What Unum Group Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Unum Group Unum Group primarily offers employee benefits programs, including group and individual health insurance plans. Their services focus on disability income protection, life insurance, and supplemental health insurance products, thus working with various healthcare providers and networks to support their employees and clients. Potential Healthcare Cost Increases in 2026 As health insurance premiums for Affordable Care Act (ACA) marketplace plans are projected to rise significantly in 2026, Unum Group employees are likely to feel the financial strain of increased healthcare costs. With some states expected to see premium hikes exceeding 60%, the loss of enhanced federal premium subsidies could affect over 22 million enrollees, pushing their out-of-pocket expenses up by more than 75%. This surge in costs arises from a convergence of rising medical expenses, insurer rate hikes, and potential regulatory changes, making it imperative for policyholders to reassess their healthcare options and prepare for the financial implications ahead. Click here to learn more

For example, Unum Group 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 Unum Group 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 Unum Group 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 Unum Group employees.

Simply for political, economic, and social reasons, many Unum Group 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 Unum Group.

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 Unum Group 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, Unum Group 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. 'Unum Group 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 Unum Group?

   The 401(k) plan offered by Unum Group is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.

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

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

   What is the employer match for the Unum Group 401(k) plan?

   Unum Group offers a competitive employer match for contributions made to the 401(k) plan, which helps employees maximize their retirement savings.

   When can I start contributing to the Unum Group 401(k) plan?

   Employees at Unum Group can start contributing to the 401(k) plan as soon as they are eligible, typically after completing a certain period of employment.

   What types of investment options are available in the Unum Group 401(k) plan?

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

   Is there a vesting schedule for the Unum Group 401(k) employer match?

   Yes, Unum Group has a vesting schedule for the employer match, which means employees must work for a certain number of years before they fully own the matched contributions.

   Can I take a loan from my Unum Group 401(k) plan?

   Yes, Unum Group allows employees to take loans from their 401(k) plan, subject to certain terms and conditions outlined in the plan documents.

   What happens to my Unum Group 401(k) plan if I leave the company?

   If you leave Unum Group, you can choose to roll over your 401(k) balance into another retirement account, cash out the balance, or leave it in the Unum Group plan if eligible.

   How often can I change my contributions to the Unum Group 401(k) plan?

   Employees can change their contributions to the Unum Group 401(k) plan at any time, subject to the plan’s specific guidelines and deadlines.

   Does Unum Group provide financial education regarding the 401(k) plan?

   Yes, Unum Group offers resources and financial education programs to help employees understand their 401(k) options and make informed investment decisions.