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

Healthcare Provider Update: Healthcare Provider for TransUnion TransUnion utilizes various healthcare providers for its employee health benefits, but specific details about the primary provider may vary by state and plan. Typically, large corporations like TransUnion partner with recognized insurance carriers to offer comprehensive health coverage, which often includes options from major players in the industry. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare costs are expected to rise significantly, creating challenges for both employers and employees at TransUnion. Experts predict that heightened medical expenses combined with the expiration of enhanced federal subsidies could lead to skyrocketing premiums in the Affordable Care Act marketplace, with some shareholders experiencing increases exceeding 60%. This situation may compel employers to reconsider how they manage health benefits, potentially requiring workers to shoulder a larger share of medical expenses, thereby affecting household budgets and overall healthcare affordability for many. Click here to learn more

For example, TransUnion 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 TransUnion 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 TransUnion 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 TransUnion employees.

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

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 TransUnion 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, TransUnion 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. 'TransUnion 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 primary purpose of TransUnion's 401(k) Savings Plan?

   The primary purpose of TransUnion's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.

   How can TransUnion employees enroll in the 401(k) Savings Plan?

   TransUnion employees can enroll in the 401(k) Savings Plan by completing the online enrollment process through the company's benefits portal during the enrollment period.

   Does TransUnion offer a company match for contributions made to the 401(k) Savings Plan?

   Yes, TransUnion offers a company match for employee contributions to the 401(k) Savings Plan, helping employees maximize their retirement savings.

   What are the eligibility requirements for TransUnion's 401(k) Savings Plan?

   To be eligible for TransUnion's 401(k) Savings Plan, employees must be at least 21 years old and have completed a specified period of service with the company.

   What types of investment options are available in TransUnion's 401(k) Savings Plan?

   TransUnion's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   Can TransUnion employees take loans against their 401(k) Savings Plan balance?

   Yes, TransUnion allows employees to take loans against their 401(k) Savings Plan balance, subject to certain terms and conditions.

   How often can TransUnion employees change their contribution amounts to the 401(k) Savings Plan?

   TransUnion employees can change their contribution amounts to the 401(k) Savings Plan at any time, allowing for flexibility in their savings strategy.

   What happens to TransUnion employees' 401(k) Savings Plan accounts if they leave the company?

   If TransUnion employees leave the company, they have several options regarding their 401(k) Savings Plan accounts, including rolling over the balance to another retirement account or withdrawing the funds.

   Are there any fees associated with TransUnion's 401(k) Savings Plan?

   Yes, TransUnion's 401(k) Savings Plan may have administrative fees and investment-related expenses, which are disclosed in the plan documents.

   How does TransUnion ensure employees are informed about their 401(k) Savings Plan options?

   TransUnion provides employees with educational resources, workshops, and access to financial advisors to help them understand their 401(k) Savings Plan options.