What Big Lots Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, Big Lots employees planning on moving overseas need to have a clear plan of action to overcome the challenges of acquiring residency and citizenship in another country,' according to Brent Wolf from The Retirement Group at Wealth Enhancement Group.

Kevin Landis of The Retirement Group, a division of Wealth Enhancement Group, explains why detailed planning is crucial for Big Lots employees who intend to retire abroad. However,

In this article we will discuss:

1. The complexity of obtaining residency or citizenship abroad: Discussing the legal, financial, and cultural issues that are involved in moving overseas for Big Lots employees.

2. The necessity of professional advice and planning: Emphasizing the importance of thorough preparation and professional advice to ensure a smooth transition to retiring abroad.

3. Tax advantages and financial planning for retirees: Explaining the possible tax advantages that are available through international treaties and the strategic financial planning that needs to be done for the retirement savings of Big Lots employees.

Simply for political, economic, and social reasons, many Big Lots employees are looking to secure citizenship or residency in other countries if the United States is not as attractive as it once was. But, getting residency in another country and, perhaps, citizenship is not as simple as just buying a plane ticket and setting an itinerary.

This is because there are many processes that may take a few years to accomplish at times. The more people who are considering these options, the more difficult these choices become. It is therefore crucial to identify the legal, financial, and cultural implications that arise in order to ensure a smooth transition to a new home overseas before embarking on this journey.

Without a proper plan and some professional advice, it can be quite a challenge to switch gears and retire during your tenure at Big Lots.

The impact of potential tax advantages when retiring abroad will definitely affect your financial position. Many countries, including the United States, have tax treaties that prevent income from being taxed twice. For instance, pensioners are attracted to Portugal by the Non-Habitual Resident (NHR) regime that offers special tax concessions for up to 10 years.

You can enhance your retirement benefits by taking advantage of these perks and seeking the advice of a tax specialist. The IRS notes that because these treaties can be very different it is important to research and seek the advice of a professional (IRS, 2023). These advantages must be used by Big Lots employees to enhance their retirement.

Expatriating and retiring is a process of planning a long and beautiful road trip. Just as you would not travel without a map, a well-maintained car, and knowledge of your location, Big Lots employees who are retiring abroad need to plan carefully.

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Step by step, you will be guided on how to make your transition to your new home easier, from explaining cultural differences and tax benefits to helping you understand the legal and financial environment. Just as a road trip opens new views and experiences, retirement abroad presents a world of possibilities for a happy and comfortable retirement.

Sources:

1. The Warren Street Wealth Advisors Team. 'Big Lots and Large Company Employees.' Warren Street Wealth Advisors, 3 Feb. 2025, Accessed from warrenstreetwealth.com.

2. 'US Taxes for Americans Retiring Abroad in 2025.' MyExpatTaxes, 20 Nov. 2024, Accessed 3 Feb. 2025 from myexpattaxes.com.

3. Toms, Mary, CPA, MBA, MS. 'US Tax Implications of Retiring Abroad: What You Need to Know.' PBMares, 10 Dec. 2024, Accessed 3 Feb. 2025 from pbmares.com.

4. 'Financial Planning for US Expatriates.' The Expat Financial, Accessed 3 Feb. 2025 from expatfinancial.com.

5. 'Retiring Overseas: What You Need to Know About Your US Taxes and Financial Planning.' Expat CPA, Accessed 3 Feb. 2025 from expatcpa.com.

   What is the 401(k) plan offered by Big Lots?

   The 401(k) plan offered by Big Lots is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

   How can employees of Big Lots enroll in the 401(k) plan?

   Employees of Big Lots can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal or by speaking with the HR department.

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

   Yes, Big Lots offers a matching contribution to the 401(k) plan, which helps employees grow their retirement savings.

   What is the maximum contribution limit for Big Lots employees participating in the 401(k) plan?

   The maximum contribution limit for Big Lots employees in the 401(k) plan is set by the IRS and may change annually; employees should check the current limits for the specific year.

   When can Big Lots employees start contributing to the 401(k) plan?

   Big Lots employees can start contributing to the 401(k) plan after they have completed their eligibility requirements, typically within the first few months of employment.

   Are there any fees associated with the Big Lots 401(k) plan?

   Yes, there may be administrative fees associated with the Big Lots 401(k) plan, which will be disclosed to employees during the enrollment process.

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

   The Big Lots 401(k) plan offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

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

   Yes, Big Lots employees may have the option to take loans against their 401(k) savings, subject to the plan’s terms and conditions.

   What happens to the 401(k) plan if a Big Lots employee leaves the company?

   If a Big Lots employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Big Lots plan if permitted.

   How often can Big Lots employees change their 401(k) contribution amounts?

   Big Lots employees can typically change their 401(k) contribution amounts at any time, subject to the plan’s rules and guidelines.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Big Lots has announced plans to close several underperforming stores and lay off a portion of its workforce as part of a restructuring effort aimed at improving profitability. The company is also reviewing its benefit offerings and adjusting its pension plans to better align with current financial goals.