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

Healthcare Provider Update: Healthcare Provider for Hubbell Hubbell Incorporated typically partners with various health insurance providers depending on the specific employee benefits offered. Common providers in the industry include major insurers like Anthem, UnitedHealthcare, and Blue Cross Blue Shield, among others. The exact provider details may vary by location and the workforce's coverage needs. Potential Healthcare Cost Increases in 2026 As the healthcare landscape shifts in 2026, significant premium increases are anticipated for many consumers, influenced by a combination of rising medical costs and the potential expiration of enhanced federal ACA subsidies. With some states reporting premium hikes exceeding 60%, many families may face a staggering average rise of over 75% in their out-of-pocket costs. This perfect storm of factors challenges individuals and families to navigate an increasingly expensive healthcare environment, requiring strategic planning and early interventions to mitigate the financial impact. Click here to learn more

For example, Hubbell 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 Hubbell 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 Hubbell 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 Hubbell employees.

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

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 Hubbell 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, Hubbell 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. 'Hubbell 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 Hubbell's 401(k) Savings Plan?

   The purpose of Hubbell's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

   How can I enroll in Hubbell's 401(k) Savings Plan?

   You can enroll in Hubbell's 401(k) Savings 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 I make to Hubbell's 401(k) Savings Plan?

   Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option for catch-up contributions if they are age 50 or older.

   Does Hubbell offer a company match for the 401(k) Savings Plan?

   Yes, Hubbell offers a company match for the 401(k) Savings Plan, which helps employees increase their retirement savings.

   What is the vesting schedule for Hubbell's 401(k) company match?

   The vesting schedule for Hubbell's 401(k) company match typically follows a graded vesting schedule over a period of years, which is outlined in the plan documents.

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

   Yes, employees may be eligible to take a loan from their Hubbell 401(k) Savings Plan, subject to the plan’s specific terms and conditions.

   What investment options are available in Hubbell's 401(k) Savings Plan?

   Hubbell's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and potentially other investment vehicles, depending on the plan's offerings.

   How often can I change my contribution amount to Hubbell's 401(k) Savings Plan?

   Employees can typically change their contribution amount to Hubbell's 401(k) Savings Plan at any time, subject to the plan's specific rules.

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

   If you leave Hubbell, 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 allowed.

   How can I check my Hubbell 401(k) Savings Plan balance?

   You can check your Hubbell 401(k) Savings Plan balance by logging into the plan’s online portal or by contacting the plan administrator.

   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 Years of Service and Age Qualification: Employees generally need to complete a minimum of 5 years of service and reach age 65 to qualify for full benefits. Early retirement options may be available, typically with reduced benefits starting from age 55. Pension Formula: The formula used is generally based on the employee’s average salary and years of service. For example, it might be calculated as 1.5% of the average salary multiplied by years of service. Hubbell 401(k) Savings Plan Eligibility: Employees are generally eligible to participate after completing 30 days of service. The company may offer a match up to a certain percentage of employee contributions.
   Restructuring and Layoffs: Hubbell Inc. announced a restructuring plan in early 2024 as part of its strategic focus on operational efficiency and market responsiveness. The company is expected to lay off approximately 500 employees, primarily affecting its manufacturing and administrative divisions. This restructuring is aimed at streamlining operations and aligning resources with evolving market demands. The decision reflects broader trends in the industry where companies are optimizing their workforce to adapt to changing economic conditions and market dynamics. Importance: It is crucial to address this news due to its implications on the current economic landscape, particularly in light of investment shifts and tax policy changes. The restructuring could impact employee morale, community economic stability, and overall market confidence, making it essential to stay informed about such developments.
   Hubbell Inc. offers stock options and RSUs to various levels of employees, including executives and senior management. The availability of stock options and RSUs is outlined in the company’s annual proxy statements and SEC filings. Typically, RSUs are granted to employees as part of their compensation package, with vesting schedules varying by role and performance.
   Plans Offered: Hubbell offers a range of health insurance plans including medical, dental, and vision coverage. Healthcare Terms & Acronyms: Common terms include PPO (Preferred Provider Organization), HSA (Health Savings Account), and FSA (Flexible Spending Account). Recent Updates: In 2023, Hubbell updated its benefits package to include enhanced mental health support and telemedicine services.