New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Discovering Your Dream Retirement: Top 4 International Destinations for Genesco Employees

Healthcare Provider Update: For Genesco, the healthcare provider is primarily through Aetna, which is part of CVS Health and provides a range of health insurance plans and services tailored to meet the needs of Genesco employees and their families. In 2026, the healthcare landscape could see significant challenges for Genesco due to anticipated insurance premium hikes driven by multiple factors. With the potential expiration of enhanced federal subsidies for Affordable Care Act (ACA) plans, over 22 million Americans could face out-of-pocket premium increases of more than 75%. In addition, rising medical costs, including hospital and prescription drug prices, are expected to further burden employees, potentially leading Genesco to reconsider its benefits strategy, such as shifting more costs onto workers to mitigate rising expenditures. These cumulative factors suggest a critical need for strategic planning in navigating the financial impact of healthcare in the coming year. Click here to learn more

Genesco employees planning to retire abroad should also take the time to find out how happy people are and how well they are treated in the healthcare systems of the countries they plan to retire in,' recommends Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement Group.

Wesley Boudreaux from The Retirement Group, a division of Wealth Enhancement Group, recommends that Genesco retirees should look for better opportunities for health and happiness abroad than traditional retirement destinations, especially in Portugal and Spain, which have favorable taxes and climates.

In this article we will discuss:

1. Increase in the Number of U.S. Retirees Leaving the Country: Emphasizing the rising trend of American retirees leaving the country and concentrating on Europe.

2. The Best Countries to Live in Terms of Quality of Life: Why Spain, Portugal, and other countries are chosen for their climate, healthcare, and cost of living.

3. Financial Implications for Retirees: Explains the costs and benefits of retiring abroad in terms of taxes and other factors.

The trend of American retirees exploring the option of international retirement destinations is on the rise. The Social Security Administration reports that the number of U.S. retirees collecting benefits from abroad has jumped from 413,000 to 760,000 in the last three years, many of whom have chosen Europe as their destination.

The Genesco retirees may find better healthcare, standard of living and safety in various parts of the world as identified by the recent study by Global Citizen Solutions. Among the best places for retirement, Spain and Portugal are the most popular.

The capital of Spain is the city that was ranked highest in the quality of life with a score of 100 based on factors such as wind speed, temperature, and health care. Researcher Laura Madrid of Global Citizen Solutions argues that the public health sector in Spain and affordable private insurance services are key in enhancing the quality of life of its citizens. Moreover, Genesco retirees who do not want to use their private vehicles as a means of transport during retirement find the Spanish transport system to be very efficient and relatively cheap.

The neighboring country, Portugal comes close behind with a nearly perfect score of 99.79. The climate and low costs of healthcare have attracted an increasing number of American retirees to the region. Both Spain and Portugal are generally cheaper than many European countries and the United States and have good tax exemptions for new exotic residents for the initial years of their stay.

Costa Rica is the third place, Uruguay and Mexico are the second and the first, respectively. That is why Mexico is better than Portugal in terms of the quality of life. In the economic category, Malaysia is the best as there is no tax on income earned outside the country. It should be noted that all the citizens of the United States living abroad must meet the tax reporting requirements to the United States.

The average New Zealand is hard to beat when it comes to retirement, especially with regard to social adaptation and the attitude towards immigrants. The main criteria that influence the choice of retirees when moving overseas are tax benefits, good healthcare, and affordable housing. This study establishes a pattern of older Americans who are looking for better financial situations, tax exemptions, and cultural experiences through retirement abroad.

For Genesco retirees who are planning to retire abroad, Portugal is a country that deserves attention since this nation offers not only a high standard of living but also some tax benefits. As for International Living, Portugal is one of the best countries for expat retirees due to its beautiful scenery, friendly people, and excellent but affordable healthcare (International Living, 2024).

Retiring from Genesco abroad can be a bit like finding a secret paradise after a long journey: walking into a country with sun, healthcare, low taxes, and so many new experiences. Just as travelers look for comfortable and interesting places to visit, seniors choose countries like Spain and Portugal for their decent public healthcare, affordable living, and special tax benefits. It is a chance to enjoy life’s good things in an environment which is designed for peace, relaxation, and community.

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Disclosure:

This information is not intended as recommendation. The opinions are subject to change at any time and no forecasts can be guaranteed. Investment decisions should always be made based on investor's specific circumstances. Investing involves risk, including possible loss of principal.

