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

Healthcare Provider Update: Healthcare Provider for Hanesbrands: Hanesbrands Inc. typically offers health insurance to its employees through a network of major providers, including companies like UnitedHealthcare, Cigna, and Anthem Blue Cross Blue Shield, depending on the specific plan chosen by the company for its workforce. Potential Healthcare Cost Increases in 2026: As the landscape of healthcare evolves, Hanesbrands may face significant increases in healthcare costs in 2026, primarily driven by rising insurance premiums. Reports indicate that insurance premiums for Affordable Care Act (ACA) plans could surge by an average of 18% to 20%, with some states projecting hikes as high as 66%. The expiration of enhanced federal subsidies is expected to exacerbate the financial strain, potentially leaving over 22 million enrollees facing exorbitant increases in out-of-pocket expenses. Without legislative measures to extend these subsidies, many employees could see their healthcare costs skyrocket, which could significantly impact employee wellness and workforce stability. Click here to learn more

For example, Hanesbrands 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 Hanesbrands 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 Hanesbrands 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 Hanesbrands employees.

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

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 Hanesbrands 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, Hanesbrands 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. 'Hanesbrands 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 Hanesbrands 401(k) Savings Plan?

   The Hanesbrands 401(k) Savings Plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or Roth (after-tax) basis.

   How can I enroll in the Hanesbrands 401(k) Savings Plan?

   Employees can enroll in the Hanesbrands 401(k) Savings Plan by accessing the enrollment portal provided by the company, typically available during the onboarding process or during open enrollment periods.

   What types of contributions can I make to the Hanesbrands 401(k) Savings Plan?

   Hanesbrands employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for catch-up contributions if they are over the age of 50.

   Does Hanesbrands offer a company match for the 401(k) contributions?

   Yes, Hanesbrands offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

   What is the vesting schedule for the Hanesbrands 401(k) company match?

   The vesting schedule for the Hanesbrands 401(k) company match typically follows a specific timeline, where employees earn ownership of the matched contributions over a set period.

   Can I take a loan from my Hanesbrands 401(k) Savings Plan?

   Yes, Hanesbrands allows employees to take loans from their 401(k) Savings Plan, subject to certain conditions and limits set by the plan.

   What investment options are available in the Hanesbrands 401(k) Savings Plan?

   The Hanesbrands 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

   How can I change my contribution percentage to the Hanesbrands 401(k) Savings Plan?

   Employees can change their contribution percentage by logging into the Hanesbrands 401(k) portal and selecting the option to update their contribution rate.

   What happens to my Hanesbrands 401(k) Savings Plan if I leave the company?

   If you leave Hanesbrands, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.

   How often can I change my investment choices in the Hanesbrands 401(k) Savings Plan?

   Employees can typically change their investment choices in the Hanesbrands 401(k) Savings Plan at any time, subject to the plan's trading policies.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Hanesbrands Pension Plan: Name of Pension Plan: Hanesbrands Inc. Pension Plan Years of Service and Age Qualification: Employees typically qualify for pension benefits after reaching 5 years of service. The normal retirement age is 65, but employees may also qualify for early retirement benefits at age 55 with at least 10 years of service. Pension Formula: The pension is calculated based on a formula that considers years of service and average salary. The specific formula details might be found in the plan documents. Hanesbrands 401(k) Plan: Name of 401(k) Plan: Hanesbrands Inc. 401(k) Plan Eligibility: Generally, employees become eligible to participate in the 401(k) plan after 90 days of employment. Plan Features: The 401(k) plan allows employees to contribute a percentage of their salary on a pre-tax or Roth basis. Hanesbrands may also offer a company match up to a certain percentage of employee contributions.
   Restructuring and Layoffs: In 2023, Hanesbrands announced a major restructuring plan aimed at streamlining its operations and reducing costs. This plan included the layoff of around 250 employees across various departments. The restructuring is part of Hanesbrands' strategy to focus more on its core apparel business and improve operational efficiencies.
   Stock Options: Hanesbrands provided stock options to select executives and key employees based on performance metrics and individual contributions. These options typically had a vesting period and were tied to the company's stock performance. RSUs: Restricted Stock Units were granted to employees as part of their compensation package, aligning their interests with long-term shareholder value. The vesting schedule for RSUs was usually over a period of several years.
   2022: Hanesbrands' health benefits included comprehensive medical, dental, and vision insurance. They offered Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) as well. 2023: Benefits remained similar to 2022 with slight enhancements, such as improved preventive care coverage and expanded mental health support. They also increased the contribution limits for HSAs. 2024: Continued focus on mental health and wellness, including expanded telehealth services. The company introduced a new well-being program to support employees' physical, emotional, and financial health.