What Caleres Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Caleres provides employees with medical, dental, and vision insurance, along with HSA and FSA options. The company offers a 401(k) plan with up to 6.5% contribution, life and disability insurance, education assistance, and paid time off. Additional benefits include pet insurance, employee discounts, and charitable match programs 4. Caleres As ACA premiums climb, Caleres diverse benefits and employer contributions offer employees a cost-effective alternative to individual coverage. Strategic planning in 2025 can help employees maximize these offerings before marketplace costs spike. Click here to learn more

For example, Caleres 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 Caleres 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 Caleres 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 Caleres employees.

Simply for political, economic, and social reasons, many Caleres 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 Caleres.

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 Caleres 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, Caleres 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. 'Caleres 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 type of retirement savings plan does Caleres offer to its employees?

   Caleres offers a 401(k) retirement savings plan to its employees.

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

   Employees can enroll in the Caleres 401(k) plan by completing the enrollment process through the company's designated benefits portal or by contacting the HR department for assistance.

   Does Caleres provide any matching contributions to the 401(k) plan?

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

   What is the eligibility requirement for employees to participate in Caleres' 401(k) plan?

   Employees must meet specific eligibility criteria, such as age and length of service, to participate in Caleres' 401(k) plan.

   Can employees at Caleres change their contribution amounts to the 401(k) plan?

   Yes, employees at Caleres can change their contribution amounts to the 401(k) plan at any time, subject to the plan's rules.

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

   The Caleres 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance and retirement goals.

   Is there a vesting schedule for employer contributions in Caleres' 401(k) plan?

   Yes, Caleres has a vesting schedule for employer contributions, which determines when employees have full ownership of those contributions.

   How can employees at Caleres access their 401(k) account information?

   Employees can access their 401(k) account information through the online portal provided by the plan administrator or by contacting Caleres' HR department.

   What happens to an employee's 401(k) account if they leave Caleres?

   If an employee leaves Caleres, they have several options for their 401(k) account, including rolling it over to another retirement account, cashing it out, or leaving it in the Caleres plan if allowed.

   Are loans available through the Caleres 401(k) plan?

   Yes, Caleres allows employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Caleres has announced a significant restructuring plan, including layoffs across several departments. The company is focusing on streamlining operations and reducing overhead costs.