What Burlington Stores Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Burlington Stores Burlington Stores, Inc. provides healthcare coverage to its employees through a variety of plans, most notably through BlueCross BlueShield (BCBS). This offers employees access to a broad network of healthcare professionals and facilities. Potential Healthcare Cost Increases in 2026 As we look toward 2026, Burlington Stores and its employees may face significant increases in healthcare costs, driven primarily by record hikes in Affordable Care Act (ACA) premiums. States are reporting increases as high as 66% for certain ACA plans, with many individuals potentially seeing their out-of-pocket premiums rise by over 75% if enhanced federal subsidies are not extended. Factors contributing to these escalating costs include rising medical inflation, increased hospital and prescription drug expenses, and the anticipated expiration of enhanced subsidies. Consequently, employers may need to rethink their healthcare strategies, as shifting more costs to employees becomes a likely strategy in response to a challenging economic landscape. Click here to learn more

For example, Burlington Stores 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 Burlington Stores 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 Burlington Stores 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 Burlington Stores employees.

Simply for political, economic, and social reasons, many Burlington Stores 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 Burlington Stores.

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 Burlington Stores 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, Burlington Stores 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. 'Burlington Stores 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 Burlington Stores offer to its employees?

   Burlington Stores offers a 401(k) retirement savings plan to its employees.

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

   Yes, Burlington Stores provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

   What is the eligibility requirement for Burlington Stores' 401(k) plan?

   Employees of Burlington Stores are eligible to participate in the 401(k) plan after completing a specified period of service, typically 30 days.

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

   Burlington Stores employees can enroll in the 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.

   What investment options are available in the Burlington Stores 401(k) plan?

   The Burlington Stores 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

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

   Yes, employees at Burlington Stores can change their contribution percentage at any time throughout the year.

   Is there a vesting schedule for the employer match in Burlington Stores' 401(k) plan?

   Yes, Burlington Stores has a vesting schedule for the employer match, which means employees must work for a certain period before they fully own the matched contributions.

   What is the maximum contribution limit for Burlington Stores employees participating in the 401(k) plan?

   The maximum contribution limit for Burlington Stores employees is determined by the IRS and may change annually; employees should check the current limit each year.

   Does Burlington Stores offer a loan option against the 401(k) savings plan?

   Yes, Burlington Stores allows employees to take loans against their 401(k) savings plan, subject to specific terms and conditions.

   Can Burlington Stores employees withdraw funds from their 401(k) plan while still employed?

   Generally, Burlington Stores employees cannot withdraw funds from their 401(k) plan while still employed, except under specific circumstances such as financial hardship.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Burlington Stores announced a restructuring plan that includes a significant reduction in workforce and the closure of several underperforming locations. The company also plans to make changes to employee benefits, including adjustments to health insurance coverage and retirement plan contributions.