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Hanesbrands Employees Confront the Fear of Running Out of Money in Retirement

Healthcare Provider Update: Healthcare Provider for Hanesbrands: Hanesbrands Inc. typically offers health insurance to its employees through a network of major providers, including companies like UnitedHealthcare, Cigna, and Anthem Blue Cross Blue Shield, depending on the specific plan chosen by the company for its workforce. Potential Healthcare Cost Increases in 2026: As the landscape of healthcare evolves, Hanesbrands may face significant increases in healthcare costs in 2026, primarily driven by rising insurance premiums. Reports indicate that insurance premiums for Affordable Care Act (ACA) plans could surge by an average of 18% to 20%, with some states projecting hikes as high as 66%. The expiration of enhanced federal subsidies is expected to exacerbate the financial strain, potentially leaving over 22 million enrollees facing exorbitant increases in out-of-pocket expenses. Without legislative measures to extend these subsidies, many employees could see their healthcare costs skyrocket, which could significantly impact employee wellness and workforce stability. Click here to learn more

'To allay long-term financial concerns, Hanesbrands employees may benefit from a comprehensive retirement strategy that addresses inflation, health care costs, and tax planning.' – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

'Proactive retirement planning—especially around inflation, health care, and shifting tax policies—can help Hanesbrands employees gain clarity and reduce uncertainty in the years leading up to retirement.' – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article we will discuss:

Key causes of retirement anxiety, including inflation, health care, and taxes.
Generational differences in money concerns and readiness.
The value of broad retirement planning approaches.

Retirement Anxiety is On The Rise

Employees across industries, including those at Hanesbrands, have long worried about how they will fund retirement. These concerns have grown considerably in today’s economy. Nearly two out of three Americans (64%) said they worry more about outliving their resources than they do about dying, according to the Allianz Center for the Future of Retirement’s 2025 Annual Retirement Study. ¹

Main Causes of Retirement-Related Worry

The Allianz study lists several key triggers of these fears. Regarding long-term planning, 54% of respondents said inflation was their top worry. Increases in health care costs, housing, and food prices are still undermining people’s purchasing power.

Concerns around Social Security’s future and tax burdens are also high. 43% said they feared Social Security might not offer adequate support. And another 43% named high taxes as a major issue.

Generational Gaps in Money Stress

Gen X—often balancing care for both kids and aging parents—report the highest worry: 70% versus 66% of millennials and 61% of boomers. Among corporate workers, including those at Hanesbrands, this dynamic underlines how family obligations can magnify retirement concerns.

The Gap Between Worry and Action

The survey shows a gap between concern and conversation: just 23% of respondents have talked about outliving their assets with a retirement specialist, down from 28% in 2024. ² That said, Americans are considering several strategies to allay these fears, ranking the following approaches as most helpful:

41% said cutting current spending to funnel more toward retirement 
44% said increasing retirement contributions 
39% said postponing retirement
While increasing contributions to retirement accounts could help address these concerns, barriers remain: daily necessities (63%), credit card debt (40%), mortgage or rent (35%) were top reasons people weren’t contributing more.

The Emotional Side of Retirement Anxiety

Retirement fears influence not just finances, but lifestyle, career choices, and family planning. Worries about independence, dignity, and quality of life often accompany fear of running short on funds.

Health care need are often underestimated too, complicating the equation. Medicare covers many basic services, but long‑term care, home assistance, and uncovered treatments can add large bills—adding uncertainty even for high‑income employees.

Broader Retirement Planning Matters

The Allianz findings emphasize planning well beyond just saving. With people living 25 to 30 years post‑work, a solid planning mindset is critical. As Kelly LaVigne, VP at Allianz Life, noted, “Americans areliving longer… your money needs to go farther. A good plan considers 25 to 30 years of retirement, not just the first ten.” ²

Key components often include:

Income strategies: setting up regular monthly disbursements from assets
Tax planning: reducing tax burdens on withdrawals
Health care planning: factoring in Medicare gaps and long‑term care
Inflation alignment: keeping income responsive to cost increases

Combined, these strategies can help build resilience, confidence, and preparedness even in uncertain times.

In Conclusion

The 2025 Allianz Retirement Study makes it clear: a majority of Americans—and Hanesbrands employees among them—see the threat of running out of money as more frightening than death. Rising inflation, health care spending, and uncertainty around Social Security are central drivers. Fewer are taking direct action through planning conversations or boosted contributions.

