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

Healthcare Provider Update: Healthcare Provider for Enovis Enovis Corporation focuses primarily on innovative medical technologies and doesn't act as a traditional healthcare provider. Instead, their products are frequently utilized by healthcare providers, including hospitals and outpatient clinics, to enhance patient outcomes in areas such as orthopedic rehabilitation and musculoskeletal health. Potential Healthcare Cost Increases in 2026 As 2026 approaches, significant hikes in healthcare costs are anticipated, driven primarily by soaring drug prices, rising hospital admissions, and increasing behavioral health needs. A recent analysis indicates medical costs are forecasted to rise by approximately 8.5% for group plans and 7.5% for individual market plans. The impending expiration of enhanced federal subsidies is also likely to exacerbate these increases, potentially leading to a dramatic 75% rise in out-of-pocket premiums for policyholders, significantly impacting consumers' access to affordable coverage. As insurers navigate these challenges, cost control measures will be crucial in preserving the financial viability of healthcare for many Americans. Click here to learn more

For example, Enovis 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 Enovis 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 Enovis 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 Enovis employees.

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

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 Enovis 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, Enovis 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. 'Enovis 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 Enovis 401(k) plan?

   The Enovis 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary for retirement on a tax-deferred basis.

   How can I enroll in the Enovis 401(k) plan?

   Employees can enroll in the Enovis 401(k) plan by completing the enrollment process through the company's HR portal or by contacting the HR department for assistance.

   Does Enovis offer a company match for the 401(k) contributions?

   Yes, Enovis offers a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.

   What is the eligibility requirement to participate in the Enovis 401(k) plan?

   To be eligible to participate in the Enovis 401(k) plan, employees must meet specific criteria, which typically include being a full-time employee and completing a certain period of service.

   How much can I contribute to the Enovis 401(k) plan?

   Employees can contribute up to the IRS limit set for 401(k) plans each year. Enovis may also allow for additional catch-up contributions for eligible employees.

   Can I change my contribution percentage in the Enovis 401(k) plan?

   Yes, employees can change their contribution percentage at any time by accessing their account through the Enovis HR portal or contacting HR.

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

   The Enovis 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   When can I access my Enovis 401(k) funds?

   Employees can access their Enovis 401(k) funds upon reaching retirement age, or under certain circumstances such as financial hardship or termination of employment.

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

   Yes, the Enovis 401(k) plan may have administrative fees and investment-related expenses, which are disclosed in the plan documents provided to employees.

   How does the Enovis 401(k) plan handle loans?

   The Enovis 401(k) plan allows eligible employees to take loans against their vested balance, subject to specific terms and conditions outlined 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.
   Enovis offers its employees a comprehensive 401(k) plan, which includes employer matching contributions of up to 4%. Employees are fully vested in the 401(k) plan from day one, providing immediate access to the matched funds​ (Enovis)​ (Enovis). The 401(k) plan at Enovis is designed to assist employees in preparing for retirement by allowing them to contribute a portion of their pre-tax earnings. Enovis' plan follows standard 401(k) terminology, offering both traditional and Roth options, providing flexibility depending on employees' tax preferences and retirement strategies. The Enovis pension plan details are less prominently outlined but involve specific eligibility criteria based on years of service and age qualifications, typical in defined benefit plans. Enovis also refers to the pension plan using common acronyms such as DB (Defined Benefit) and includes terminology like vesting periods, accrual rates, and final average pay calculations.
   Restructuring and Layoffs: Enovis announced in March 2024 a significant restructuring plan aimed at streamlining operations and reducing costs. This move included a reduction in workforce by 10%, affecting various departments across the company. The company stated that the restructuring was necessary to improve efficiency and adapt to changing market conditions.
   Enovis Corporation (NYSE: ENOV), a leading medical technology growth company, provides stock options and Restricted Stock Units (RSUs) to its employees as part of its compensation strategy. The stock options at Enovis are typically offered to senior executives and key personnel as incentives for performance and growth. RSUs are also granted, particularly to employees who contribute to long-term strategic projects. RSUs are awarded based on performance criteria and vest over time, aligning employees' interests with shareholders. In 2022, Enovis expanded its stock-based compensation, especially in its Reconstructive and Prevention segments. This growth resulted in a broader distribution of stock options and RSUs across various levels of management. The company reported significant innovation in its financial results, with stock options contributing to long-term employee retention
   Visit Enovis's official website. Look for sections such as "Careers," "Employee Benefits," or "Corporate Responsibility" where health benefits are typically detailed. Check their latest press releases or news updates that might include changes to health benefits. Search for Enovis's annual reports or SEC filings (e.g., 10-K reports) which often include details about employee benefits and changes. Job Listings and Career Pages: Explore job postings on Enovis’s career page or job boards. Sometimes, benefits information is included in job descriptions. News Outlets and Business Journals: