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

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

For example, Chewy 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 Chewy 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 Chewy 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 Chewy employees.

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

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 Chewy 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, Chewy 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. 'Chewy 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 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.