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Exploring Retirement Destinations: Where Should Dana Employees Consider Living Abroad?

Healthcare Provider Update: For the company Dana, the healthcare provider is likely UnitedHealthcare. This insurer is known for offering a range of health coverage options, including plans in several ACA marketplaces. Looking ahead to 2026, significant increases in healthcare costs are anticipated. Rising medical expenses, combined with the potential expiration of enhanced federal subsidies, could lead to steep premium hikes for ACA marketplace enrollees. Reports suggest that some states may experience increases exceeding 60%, resulting in many individuals facing more than 75% higher out-of-pocket costs. Such drastic changes could create considerable financial strain for millions, emphasizing the importance of proactive healthcare planning in 2025. Click here to learn more

Dana employees who are planning to change their lifestyle and work abroad are advised to start planning early to ensure that their lifestyle and career fit the foreign country,' advises Paul Bergeron, a representative of The Retirement Group at Wealth Enhancement Group.

Tyson Mavar of The Retirement Group, a division of Wealth Enhancement Group, explains the legal and tax consequences of leaving the country for Dana employees.

In this article we will discuss:

1. Trends and Motivations for Relocation: Examining the reasons behind it Dana employees and other Americans are leaving the country for, including political climate and lifestyle issues.

2. Practical Aspects of Immigration: Exploring, Looking at different immigration paths and procedures to different countries like Canada, Mexico, and some countries in Europe and the differences between them.

3. Benefits and Challenges of Living Abroad: Exploring the financial and social implications of moving, the taxes, health care, and society, to help people who want to become expats make the right decision.

The idea of living abroad has always been attractive to many people, including the Dana employees who are interested in the changed political systems, better health care, and affordable retirement options that lead to a better quality of life. Jean-Francois Harvey is a Miami-based attorney who notes that more than political reasons, more Americans are considering life abroad. Harvey's experience in immigration is particularly valuable for those who are planning to make some major changes.

Although political events such as Supreme Court hearings and presidential debates can lead to a revision of the quality of life one wishes to lead, the underlying motive is often a desire to live a better life. Harvey says, “The vast majority of people who are interested in changing the game in the United States require a Plan B as elections draw near.” It is not always necessary to have a country nearby as the choice of destination.

While Mexico and Canada are the favorite neighboring nations for the Dana employees due to their proximity, some of them also have eyes on European countries like Spain and France due to the linguistic familiarity and easy visa procedures.

The process of moving is different and depends on the country. Using the Express Entry system, Canada has a process in place to quickly move skilled workers through a simplified process that could take as long as two years. This is because family ties in Canada can fast track this process. However, Mexico offers a retirement scheme that is suitable for those who want to spend their latter years in a tropical climate and must show proof of financial stability through their savings or regular income.

Mexico does not allow direct real estate purchases by foreigners but there are legal ways of making such acquisitions through existing entities. Europe presents a variety of immigration options, and laying claim to citizenship through parents or ancestry is still valid in many countries, including Portugal, Spain, France, and Italy. Also, the new digital nomad visas are a modern approach for professionals who want to live in Europe and continue working remotely abroad, not only benefiting the applicants but also their families.

Moving is a process that is accompanied by legal and tax consequences that occur when moving to another country and the treaties that prevent the double taxation of the same income when working there. This makes it easier to go back to the U.S. when needed. If you are a Dana employee thinking about moving, you must consider the legal, administrative, and living conditions that accompany moving to another country.

Social infrastructure, healthcare, cost of living, and cultural considerations are important to think about in order to ensure that the move will help to meet personal and professional goals. In general, moving abroad is a complex process of assessing one’s lifestyle, career, and life situation. It is crucial to know the immigration laws and advantages of living in different countries. Although it is difficult to get permanent residency, it is worth it for financial and personal growth. A 2021 Expat Insider survey revealed that more than 80% of American expatriates 60 and older are better off financially since moving abroad.

Retirement is especially attractive in countries like Portugal and Mexico due to the low costs of living and the favorable tax treatments for retirees, which make the option of living abroad more appealing for people who want to stretch their retirement budget and quality of life. Leaving the United States for another country is like setting course on a ship. Just as a seasoned navigator picks a destination according to weather, cultural richness, and good ports, so should expatriates pick factors like quality of life and healthcare.

When you know how to avoid the pitfalls when it comes to immigration laws, then your transition to your new life abroad will be as smooth as sailing in calm waters.

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Articles you may find interesting:

Sources:

Expat.com. 'Retirement Abroad: Trends and Top Destinations in 2025.' Expat.com, 2025. In this article, the role of retirees is seen as balancing lifestyle adjustments with financial needs through part-time work, consulting or business ownership while moving abroad, with the focus being on the semi-retirement lifestyle.
PlanWell Financial Planners. 'Expat Retiring Abroad? Rules on Taxes, Social Security, and Benefits.' PlanWell Financial Planners, 2024. The source outlines tax obligations, the Foreign Earned Income Exclusion (FEIE), and potential tax pitfalls of retiring abroad, which are crucial for retirees' financial planning.
van Sambeck, Becca. 'The Pros and Cons of Retiring Abroad.' Kiplinger, 22 Oct. 2023. According to Kiplinger, the advantages of retiring abroad include lower living costs and new cultural experiences; however, challenges such as cultural adaptation and complicated taxation affect U.S. retirees living abroad.
TrueNorth Wealth. 'Retiring Abroad: Pros, Cons, and Considerations.' TrueNorth Wealth, 2024. TrueNorth Wealth offers advice on financial, legal, and personal planning for retiring abroad, with a focus on how complex international tax laws, healthcare, and social environments affect retirees.
International Living. '2025's Best Countries to Retire.' International Living, 2025. In this article, the best retirement destinations are evaluated based on cost of living, healthcare, and overall quality of life, which can help retirees determine where they can best stretch their retirement dollars and enjoy a better standard of living.

