What Under Armour Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Under Armour Under Armour's healthcare benefits are managed through a partnership with various national insurers that provide coverage options for their employees. While specific healthcare providers may vary based on the individual plans and geographic location, major insurers involved in employer-sponsored plans, such as Aetna, UnitedHealthcare, and Anthem, are known to offer various health plans that Under Armour employees can choose from. Potential Healthcare Cost Increases in 2026 In 2026, Under Armour employees may face significant healthcare cost increases as insurance premiums through the Affordable Care Act (ACA) marketplace are projected to surge. With several states expecting hikes of over 60%, the termination of enhanced federal subsidies could leave many employees with out-of-pocket premium costs soaring by more than 75%. Companies, including Under Armour, are also likely to adjust their health benefit structures, potentially shifting a greater share of expenses to employees amid rising medical costs. Employees are encouraged to stay informed and strategically evaluate their health plan options, as proactive planning can mitigate the impact of these escalating costs., 'sources': [], 'images': [] Click here to learn more

For example, Under Armour 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 Under Armour 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 Under Armour 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 Under Armour employees.

Simply for political, economic, and social reasons, many Under Armour 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 Under Armour.

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 Under Armour 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, Under Armour 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. 'Under Armour 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 401(k) plan offered by Under Armour?

   Under Armour offers a 401(k) plan that allows employees to save for retirement through pre-tax and Roth after-tax contributions.

   How does Under Armour match employee contributions to the 401(k) plan?

   Under Armour provides a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions up to a certain limit.

   When can employees enroll in Under Armour's 401(k) plan?

   Employees at Under Armour can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.

   What investment options are available in Under Armour's 401(k) plan?

   Under Armour's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to help employees diversify their retirement savings.

   Can employees take loans against their 401(k) savings at Under Armour?

   Yes, Under Armour allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

   What happens to my 401(k) if I leave Under Armour?

   If you leave Under Armour, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, cashing it out, or leaving it in the Under Armour plan if allowed.

   Is there a vesting schedule for Under Armour's 401(k) matching contributions?

   Yes, Under Armour has a vesting schedule for its matching contributions, which means that employees must work for a certain period before they fully own the matched funds.

   How can employees access their 401(k) account information at Under Armour?

   Employees can access their 401(k) account information through the designated online portal provided by Under Armour's retirement plan administrator.

   Are there any fees associated with Under Armour's 401(k) plan?

   Yes, there may be administrative fees and investment-related fees associated with Under Armour's 401(k) plan, which are disclosed in the plan documents.

   Can employees change their contribution amounts to Under Armour's 401(k) plan?

   Yes, employees can change their contribution amounts to Under Armour's 401(k) plan during the annual open enrollment period or as permitted by the plan.