What Diamondback Energy Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Diamondback Energy Diamondback Energy partners with UnitedHealthcare as its healthcare provider. This relationship is significant as UnitedHealthcare is one of the largest health insurers in the United States, offering a comprehensive range of plans that cater to the diverse needs of Diamondback's workforce. Healthcare Cost Increases in 2026 In 2026, the healthcare landscape is anticipated to face considerable challenges, particularly for Diamondback Energy and its employees. With health insurance premiums for ACA marketplace plans projected to rise sharply-potentially by over 75% for many enrollees-the impact of expiring federal premium subsidies will be profoundly felt. This scenario is compounded by rising medical costs, with forecasts suggesting that many states may experience increases as steep as 66%, significantly affecting overall healthcare affordability for Diamondback's workforce. As these changes unfold, it is crucial for companies like Diamondback Energy to strategize on managing healthcare-related expenses effectively to support their employees amidst a fluctuating market. Click here to learn more

For example, Diamondback Energy 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 Diamondback Energy 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 Diamondback Energy 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 Diamondback Energy employees.

Simply for political, economic, and social reasons, many Diamondback Energy 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 Diamondback Energy.

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 Diamondback Energy 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, Diamondback Energy 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. 'Diamondback Energy 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 Diamondback Energy offer?

   Diamondback Energy offers a 401(k) retirement savings plan to help employees save for their future.

   Is there a company match for contributions to the 401(k) plan at Diamondback Energy?

   Yes, Diamondback Energy provides a company match for employee contributions to the 401(k) plan, enhancing your retirement savings.

   How can I enroll in the 401(k) plan at Diamondback Energy?

   Employees can enroll in the Diamondback Energy 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

   What is the eligibility requirement to participate in Diamondback Energy's 401(k) plan?

   Most employees at Diamondback Energy are eligible to participate in the 401(k) plan after completing a specified period of service.

   What investment options are available in Diamondback Energy's 401(k) plan?

   Diamondback Energy's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

   Can I change my contribution percentage to the 401(k) plan at Diamondback Energy?

   Yes, employees can change their contribution percentage to the Diamondback Energy 401(k) plan at any time, subject to certain guidelines.

   Does Diamondback Energy offer loans against the 401(k) plan?

   Yes, Diamondback Energy allows employees to take loans against their 401(k) plan balance, subject to the plan's terms and conditions.

   How often can I change my investment allocations in the Diamondback Energy 401(k) plan?

   Employees can change their investment allocations in the Diamondback Energy 401(k) plan as frequently as they wish, typically through the plan’s online portal.

   What happens to my 401(k) if I leave Diamondback Energy?

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

   Are there any fees associated with the Diamondback Energy 401(k) plan?

   Yes, there may be administrative fees and investment-related fees associated with the Diamondback Energy 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.
   For Diamondback Energy, the company offers a 401(k) plan under the name "Diamondback Energy 401(k) Plan" with eligibility based on service and age requirements that vary slightly depending on employee classification. The company uses industry-specific terminology and acronyms, including "FANG" as its stock symbol and commonly referring to its operations as part of the Permian Basin. For its pension plan offerings, while there is no traditional defined benefit pension available, Diamondback provides substantial retirement contributions through its 401(k) plan, matching employee contributions up to 6% of salary​ (Diamondback Energy)​ (Diamondback Energy). Regarding the years of service and age qualification, employees typically become eligible for Diamondback Energy’s 401(k) match after completing one year of service. The matching contributions are vested gradually, with full vesting occurring after 5 years of service. While detailed documentation does not explicitly list a traditional pension formula, the 401(k) match is a significant part of their retirement strategy​
   Restructuring and Layoffs: In early 2024, Diamondback Energy announced a restructuring plan aimed at streamlining operations and reducing costs. The plan included a reduction of 5% in workforce to align with the company's strategic goals and to enhance operational efficiency. This restructuring was influenced by fluctuating oil prices and the need to adapt to a more competitive market. Given the current economic environment, understanding these changes is crucial for investors and employees to make informed decisions.
   In 2022, Diamondback Energy provided stock options and RSUs to senior executives and key employees. The RSUs typically vest over a four-year period. Eligibility was determined based on performance and tenure.
   Company Official Website: For the most direct and accurate information on Diamondback Energy's health benefits. Industry News Sources: Reputable news outlets that cover employee benefits and changes in healthcare policies within the industry. Employment and Benefits Websites: Sites like Glassdoor, Indeed, or LinkedIn for employee reviews and company benefit details. Company Reports: Annual reports or benefits summaries released by Diamondback Energy. Healthcare and Insurance Providers: Websites of insurance providers that partner with Diamondback Energy, if available.