What Kelly Services Employees Need to Consider Before Making the Leap to Retire Abroad

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For example, Kelly Services 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 Kelly Services 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 Kelly Services 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 Kelly Services employees.

Simply for political, economic, and social reasons, many Kelly Services 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 Kelly Services.

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 Kelly Services 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, Kelly Services 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. 'Kelly Services 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 plan does Kelly Services offer to its employees?

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

   How can I enroll in the Kelly Services 401(k) plan?

   Employees can enroll in the Kelly Services 401(k) plan by visiting the company’s benefits portal or contacting the HR department for assistance.

   Does Kelly Services match contributions to the 401(k) plan?

   Yes, Kelly Services provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

   What is the eligibility requirement to participate in the Kelly Services 401(k) plan?

   Employees of Kelly Services are typically eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the plan documents.

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

   The Kelly Services 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

   Can I take a loan against my 401(k) plan with Kelly Services?

   Yes, Kelly Services allows employees to take loans against their 401(k) balances, subject to the plan’s terms and conditions.

   What is the vesting schedule for the Kelly Services 401(k) matching contributions?

   The vesting schedule for Kelly Services 401(k) matching contributions varies, so employees should refer to the plan documents for specific details.

   How often can I change my contribution amount to the Kelly Services 401(k) plan?

   Employees can change their contribution amount to the Kelly Services 401(k) plan at any time, typically through the benefits portal.

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

   If you leave Kelly Services, you can choose to roll over your 401(k) balance to another retirement account, withdraw the funds, or leave the balance in the Kelly Services plan if allowed.

   Does Kelly Services offer financial education resources for 401(k) participants?

   Yes, Kelly Services provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.

   With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
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   Restructuring and Layoffs: In early 2023, Kelly Services announced a significant restructuring plan aimed at reducing operational costs. This involved a reduction in workforce and streamlining of business units. The company cited the need to adapt to evolving market conditions and shifting client needs as key reasons behind the layoffs. The impact was felt across various departments, reflecting broader trends in the staffing industry. Benefit Changes: In 2024, Kelly Services revised its employee benefits package to better align with industry standards and cost management strategies. Changes included modifications to health insurance plans and retirement contributions. The company emphasized the need to remain competitive while managing operational expenses. Pension and 401k Changes: Kelly Services made adjustments to its 401k plan in mid-2023, including changes to company matching contributions and investment options. These modifications were part of a broader effort to optimize financial sustainability and employee engagement with their retirement plans. The company also reviewed its pension plans, making tweaks to ensure long-term viability while addressing regulatory and market changes.
   Kelly Services offers stock options and RSUs to eligible employees as part of their compensation package. The stock options typically grant employees the right to purchase company stock at a predetermined price. RSUs are company shares given to employees with specific vesting schedules.
   Kelly Services Careers: Kelly Services offers a range of health benefits for their employees. This typically includes medical, dental, and vision insurance plans, with options for both individual and family coverage. Health and Wellness Programs: The company provides access to wellness programs and resources, including telemedicine services and mental health support.