What Henry Schein Employees Need to Consider Before Making the Leap to Retire Abroad

Healthcare Provider Update: Healthcare Provider for Henry Schein Henry Schein, Inc. is recognized as the world's largest provider of healthcare solutions for office-based dental and medical practitioners. The company distributes a wide range of products, including dental and medical supplies, equipment, and pharmaceuticals, making it a key player in the healthcare market. Potential Healthcare Cost Increases in 2026 As 2026 approaches, healthcare costs are projected to rise significantly, particularly for those enrolled in Affordable Care Act (ACA) marketplace plans. Record premium hikes are expected, with some states eyeing increases exceeding 60%. This steep rise is primarily driven by escalating medical costs, the looming expiration of federal premium subsidies, and aggressive rate increases from major insurers. Without action from Congress to extend these enhanced subsidies, many enrollees may face out-of-pocket premium increases of over 75%, transforming healthcare affordability into a critical issue for millions. Click here to learn more

For example, Henry Schein 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 Henry Schein 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 Henry Schein 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 Henry Schein employees.

Simply for political, economic, and social reasons, many Henry Schein 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 Henry Schein.

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 Henry Schein 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, Henry Schein 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. 'Henry Schein 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 purpose of the 401(k) plan offered by Henry Schein?

   The purpose of the 401(k) plan offered by Henry Schein is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

   How can employees enroll in the Henry Schein 401(k) plan?

   Employees can enroll in the Henry Schein 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

   What types of contributions can employees make to the Henry Schein 401(k) plan?

   Employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older in the Henry Schein 401(k) plan.

   Does Henry Schein offer any matching contributions to the 401(k) plan?

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

   What is the vesting schedule for the Henry Schein 401(k) matching contributions?

   The vesting schedule for Henry Schein’s matching contributions typically follows a graded vesting schedule, which means employees earn ownership of the contributions over a specified period.

   Can employees take loans against their 401(k) balance at Henry Schein?

   Yes, employees may have the option to take loans against their 401(k) balance at Henry Schein, subject to the plan's terms and conditions.

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

   The Henry Schein 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to diversify their portfolios.

   How often can employees change their contribution amounts in the Henry Schein 401(k) plan?

   Employees can typically change their contribution amounts in the Henry Schein 401(k) plan on a quarterly basis or as specified by the plan’s rules.

   What happens to the 401(k) plan if an employee leaves Henry Schein?

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

   Are there any fees associated with the Henry Schein 401(k) plan?

   Yes, there may be administrative fees and investment-related fees associated with the Henry Schein 401(k) plan, 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.
   Pension Plan: Henry Schein Pension Plan Years of Service/Age Qualification: 10 years of service or age 55 with 5 years of service Pension Formula: Final average pay multiplied by years of service 401(k) Plan: Henry Schein 401(k) Plan Eligibility: Employees over 21 years of age and have completed 1 year of service Company Match: 50% match on the first 6% of contributions
   Restructuring and Layoffs: In 2023, Henry Schein announced a strategic restructuring plan aimed at enhancing operational efficiency and streamlining its global operations. This decision led to a reduction in workforce by approximately 5% to align with the company's new focus on digital transformation and expanded healthcare services. This restructuring is part of a broader effort to optimize performance and adapt to evolving market conditions. Importance: Addressing this news is crucial given the current economic climate and investment environment. Companies are continuously adapting to market changes, which impacts their workforce and operational strategies. Keeping informed about such developments helps stakeholders understand the broader implications for investment and economic stability.
   Henry Schein offers stock options and RSUs to its employees as part of its compensation packages. In 2022, Henry Schein provided stock options under the acronym "SO" and RSUs under "RSU" to eligible employees, including executives and key personnel. These options and units are intended to align employee interests with company performance and long-term goals. [Source: Henry Schein Annual Report 2022, Page 47]
   Healthcare Benefits (2023/2024): Henry Schein offers a range of health benefits including medical, dental, and vision coverage. They provide health insurance through major providers, and the plans often include wellness programs, preventative care, and employee assistance programs (EAP). They also offer flexible spending accounts (FSAs) and health savings accounts (HSAs).