From working with a large amount of AT&T clients, we have developed a good understanding as to what it takes for a AT&T employee or retiree to achieve a successful retirement. Below are some questions to ask yourself that we feel are important in building towards a successful retirement.
When Do You Want to Retire?
If you are married, when will your spouse retire?
When will you start receiving Social Security benefits?
Where Will You Live?
Will you have one home or multiple? Downsizing or upsizing?
Consider housing cost based on type (house, condo, retirement community)
Family & social network considerations
State income, real estate & estate tax implications
Do You Want to Leave a Financial Legacy to Your Family or a Charity?
Are there loved ones you need to take care of financially?
Are there charities you are passionate about?
Do you have a will and/or trust in place?
What Will You Do to Stay Healthy?
Exercise plan
Socialize
Prioritize mental health
Longevity expectations
Do you have health care directives in place?
What Will Be Your Sources of Retirement Income?
Will you continue to work?
Do you expect an inheritance?
Itemize your income-generating assets
How will you draw down your investment assets?
When will you start collecting Social Security?
What Expenses Will You Need to Cover in Retirement?
Are there items you expect will cost more than your current expense level?
Are there costs you will eliminate in retirement?
Evaluate post-retirement insurance needs
Are there any celebrations you want to finance?
What will your transportation needs be in retirement?
Do you have funds to cover an emergency?
Have you paid off any debt or have a plan to pay it off?
Will you have a mortgage to pay?
The average amount of savings required to retire comfortably in the United States is $904,452 [6]
Do You Own a Business?
Will you stay involved?
What’s your transition plan?
Will you sell your company to fund your retirement?
Business income? Business sale proceeds?
Appraise the future value of your business
How Will You Cover Medical Expenses?
Will you purchase a Medigap or Medicare Advantage plan?
What’s your plan for financing long-term care?
The average retiree should save about $295,000 to cover medical expenses in retirement [7]
Have You Considered Tax Strategies To Improve Retirement Cash Flow?
Compare state tax rates
Roth conversion strategies
Tax efficient charitable giving
Planned gifts to family
Asset location of investments
Do You Have a Relative or Friend That You Trust to Provide Financial or Health Advice?
Who can you talk to about medical issues?
Who do you trust with financial decisions?
Have you established medical and property POAs?
About The Retirement Group
The Retirement Group is a nation-wide group of financial advisors who work together as a team.
We focus entirely on retirement planning and the design of retirement portfolios for transitioning corporate employees. Each representative of the group has been hand selected by The Retirement Group in select cities of the United States. Each advisor was selected based on their pension expertise, experience in financial planning, and portfolio construction knowledge.
TRG takes a teamwork approach in providing the best possible solutions for our clients’ concerns. The Team has a conservative investment philosophy and diversifies client portfolios with laddered bonds, CDs, mutual funds, ETFs, Annuities, Stocks and other investments to help achieve their goals. The team addresses Retirement, Pension, Tax, Asset Allocation, Estate, and Elder Care issues. This document utilizes various research tools and techniques. A variety of assumptions and judgmental elements are inevitably inherent in any attempt to estimate future results and, consequently, such results should be viewed as tentative estimations. Changes in the law, investment climate, interest rates, and personal circumstances will have profound effects on both the accuracy of our estimations and the suitability of our recommendations. The need for ongoing sensitivity to change and for constant re-examination and alteration of the plan is thus apparent.
Therefore, we encourage you to have your plan updated a few months before your potential retirement date as well as an annual review. It should be emphasized that neither The Retirement Group, LLC nor any of its employees can engage in the practice of law or accounting and that nothing in this document should be taken as an effort to do so. We look forward to working with tax and/or legal professionals you may select to discuss the relevant ramifications of our recommendations.
Throughout your retirement years we will continue to update you on issues affecting your retirement through our complimentary and proprietary newsletters, workshops and regular updates. You may always reach us at (800) 900-5867.
Average Retirement Income By State.' World Population Review, 2021
Powell, Robert. 'How to pay for healthcare costs in retirement.' MarketWatch, April 10, 2021
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
AT&T offers a defined benefit pension plan with a cash balance component. The cash balance plan grows with annual interest credits and employer contributions. Employees can choose between a lump-sum payment or monthly annuities upon retirement.
Layoffs and Restructuring: AT&T is expanding its $8 billion cost-reduction program, which includes significant layoffs. The company has reduced its workforce by more than 115,000 employees over the past five years, with further cuts expected in 2024 (Sources: TechBlog, WRAL TechWire). Operational Strategy: The restructuring efforts are part of AT&T's broader strategy to improve efficiency and adapt to a maturing market. This includes collaborations with firms like Blackrock to create open-access networks, which could provide new growth opportunities (Source: TechBlog). Financial Performance: Despite these challenges, AT&T reported strong financial results in 2023, driven by growth in 5G and fiber services. Revenues from mobility and consumer wireline segments saw significant increases, reflecting the company's strategic focus on high-growth areas (Source: AT&T).
AT&T offers RSUs that vest over several years, giving employees a stake in the company's equity. They also grant stock options, allowing employees to purchase shares at a set price.
AT&T has consistently updated its healthcare benefits to address the dynamic healthcare landscape and ensure comprehensive coverage for its employees. In recent years, AT&T has focused on enhancing its wellness programs, introducing initiatives like virtual healthcare services and telemedicine, which have become increasingly important during and after the pandemic. These services provide employees with convenient access to healthcare, reducing the need for in-person visits and supporting overall health management. Additionally, AT&T has increased its focus on mental health resources, offering counseling services and stress management programs, reflecting the company's commitment to holistic employee wellness. For 2024, AT&T has made adjustments to its healthcare plans to better align with the rising costs of medical services and prescription drugs. The company has introduced higher contribution limits for Health Savings Accounts (HSAs) and has implemented more robust wellness incentives to encourage proactive health management among employees. These changes are essential in the current economic and political environment, where healthcare affordability and accessibility remain critical issues. By continuously evolving its healthcare benefits, AT&T aims to support its employees' health and financial well-being, ensuring they have the resources needed to navigate the complex healthcare landscape.
If you have questions about a potential AT&T surplus or would like more information you can reach the plan administrator for AT&T at p.o. box 132160 Dallas, TX 75313-2160; or by calling them at 210-351-3333.
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