming year. Click here to learn more

For example, Builders FirstSource 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 Builders FirstSource 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 Builders FirstSource 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 Builders FirstSource employees.

Simply for political, economic, and social reasons, many Builders FirstSource 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 Builders FirstSource.

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 Builders FirstSource 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, Builders FirstSource 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. 'Builders FirstSource 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 Builders FirstSource?

   The 401(k) plan at Builders FirstSource is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

   How does Builders FirstSource match employee contributions to the 401(k) plan?

   Builders FirstSource offers a matching contribution to the 401(k) plan, which typically matches a percentage of the employee's contributions, helping to boost retirement savings.

   When can employees of Builders FirstSource enroll in the 401(k) plan?

   Employees of Builders FirstSource can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.

   What are the eligibility requirements for the 401(k) plan at Builders FirstSource?

   To be eligible for the 401(k) plan at Builders FirstSource, employees generally need to be at least 21 years old and have completed a specified period of service.

   Can employees of Builders FirstSource take loans against their 401(k) savings?

   Yes, Builders FirstSource allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

   What investment options are available in the Builders FirstSource 401(k) plan?

   The Builders FirstSource 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.

   How can employees of Builders FirstSource access their 401(k) account information?

   Employees can access their 401(k) account information through the Builders FirstSource benefits portal or by contacting the plan administrator.

   What happens to the 401(k) plan if an employee leaves Builders FirstSource?

   If an employee leaves Builders FirstSource, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Builders FirstSource plan if eligible.

   Does Builders FirstSource offer financial education resources for its 401(k) plan?

   Yes, Builders FirstSource provides financial education resources and workshops to help employees make informed decisions about their 401(k) savings.

   Are there any fees associated with the Builders FirstSource 401(k) plan?

   Yes, there may be administrative fees and investment-related fees associated with the Builders FirstSource 401(k) plan, which are disclosed 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.
   Builders FirstSource announced a restructuring plan to streamline operations and reduce costs, which includes potential layoffs.