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Chewy employees: Managing an Inheritance

Healthcare Provider Update: Healthcare Provider for Chewy Chewy Inc. primarily collaborates with CarePlus, its dedicated healthcare arm, to provide various pet wellness and insurance plans to its customers. CarePlus aims to enhance the health and wellness of pets through comprehensive healthcare services and plans. Potential Healthcare Cost Increases in 2026 In 2026, Chewy employees may face significant increases in healthcare costs, primarily driven by anticipated record hikes in Affordable Care Act (ACA) premiums. With reports indicating some states could see premium jumps exceeding 60%, coupled with the potential expiration of enhanced federal premium subsidies, many employees could experience monthly costs rising by over 75%. As Chewy employees evaluate their healthcare options, understanding these dynamics will be crucial for their financial planning and healthcare budgeting in the face of rising costs. Click here to learn more

Chewy employees handling an inheritance should weigh the emotional cost of their legacy against the financial gain. A financial advisor like The Retirement Group can help align such large assets with long-term retirement and investment goals so decisions today reflect past and future needs.

Getting an inheritance means much more than just receiving money. It is an opportunity to protect your family financially. We advise Chewy employees to review their financial plans now so that their inheritance fits into their existing strategy and enhances their future prospects, according to The Retirement Group advisors.

We will discuss: 'In this article:

1. The Legal & Tax Implications: Understanding inheritance laws and the need to consult with legal and tax professionals is important.

2. Emotional and Strategic Financial Planning: Emotional aspects of receiving an inheritance must be balanced against strategic financial planning for the long term.

3. Retirement and Wealth Management: Assessing the impact that an inheritance may have on retirement plans and wealth management in general, with an eye toward Chewy employees.

Heirloom wealth may be a curse or a blessing. Even if you suspect a relative has planned to include you in their will, you may have overlooked some other aspects of the inheritance process. Here are some considerations if the event does occur.

Ask a lawyer or tax expert before making any decisions about inheritance—this is informational only and not a substitute for real advice.

Take your time. If someone cared enough about you to leave you an inheritance, you may need time to mourn their death. This is vital, but most of the bigger decisions regarding your inheritance will probably wait. Sometime later you may be better able to make decisions. Neh, don't go it alone. So many laws, options and dangers exist that an expert may be necessary.

Consider your own family. An inheritance may change one's own financial strategy. Make sure you consider this.

A tax collector could come to visit. The tax consequences if you inherited an IRA are important. Distributions to non-spouse beneficiaries are required by the end of the tenth calendar year following the year of death of the account owner under the SECURE Act.

The new rule also does not require the non-spouse beneficiary to withdraw funds within 10 years, as I have learned as a Chewy employee. The money must be withdrawn by the end of the tenth calendar year following the inheritance, however. Others may include the surviving spouse of the IRA owner, disabled or chronically ill individuals, people no older than the IRA owner and minor offspring of the IRA owner.

Stay informed. The estate laws have changed many times since you thought they were the same.

Keep in mind what you should be doing in your situation. The sentiment is understandable—you may want to leave your inheritance as it is out of respect for your relative. What if the inheritance is not right for your situation now? A financial professional can help you decide whether the inheritance meets your objectives, time horizon, and risk tolerance.

Added Fact:

A study by Merrill Lynch in 2021 suggests Chewy employees handling an inheritance should consider the impact on their retirement plans. Of those who received an inheritance, 42% said it affected their retirement timeline, the study found. Some retired earlier than expected and some worked longer to cash in on the inheritance. That insight illustrates why Chewy employees considering retirement should consider how an inheritance might affect their financial goals, lifestyle decisions, and overall retirement strategy. An integrated approach combining the inheritance and long-term retirement plans may help with informed decision-making.

Added Analogy:

Managing an inheritance as a Chewy employee feels like receiving an heirloom—an extremely sentimental piece. Like you would handle such an heirloom carefully, you should handle your inheritance strategically as well. Think about holding that heirloom and realizing its significance in your life and in your family history. As you would consult experts on art preservation to determine its true value and to ensure its long-term preservation, you should also consult lawyers, tax, and financial professionals about how to manage your inheritance. Consider your inheritance a treasure—honor the past while making sound financial decisions for the future. Like an heirloom that tells generations of stories, your inheritance should be a part of your overall wealth management strategy that will live on indefinitely.

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Sources:

1. Senior Strong 'Understanding Inheritance Tax Impact on Retirees.' Senior Strong , 2023, www.seniorstrong.org . Accessed 24 Feb 2025.

2.Accounting Insights 'Managing Your Inheritance: Strategic Financial Planning Guide.' Accounting Insights , AccountingInsights Team, 2023, www.accountinginsights.org . Accessed 24 Feb 2025.

3. Kiplinger Waggoner, John. 'Don’t Count on an Inheritance for Your Retirement Plan.' Kiplinger , 27 Jan 2025, www.kiplinger.com . Accessed 24 Feb 2025.

4. CreditBrite 'How to Navigate Retirement Planning After Inheriting Assets.' CreditBrite , 2023, www.creditbrite.com . Accessed 24 Feb 2025.

5. Kiplinger’s Free E-Newsletters 'Investing, Taxes, Retirement.' Kiplinger’s Free E-Newsletters , 2025, www.kiplinger.com . Accessed 24 Feb 2025.

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

Chewy offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, helping them build a secure financial future.

Does Chewy match employee contributions to the 401(k) plan?

Yes, Chewy provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

How can Chewy employees enroll in the 401(k) plan?

Chewy employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What is the eligibility requirement for Chewy's 401(k) plan?

Employees at Chewy are typically eligible to participate in the 401(k) plan after completing a certain period of service, as specified in the plan documents.

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

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

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

Chewy's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to tailor their investment strategy.

How often can Chewy employees change their 401(k) contributions?

Chewy employees can change their 401(k) contributions at designated times throughout the year, typically during open enrollment periods or after a qualifying event.

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

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

What happens to Chewy employees' 401(k) accounts if they leave the company?

If Chewy employees leave the company, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Chewy plan if permitted.

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

Yes, Chewy's 401(k) plan may have administrative fees and investment-related expenses, which are disclosed in the plan documents.

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

Chewy is undergoing a significant restructuring, which includes laying off approximately 10% of its workforce. This decision aligns with the company's strategy to streamline operations and reduce costs. The restructuring also involves changes to employee benefits and pension plans.