Discover the Top Retirement Destinations for Foot Locker Employees in 2023: Where to Thrive After Your Career

Regardless of age, profession, and living location, many individuals possess the ultimate goal of retiring comfortably, including those employed in Foot Locker. With that under consideration, it is imperative to acknowledge that retirement does not necessarily have equal value across state lines. One’s state of residency determines their taxes, cost of living, and climate, making some locations more desirable and fitting for retirement to certain Foot Locker employees. In addition, income and purchasing power can have different values in various locations of the country. For the purpose of this article, we will be ranking the top states that are ideal for retirement.

For those employed in Foot Locker, spontaneously moving to a different country with desirable characteristics for retirement may seem appealing. Despite that, it is crucial to consider working with a financial advisor to increase your likelihood of success and consolidate a solid financial plan that will cater to your retirement needs. Research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement . ¹ When taking that into account, those working for Foot Locker may benefit from meeting with an advisor at The Retirement Group and running a complimentary cash flow analysis to better understand their future prospects for retirement.

Best States for Minimizing Taxes in Retirement

When contemplating a comfortable retirement, those employed in Foot Locker must recognize how reducing tax liability is a top priority. The following states listed below either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income. These states also have no state income tax, and favorable sales, property, inheritance, and estate taxes.

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Alaska

Florida

Georgia

Mississippi

Nevada

South Dakota

Wyoming

As an employee of Foot Locker , if those states aren’t appealing to you, you may want to consider the subsequent tier of states with reduced taxation. While the tax benefits aren’t up to par with the ones mentioned above, these following states have no taxes on social security income. As an example, Washington has no state income tax but has a 6.5% state sales tax. With that under consideration, while it is essential for Foot Locker employees to look into the pros and cons of taxation when considering retirement in another state, finding a home that is suitable and comfortable for your needs is of utmost importance as well.

Alabama
Arkansas

Colorado

Delaware

Idaho

Illinois

Kentucky

Louisiana

Michigan

New Hampshire

Oklahoma

Pennsylvania

South Carolina

Tennessee

Texas

Virginia

Washington

West Virginia

Reference(s):

https://magazine.northeast.aaa.com/daily/money/retirement/the-true-cost-of-a-financial-advisor-revealed/#:~:text=Still%2C%20research%20suggests%20people%20who,an%20advisor%20over%2025%20years .

What types of contributions can employees make to the Foot Locker 401(k) plan?

Employees at Foot Locker can make pre-tax contributions, Roth (after-tax) contributions, and catch-up contributions if they are eligible.

Does Foot Locker offer any employer matching contributions to the 401(k) plan?

Yes, Foot Locker provides an employer match on employee contributions up to a certain percentage, which is outlined in the plan details.

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

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

What is the vesting schedule for employer contributions in Foot Locker's 401(k) plan?

Foot Locker has a vesting schedule that typically requires employees to work for a certain number of years before they fully own the employer contributions.

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

Yes, Foot Locker allows employees to take loans from their 401(k) accounts under certain conditions as specified in the plan.

How can Foot Locker employees access their 401(k) account information?

Employees can access their Foot Locker 401(k) account information through the plan's online portal or by contacting the plan administrator.

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

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

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

Foot Locker offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can Foot Locker employees change their contribution amounts?

Employees can change their contribution amounts to the Foot Locker 401(k) plan at any time, subject to the plan’s guidelines.

What happens to Foot Locker employees' 401(k) savings if they leave the company?

If Foot Locker employees leave the company, they can roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the Foot Locker plan if eligible.

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

Foot Locker's Pension Plan: Foot Locker offers a Defined Benefit Pension Plan to long-tenured employees. This plan is based on the Final Average Pay (FAP) formula, which considers an employee's highest five consecutive years of earnings in the last ten years of employment to determine the benefit payout. The retirement benefits under this plan are calculated using the employee's length of service and final average pay. Foot Locker requires employees to have completed at least five years of service to be vested in the pension plan. The qualifying retirement age is typically 65, with early retirement options available starting at age 55 with applicable reductions. Foot Locker's 401(k) Plan: Foot Locker's 401(k) plan, known as the Foot Locker Savings Plan, allows employees to make pre-tax contributions from their salary. Foot Locker matches contributions up to 5% of the employee's salary for eligible employees who have completed one year of service. The plan also offers a Roth 401(k) option, allowing after-tax contributions. Employees are immediately vested in their own contributions, while company matching contributions vest over a period of three years. The plan includes a range of investment options, including mutual funds and target-date funds

Restructuring Layoffs: In 2023, Foot Locker announced several significant layoffs as part of their broader effort to simplify their business operations. These layoffs included corporate and support roles aimed at saving approximately $18 million annually. Additionally, the company decided to shutter its Sidestep banner in Europe and sell off other non-core business units like the Eastbay Team Sales division. This move reflects the broader trend in the retail industry where companies are trimming their workforces to bolster the bottom line against inflation and economic uncertainties. It's essential to address these changes due to the current economic and investment environment, where companies are increasingly focusing on efficiency to navigate challenges.

Foot Locker offers stock options and Restricted Stock Units (RSUs) as part of its compensation package to incentivize and retain key employees. The company typically grants these awards to executives and certain high-level employees, with eligibility and specific terms determined by their role and performance. Foot Locker's stock options allow employees to purchase company stock at a predetermined price, usually after a vesting period. RSUs, on the other hand, are awarded as shares of stock that vest over time, providing employees with ownership once the vesting criteria are met. These stock awards are key components of Foot Locker’s executive compensation strategy, aligning the interests of employees with those of shareholders by linking compensation to company performance.

Foot Locker offers a comprehensive health benefits package to eligible employees, which includes medical, dental, and vision insurance. The company focuses on providing flexible and affordable healthcare options, emphasizing whole-person health, which includes physical, mental, and financial well-being. Employees have expressed satisfaction with the coverage, particularly the inclusion of mental health services, which has been a growing trend in employee benefits. Additionally, Foot Locker's healthcare plan covers prescription drugs, although rising costs have posed challenges for employees (USA Insurance Leaders) (USA Insurance Leaders).

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For more information you can reach the plan administrator for Foot Locker at , ; or by calling them at .

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