'BorgWarner employees exploring international retirement can enhance their lifestyle by planning carefully around healthcare, tax considerations, and residency requirements abroad.' – Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement Group.
'BorgWarner employees nearing retirement should view overseas living as a strategic lifestyle choice that combines financial efficiency with rich cultural experiences—when approached with thoughtful planning.' – Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement Group.
In this article, we will discuss:
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The growing trend of retiring abroad and its increasing allure among Americans.
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Top international retirement destinations and their unique attractions, as highlighted in the 2025 Retirement Overseas Index.
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Key considerations for transitioning to an overseas lifestyle, including residency visas, tax benefits, and healthcare options.
For BorgWarner employees seeking a meaningful vacation or a permanent change of scenery after retirement, the idea of retiring abroad might be enticing. Recent trends show more Americans interested in international living. According to a Gallup poll, interest grew to 21% by 2024 from 10% in 2011. Improved global connectivity and broader social acceptance globally are contributing to this rising curiosity.
The 2025 Retirement Overseas Index by Live & Invest Overseas shows why people move abroad. This index rates retirement destinations on cost of living, healthcare quality, local regulations, tax considerations, and proximity to beaches, museums, and nature trails. Such factors are essential for retirement security.
The index considers some cities as good retirement spots. Valencia in Spain has an expat community and a Mediterranean climate for leisure and culture. And Medellin, Colombia, meanwhile, is an active urban area with a varied culinary and cultural scene for retirees looking for a dynamic lifestyle.
Transitioning to an overseas lifestyle takes planning. From choosing the right travel insurance to learning from current expats, BorgWarner retirees can prepare for life abroad. Those efforts enable informed decision-making and realistic expectations for those prepared to live internationally.
Understanding residency is also important for retirees moving. For example, Portugal offers the D7 retirement visa, which has accessible income requirements and offers great healthcare and tax advantages. The historical richness, relaxed lifestyle, and beautiful landscape of Portugal are highlighted in the 2025 Retirement Overseas Index.
Find out where to retire abroad in 2025. Explore top options like Valencia and Medellin - both known for their cultural vibrancy, quality healthcare, affordability, and friendly environments. Taxes, residency visas, and leisure tips for retiring Americans abroad. Ideal for BorgWarner workers looking for a beachy experience after work.
From Valencia's old-world charm to Medellin's cultural capital, each destination offers something different - like picking a wine for retirement. So, whether it's the soft familiarity of Valencia or the wild energy of Medellin, retirees can choose where to retire by weighing costs of living, healthcare, and local community - like choosing a wine by vineyard, vintage, and flavor profile.
Retiring abroad offers lower cost of living, affordable healthcare, and exposure to other cultures. The five sources that support these points are listed below with brief explanations of how they benefit retirees and strengthen the case for international retirement.
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- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
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Source:
1. Investopedia Staff. 'Is Retiring Abroad Right for You? Key Factors to Consider Now.' Investopedia , Nov. 2024, www.investopedia.com/is-retiring-abroad-right-for-you-key-factors-to-consider-now-8415232 .
2. Tubongbanua, Rachelle. 'Retiring Abroad: Financial Factors to Consider.' U.S. Bank , Oct. 2024, www.usbank.com/financialiq/inspire/retirement/retiring-abroad-financial-factors-to-consider.html .
3. Ingrim, Alex. 'The Pros and Cons of Retiring Abroad.' Kiplinger , July 2023, www.kiplinger.com/retirement/retiring-abroad/the-pros-and-cons-of-retiring-abroad .
4. U.S. News Staff. 'Best Places to Retire Overseas in 2025.' U.S. News & World Report , Jan. 2025, www.usnews.com/money/retirement/articles/best-places-to-retire-overseas-in-2025 .
5. Investopedia Staff. 'Retirees Flock to These Countries for Unmatched Benefits—Is Yours on the List?' Investopedia , Oct. 2024, www.investopedia.com/retirees-flock-to-these-countries-for-unmatched-benefits-8421893 .
What is the 401(k) plan offered by BorgWarner?
The 401(k) plan at BorgWarner is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How does BorgWarner match employee contributions to the 401(k) plan?
BorgWarner offers a matching contribution to the 401(k) plan, which means they will match a percentage of the employee's contributions up to a certain limit.
Can employees at BorgWarner contribute to their 401(k) plan through payroll deductions?
Yes, employees at BorgWarner can contribute to their 401(k) plan through automatic payroll deductions, making it easy to save for retirement.
What is the eligibility requirement for BorgWarner's 401(k) plan?
Employees become eligible to participate in BorgWarner's 401(k) plan after completing a specified period of service, which is typically outlined in the plan documents.
Does BorgWarner offer a Roth 401(k) option?
Yes, BorgWarner provides a Roth 401(k) option that allows employees to contribute after-tax dollars, with the potential for tax-free withdrawals in retirement.
How can employees at BorgWarner access their 401(k) account information?
Employees can access their 401(k) account information through the designated online portal provided by BorgWarner's plan administrator.
What investment options are available in BorgWarner's 401(k) plan?
BorgWarner's 401(k) plan typically offers a range of investment options, including mutual funds, target-date funds, and possibly company stock.
Can employees at BorgWarner take loans against their 401(k) savings?
Yes, BorgWarner allows employees to take loans against their 401(k) savings, subject to certain conditions and limits set by the plan.
What happens to my BorgWarner 401(k) if I leave the company?
If you leave BorgWarner, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the BorgWarner plan if permitted.
Is there a vesting schedule for BorgWarner's 401(k) matching contributions?
Yes, BorgWarner has a vesting schedule for matching contributions, meaning employees must work for the company for a certain period to fully own those contributions.