Sources:

1. Social Security Administration.
SSA Payments Outside US | International Programs,' Social Security Administration, 2025, https://www.ssa.gov/international/payments_outsideUS.html

2. Rader, Jameson.
Social Security Abroad for U.S. Expats and Retirees [Guide].'' Savvy Nomad, 2024, https://blog.savvynomad.io/social-security-abroad-for-us-expats-and-retirees-guide

3. 'How to Retire Abroad as a US Citizen: The Complete Guide.' ExpatDen, 2024, https://www.expatden.com/us/how-to-retire-abroad-as-a-us-citizen-the-complete-guide.

4. Behrens, Frederic.
American Expat Social Security and Retiring Abroad.' Cerity Partners, 2024, https://www.ceritypartners.com/american-expat-social-security-and-retiring-abroad

5. 'Expat Retiring Abroad? Rules on Taxes, Social Security, and Benefits.' PlanWell Financial Planners, 2024, https://www.planwellfp.com/expat-retiring-abroad-rules-on-taxes-social-security-and-benefits.

What is the primary purpose of Genesco's 401(k) Savings Plan?

The primary purpose of Genesco's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to set aside money.

How can Genesco employees enroll in the 401(k) Savings Plan?

Genesco employees can enroll in the 401(k) Savings Plan by completing the enrollment process through the company's designated benefits portal.

Does Genesco offer a company match for contributions made to the 401(k) Savings Plan?

Yes, Genesco offers a company match for employee contributions to the 401(k) Savings Plan, which helps enhance retirement savings.

What types of investment options are available in Genesco's 401(k) Savings Plan?

Genesco's 401(k) Savings Plan typically includes a variety of investment options, such as mutual funds, target-date funds, and other investment vehicles.

Can Genesco employees change their contribution percentage to the 401(k) Savings Plan?

Yes, Genesco employees can change their contribution percentage to the 401(k) Savings Plan at any time, subject to certain guidelines.

What is the minimum age requirement for Genesco employees to participate in the 401(k) Savings Plan?

Genesco employees must be at least 21 years old to participate in the 401(k) Savings Plan.

Are there any fees associated with Genesco's 401(k) Savings Plan?

Yes, there may be administrative fees and investment fees associated with Genesco's 401(k) Savings Plan, which are disclosed in the plan documents.

How often can Genesco employees access their 401(k) account statements?

Genesco employees can access their 401(k) account statements quarterly through the benefits portal.

What happens to Genesco employees' 401(k) savings if they leave the company?

If Genesco employees leave the company, they can roll over their 401(k) savings into another qualified retirement account or withdraw the funds, subject to tax implications.

Does Genesco allow for loans against the 401(k) Savings Plan?

Yes, Genesco allows employees to take loans against their 401(k) Savings Plan balance, subject to specific terms and conditions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Genesco offers its employees both a 401(k) plan and a pension plan to support their financial future. The company provides a matching contribution for the 401(k), with eligible employees receiving a match of $1 for every $1 contributed up to 3%, and an additional $0.50 for every $1 contributed on the next 2% of salary. This creates a significant incentive for employees to maximize their savings within the plan. The company offers several investment options for employees to allocate their funds. In terms of the pension plan, the Genesco Master Plan has been structured to provide long-term benefits for employees who meet specific age and service requirements. Eligibility typically involves full-time employees who have completed a certain number of years of service, though exact details of the formula and qualifying criteria may vary depending on the employee's role and hire date

Restructuring and Layoffs: In early 2024, Genesco announced a significant restructuring plan involving the closure of several retail locations and a reduction of their workforce by approximately 10%. This move is part of their strategy to streamline operations and improve financial performance amidst a challenging retail environment.

Genesco provides stock options and RSUs primarily to its executives and key employees. The stock options are granted with an exercise price equal to the market price on the grant date, while RSUs vest over four years. Genesco's RSUs and stock options are designed to reward long-term performance and retention.

Benefits Overview: Genesco’s official website provides an overview of their employee benefits, including healthcare coverage. Check the company’s careers or benefits section for detailed information on health plans, coverage options, and employee resources. Healthcare Terms: Look for specific terms like PPO (Preferred Provider Organization), HMO (Health Maintenance Organization), FSA (Flexible Spending Account), and HRA (Health Reimbursement Account). Glassdoor Employee Reviews: Employees often share insights about their healthcare benefits on Glassdoor. Look for reviews mentioning health insurance plans, deductibles, and employee satisfaction with the benefits package. Healthcare News: Check for any recent changes or updates in the benefits package as mentioned by current or former employees. Indeed Company Reviews: Indeed provides reviews from employees that might include information on health benefits. Look for specific mentions of health insurance options, provider networks, and employee feedback. Benefits Information: Sometimes, benefits information is summarized in company reviews or Q&A sections. LinkedIn