What is the 401(k) plan offered by Dana?

The 401(k) plan at Dana is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

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

Dana offers a matching contribution up to a certain percentage of the employee's salary, which helps to enhance the retirement savings.

When can employees at Dana enroll in the 401(k) plan?

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

What are the eligibility requirements for Dana's 401(k) plan?

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

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

Yes, Dana allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

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

Dana's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

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

Employees can access their 401(k) account information through Dana's online benefits portal or by contacting the HR department.

What is the vesting schedule for Dana's 401(k) matching contributions?

Dana has a vesting schedule for matching contributions, meaning employees earn ownership of the matched funds over a specified period of service.

Can employees at Dana change their contribution percentage to the 401(k) plan?

Yes, employees at Dana can change their contribution percentage at any time, subject to the plan's guidelines.

What happens to the 401(k) savings if an employee leaves Dana?

If an employee leaves Dana, they can choose to roll over their 401(k) savings to another retirement account or withdraw the funds, subject to taxes and penalties.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

For Dana Inc., the primary pension plan was the "Dana Retirement Plan," which underwent significant changes in 2019 when Dana transferred its pension liabilities to insurance companies through annuity purchase agreements. This action involved securing pension obligations for plan participants without altering their benefits. The company has not made significant updates to its pension plan offerings since this transfer, focusing instead on fully funding existing obligations. Regarding the 401(k) plan, Dana offers a competitive 401(k) with matching contributions. Employees can contribute up to 8% of their salary, with Dana providing a 4.5% match. This plan is available to all full-time employees. Dana emphasizes the stability and security of its retirement offerings, aligning with the company’s broader strategy to maintain financial health and meet its obligations.

Restructuring Layoffs: Dana Incorporated has been undergoing restructuring efforts in 2023 and 2024, which included several layoffs across different divisions to streamline operations and reduce costs. These layoffs are part of the company's strategy to remain competitive amid economic uncertainties and evolving market conditions. It's important to address this news because the current economic environment, characterized by high inflation and geopolitical tensions, requires companies to adjust their workforce to maintain financial stability. Benefit and Pension Changes: Dana has also made significant changes to its employee benefits and pension plans. In 2023, the company revised its pension formula and adjusted the contribution limits for 401(k) plans in response to the SECURE Act 2.0. The changes were made to align with new federal regulations and to provide more robust retirement options for employees. This news is crucial as the investment climate and tax regulations are evolving, and such changes directly impact employees' retirement planning. Employees should be aware of how these changes affect their future financial security and retirement readiness.

Dana Incorporated offers a variety of stock options and Restricted Stock Units (RSUs) as part of its compensation package to eligible employees. In 2022, 2023, and 2024, Dana continued to use stock options and RSUs to incentivize and retain key talent within the company. The specific stock options at Dana Incorporated are designed to allow employees to purchase shares at a predetermined price, often reflecting the stock price at the time of the grant. These options typically vest over a set period, ensuring that employees remain with the company to gain the full benefit. RSUs at Dana Incorporated are another critical part of the company's equity compensation. RSUs are granted with a vesting schedule, where the employee receives shares after meeting specific service conditions, usually tied to the employee’s tenure or company performance. The company's RSUs do not require employees to pay an exercise price, unlike stock options, which is advantageous for employees as they are guaranteed the value of the shares upon vesting. Eligibility for stock options and RSUs at Dana Incorporated is typically extended to employees who are in managerial or higher-level positions, though the exact criteria may vary by year and specific company needs. In 2022, 2023, and 2024, Dana continued to refine these programs to align employee incentives with company performance, which was evident in their continued financial growth and strategic achievements during these years. The detailed information on these stock options and RSUs, along with the company's ongoing updates, can be found in Dana's annual reports and investor communications, specifically in documents like the 10-K filings. These reports typically outline the terms, eligibility criteria, and the vesting schedules for these equity-based compensation plans. For further details, reviewing the annual reports and quarterly earnings releases on Dana's official website is recommended.

In 2022, Dana, like many companies, faced increasing healthcare costs due to various factors, including inflation and the ongoing impacts of the COVID-19 pandemic. These challenges led to an emphasis on high-deductible health plans (HDHPs), which remained popular among employees, with a notable increase in the median in-network deductible for these plans. Dana also focused on behavioral health benefits, recognizing the importance of supporting employees' mental health in the post-pandemic era. By 2023 and 2024, Dana continued to adapt its health benefits strategy by exploring self-insured health plans, a move aimed at giving the company more control over healthcare costs and the flexibility to tailor benefits to employees' needs. The company also highlighted the importance of accountable care organizations (ACOs) and personalized healthcare services, aiming to improve the quality of care while managing costs.

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For more information you can reach the plan administrator for Dana at 3939 Technology Dr Maumee, OH 43537; or by calling them at (419) 887-3000.

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