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Yet there is opportunity. The IRS now permits catch‑up 401(k) contributions of up to $11,250 for those aged 60–63 in 2025—above the standard limit. For many, this is a practical way to fortify resources in those final working years.

A Final Thought

Think of retirement like a long sea voyage. Death may be the storm ahead, but empty savings are the leak that can sink the ship first. According to the Allianz study, 64% of Americans fear that leak more than the storm. For Hanesbrands employees, the goal is to build a well-structured plan—with consistent income, planning for health costs, and tax awareness—that can keep the vessel afloat for the long haul.

Sources:

1. Allianz Life Insurance Company of North America, ' How Americans feel about retirement in 2025 ,' by the Allianz Center for the Future of Retirement ^TM , June 2025.

2. businesswire, ' Americans Are More Worried About Running Out of Money Than Death ,' April 22, 2025.

What is the Hanesbrands 401(k) Savings Plan?

The Hanesbrands 401(k) Savings Plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or Roth (after-tax) basis.

How can I enroll in the Hanesbrands 401(k) Savings Plan?

Employees can enroll in the Hanesbrands 401(k) Savings Plan by accessing the enrollment portal provided by the company, typically available during the onboarding process or during open enrollment periods.

What types of contributions can I make to the Hanesbrands 401(k) Savings Plan?

Hanesbrands employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for catch-up contributions if they are over the age of 50.

Does Hanesbrands offer a company match for the 401(k) contributions?

Yes, Hanesbrands offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What is the vesting schedule for the Hanesbrands 401(k) company match?

The vesting schedule for the Hanesbrands 401(k) company match typically follows a specific timeline, where employees earn ownership of the matched contributions over a set period.

Can I take a loan from my Hanesbrands 401(k) Savings Plan?

Yes, Hanesbrands allows employees to take loans from their 401(k) Savings Plan, subject to certain conditions and limits set by the plan.

What investment options are available in the Hanesbrands 401(k) Savings Plan?

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

How can I change my contribution percentage to the Hanesbrands 401(k) Savings Plan?

Employees can change their contribution percentage by logging into the Hanesbrands 401(k) portal and selecting the option to update their contribution rate.

What happens to my Hanesbrands 401(k) Savings Plan if I leave the company?

If you leave Hanesbrands, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.

How often can I change my investment choices in the Hanesbrands 401(k) Savings Plan?

Employees can typically change their investment choices in the Hanesbrands 401(k) Savings Plan at any time, subject to the plan's trading policies.

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

Hanesbrands Pension Plan: Name of Pension Plan: Hanesbrands Inc. Pension Plan Years of Service and Age Qualification: Employees typically qualify for pension benefits after reaching 5 years of service. The normal retirement age is 65, but employees may also qualify for early retirement benefits at age 55 with at least 10 years of service. Pension Formula: The pension is calculated based on a formula that considers years of service and average salary. The specific formula details might be found in the plan documents. Hanesbrands 401(k) Plan: Name of 401(k) Plan: Hanesbrands Inc. 401(k) Plan Eligibility: Generally, employees become eligible to participate in the 401(k) plan after 90 days of employment. Plan Features: The 401(k) plan allows employees to contribute a percentage of their salary on a pre-tax or Roth basis. Hanesbrands may also offer a company match up to a certain percentage of employee contributions.

Restructuring and Layoffs: In 2023, Hanesbrands announced a major restructuring plan aimed at streamlining its operations and reducing costs. This plan included the layoff of around 250 employees across various departments. The restructuring is part of Hanesbrands' strategy to focus more on its core apparel business and improve operational efficiencies.

Stock Options: Hanesbrands provided stock options to select executives and key employees based on performance metrics and individual contributions. These options typically had a vesting period and were tied to the company's stock performance. RSUs: Restricted Stock Units were granted to employees as part of their compensation package, aligning their interests with long-term shareholder value. The vesting schedule for RSUs was usually over a period of several years.

2022: Hanesbrands' health benefits included comprehensive medical, dental, and vision insurance. They offered Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) as well. 2023: Benefits remained similar to 2022 with slight enhancements, such as improved preventive care coverage and expanded mental health support. They also increased the contribution limits for HSAs. 2024: Continued focus on mental health and wellness, including expanded telehealth services. The company introduced a new well-being program to support employees' physical, emotional, and financial health.