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CarMax Employees Take on the World: Exploring the Best Overseas Retirement Spots for 2025

'CarMax 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.

'CarMax 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:

The growing trend of retiring abroad and its increasing allure among Americans.
Top international retirement destinations and their unique attractions, as highlighted in the 2025 Retirement Overseas Index.
Key considerations for transitioning to an overseas lifestyle, including residency visas, tax benefits, and healthcare options.

For CarMax 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, CarMax 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 CarMax 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.

Articles you may find interesting:

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 CarMax?

The 401(k) plan at CarMax is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them prepare for retirement.

Does CarMax match contributions to the 401(k) plan?

Yes, CarMax offers a matching contribution to employees' 401(k) plans, which helps employees grow their retirement savings even faster.

How much can I contribute to my CarMax 401(k) plan?

Employees at CarMax can contribute up to the IRS annual limit, which is adjusted each year. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and older.

When can I enroll in the CarMax 401(k) plan?

New employees at CarMax are typically eligible to enroll in the 401(k) plan after completing a waiting period, usually within the first few months of employment.

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

The CarMax 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

How does CarMax's matching contribution work?

CarMax matches a percentage of employee contributions to the 401(k) plan, up to a certain limit, which helps employees maximize their retirement savings.

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

Yes, CarMax allows employees to take loans from their 401(k) accounts under certain conditions, providing a way to access funds in case of emergencies.

What happens to my CarMax 401(k) if I leave the company?

If you leave CarMax, you have several options for your 401(k), including rolling it over into an IRA or a new employer's plan, or leaving it in the CarMax plan if permitted.

Is there a vesting schedule for the CarMax 401(k) matching contributions?

Yes, CarMax has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the matched funds.

How can I check my CarMax 401(k) balance?

Employees can check their 401(k) balance through the CarMax benefits portal or by contacting the plan administrator for assistance.

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For more information you can reach the plan administrator for CarMax at 12800 Tuckahoe Creek Parkway Richmond, VA 23238; or by calling them at +1 800-519-1511.