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

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For example, Guess 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 Guess 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 Guess 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 Guess employees.

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

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 Guess 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, Guess 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. 'Guess 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 Guess offer to its employees?

   Guess offers a 401(k) retirement savings plan to help employees save for their future.

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

   Yes, Guess provides a matching contribution to employees who participate in the 401(k) plan, up to a certain percentage.

   What is the eligibility requirement to participate in Guess's 401(k) plan?

   Employees at Guess are eligible to participate in the 401(k) plan after completing a specified period of service, typically 30 days.

   Can employees at Guess contribute to their 401(k) plan through payroll deductions?

   Yes, employees at Guess can make contributions to their 401(k) plan through convenient payroll deductions.

   What is the maximum contribution limit for the Guess 401(k) plan?

   The maximum contribution limit for the Guess 401(k) plan is in accordance with IRS regulations, which may change annually.

   Does Guess allow employees to take loans from their 401(k) accounts?

   Yes, Guess allows employees to take loans from their 401(k) accounts under certain conditions.

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

   The Guess 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.

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

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

   Is there a vesting schedule for the employer match in the Guess 401(k) plan?

   Yes, there is a vesting schedule for the employer match in the Guess 401(k) plan, which outlines how long employees must work to fully own the employer contributions.

   Can employees at Guess change their contribution percentage to the 401(k) plan?

   Yes, employees at Guess can change their contribution percentage at any time, subject to plan rules.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   For Guess, Inc., the company's 401(k) plan is known as the "Guess, Inc. 401(k) Plan and Trust." As of 2022, this plan had 4,049 participants, with an average account balance of $20,076 per participant. The estimated average employee contribution in 2022 was $1,269. The 401(k) plan is structured to allow employees to defer a portion of their wages into individual retirement accounts, which are excluded from the employee's taxable income. In terms of eligibility for the 401(k) plan, employees must be 21 years of age and have completed one year of service to participate. The plan also includes a matching contribution from Guess, Inc., although the specifics of the match (e.g., percentage of employee contributions matched) were not detailed in the available sources. Regarding the pension plan, Guess, Inc. offers a defined contribution plan rather than a traditional defined benefit pension plan. This plan allows the company to contribute to individual employee retirement accounts, with the contributions being subject to IRS limits. The company’s contributions are discretionary and are determined by the financial performance of the company. For detailed operational compliance, such as plan amendments, the Guess, Inc. plan is governed by the SECURE 2.0 Act requirements, which introduced new rules regarding catch-up contributions and eligibility for part-time employees starting in 2024.
   Restructuring Layoffs: Guess announced restructuring plans in 2023 and 2024 due to declining sales and economic pressure from inflation. The company has laid off numerous employees across various departments as part of this restructuring to streamline operations and reduce costs. These layoffs are crucial to address due to the unstable economic environment, which has impacted consumer behavior and purchasing power. With tax changes also coming into play, these layoffs allow Guess to preserve its financial stability and adapt to a fluctuating market​
   Company A offered stock options and RSUs to its senior executives and certain key employees. In 2022, the stock options had a four-year vesting schedule with annual vesting. The RSUs granted in 2023 were subject to performance-based criteria. (Source: 10-K Report, Page 42)
   Guess has been actively enhancing its employee wellness and health benefits as part of its broader Environmental, Social, and Governance (ESG) strategy. The company's initiatives include expanding wellness and mental health programming, which is set to be fully integrated by 2025. This expansion aims to address the growing need for mental health support among employees, which aligns with their goal of fostering a diverse, inclusive, and connected workplace. In addition to mental health initiatives, Guess is also working on gender pay parity and promoting wellness through various programs, such as mandatory management training on harassment prevention. These efforts are part of a broader commitment to employee well-being, which has been consistently highlighted in their ESG reports. Specific healthcare-related terms and acronyms that Guess focuses on include mental health programming, gender pay parity, and wellness programs, which are key aspects of their strategy to maintain a healthy and supportive work environment.