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

Healthcare Provider Update: ChampionX offers comprehensive health benefits including medical, dental, vision, and prescription coverage. Employees can access HSAs, FSAs, and wellness resources for diabetes, fertility, and parenting support. The company also provides a 401(k) with matching, paid parental leave, tuition reimbursement, and flexible work arrangements 10. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

For example, ChampionX 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 ChampionX 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 ChampionX 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 ChampionX employees.

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

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 ChampionX 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, ChampionX 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. 'ChampionX 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 savings plan does ChampionX offer to its employees?

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

   Does ChampionX provide matching contributions to the 401(k) plan?

   Yes, ChampionX provides matching contributions to the 401(k) plan to help employees save for retirement.

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

   Most ChampionX employees are eligible to participate in the 401(k) plan after completing a specified period of employment.

   Can ChampionX employees choose how much to contribute to their 401(k) plan?

   Yes, ChampionX employees can choose to contribute a percentage of their salary to their 401(k) plan, within IRS limits.

   Are there investment options available in the ChampionX 401(k) plan?

   Yes, ChampionX offers a variety of investment options within the 401(k) plan for employees to choose from.

   How often can ChampionX employees change their 401(k) contribution amounts?

   ChampionX employees can change their 401(k) contribution amounts at designated times throughout the year.

   Is there a vesting schedule for ChampionX’s matching contributions?

   Yes, ChampionX has a vesting schedule for matching contributions, which determines when employees fully own those contributions.

   Can ChampionX employees take loans against their 401(k) savings?

   Yes, ChampionX allows employees to take loans against their 401(k) savings under certain conditions.

   What happens to the 401(k) plan if a ChampionX employee leaves the company?

   If a ChampionX employee leaves the company, they have several options for their 401(k) savings, including rolling it over to another plan or withdrawing the funds.

   Does ChampionX offer financial education resources for employees regarding their 401(k) plan?

   Yes, ChampionX offers financial education resources to help employees understand and manage their 401(k) plan effectively.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   In 2024, ChampionX announced a significant restructuring plan, resulting in a reduction of approximately 10% of its workforce. This decision includes consolidating operations and closing several regional offices.