What UFP Industries Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: UFP Industries partners with UnitedHealthcare as its healthcare provider for employee health insurance plans. As the landscape of healthcare costs shifts, upcoming changes in 2026 are raising concerns for employees and employers alike. Factors such as the impending expiration of enhanced subsidies from the Affordable Care Act (ACA), rising medical costs, and premium hikes from major insurers are expected to significantly inflate healthcare expenses. Preliminary estimates indicate many UFP Industries employees might face premium increases of around 20%, with some states reporting hikes over 60%. This combination is projected to thrust out-of-pocket expenses for enrollees upward, often by more than 75%, compelling both individuals and families to reassess their healthcare budgeting for the upcoming year. Click here to learn more

For example, UFP Industries 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 UFP Industries 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 UFP Industries 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 UFP Industries employees.

Simply for political, economic, and social reasons, many UFP Industries 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 UFP Industries.

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 UFP Industries 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, UFP Industries 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. 'UFP Industries 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 UFP Industries offer to its employees?

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

   How does UFP Industries match employee contributions to the 401(k) plan?

   UFP Industries provides a matching contribution to the 401(k) plan, which typically includes a percentage of the employee's contributions, subject to certain limits.

   What is the eligibility criteria for employees to participate in UFP Industries' 401(k) plan?

   Employees at UFP Industries are generally eligible to participate in the 401(k) plan after completing a specified period of service, usually within the first few months of employment.

   Can employees of UFP Industries make pre-tax contributions to their 401(k) accounts?

   Yes, UFP Industries allows employees to make pre-tax contributions to their 401(k) accounts, reducing their taxable income for the year.

   Does UFP Industries offer a Roth 401(k) option for employees?

   Yes, UFP Industries provides a Roth 401(k) option, allowing employees to make after-tax contributions that can grow tax-free.

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

   The 401(k) plan at UFP Industries includes a variety of investment options, such as mutual funds, target-date funds, and other investment vehicles.

   How often can employees change their contribution amounts to the UFP Industries 401(k) plan?

   Employees can typically change their contribution amounts to the UFP Industries 401(k) plan on a quarterly basis or as specified in the plan documents.

   What happens to an employee's 401(k) balance if they leave UFP Industries?

   If an employee leaves UFP Industries, they have several options for their 401(k) balance, including rolling it over to another retirement account, leaving it in the UFP Industries plan, or cashing it out.

   Does UFP Industries charge fees for managing the 401(k) plan?

   Yes, UFP Industries may charge administrative fees and investment-related fees for managing the 401(k) plan, which are disclosed in the plan documents.

   How can employees access their 401(k) account information at UFP Industries?

   Employees can access their 401(k) account information through the online portal provided by UFP Industries' plan administrator.