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

Healthcare Provider Update: Hasbro provides health insurance benefits to its U.S. employees, including medical, dental, and prescription coverage. The company supports employee wellness through Health Savings Accounts (HSAs), disability and life insurance, and an onsite fitness center. Additional benefits include paid parental leave, tuition reimbursement, and pet insurance 3. Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

For example, Hasbro 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 Hasbro 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 Hasbro 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 Hasbro employees.

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

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 Hasbro 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, Hasbro 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. 'Hasbro 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 Hasbro's 401(k) plan?

   Hasbro's 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or after-tax basis for retirement.

   How does Hasbro match employee contributions to the 401(k) plan?

   Hasbro offers a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

   When can employees at Hasbro start contributing to the 401(k) plan?

   Employees at Hasbro can begin contributing to the 401(k) plan after completing their initial eligibility period, which is typically outlined in the employee handbook.

   What investment options are available in Hasbro's 401(k) plan?

   Hasbro's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees grow their retirement savings.

   Can employees at Hasbro take loans against their 401(k) savings?

   Yes, Hasbro allows employees to take loans against their 401(k) savings, subject to certain terms and conditions outlined in the plan document.

   What happens to my 401(k) plan if I leave Hasbro?

   If you leave Hasbro, you have several options for your 401(k) plan, including rolling it over to an IRA, transferring it to a new employer's plan, or cashing it out.

   Does Hasbro offer financial education resources for employees regarding the 401(k) plan?

   Yes, Hasbro provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.

   Are there any fees associated with Hasbro's 401(k) plan?

   Yes, Hasbro's 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents provided to employees.

   How often can employees at Hasbro change their 401(k) contribution amount?

   Employees at Hasbro can change their 401(k) contribution amount during designated enrollment periods or as specified in the plan guidelines.

   What is the vesting schedule for Hasbro's 401(k) matching contributions?

   Hasbro has a vesting schedule for matching contributions, meaning employees must work for the company for a certain period before they fully own the matching funds.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
   Company Pension Plan Information: Name of Pension Plan: For Hasbro, this is typically called the "Hasbro Pension Plan." Years of Service and Age Qualification: Employees generally need a minimum number of years of service (often 5 years) and must meet a specific age requirement (often 65 years old) to qualify for full pension benefits. The exact details can vary, so I will verify these specifics. 401(k) Plan Information: Name of 401(k) Plan: This is usually referred to as the "Hasbro 401(k) Plan." Eligibility: Generally, employees are eligible for participation in the 401(k) plan after a specified period of employment, commonly after 30 days to 1 year
   Restructuring and Layoffs: In early 2023, Hasbro announced a significant restructuring plan involving a workforce reduction of about 15% to streamline operations and reduce costs. This move was part of a broader strategy to optimize the company's portfolio and focus on its most profitable lines. The layoffs primarily affected roles in sales and marketing as Hasbro shifted towards digital and direct-to-consumer models. Given the current economic environment, where companies are adjusting to post-pandemic market conditions and inflationary pressures, it is essential to stay informed about such changes as they can impact job security and market stability.
   In 2022, Hasbro provided stock options (SO) and restricted stock units (RSU) as part of its compensation package to key executives and high-performing employees. The stock options had a vesting schedule over several years, while RSUs were typically granted with a performance or time-based vesting period
   Healthcare Benefits (2022-2024): Hasbro offers a comprehensive benefits package, including health insurance plans (medical, dental, and vision), wellness programs, and mental health support. The company provides coverage through major providers and includes preventive care, prescription drug coverage, and access to a network of healthcare professionals.