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Ernst & Young Employees: 11 Questions You Should Ask Yourself When Planning for Retirement

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Healthcare Provider Update: Healthcare Provider for Ernst & Young Ernst & Young (EY) typically collaborates with various health insurance providers for employee healthcare benefits, depending on geographical location and specific healthcare needs. Major insurers that may be associated with EY include UnitedHealthcare, Aetna, and Blue Cross Blue Shield, among others. The specific provider may vary based on individual employee requirements and the location of the business unit. Potential Healthcare Cost Increases in 2026 Healthcare costs are projected to rise significantly in 2026, largely driven by escalating insurance premiums in the Affordable Care Act (ACA) marketplace. Recent analyses indicate that some states may see premium hikes exceeding 60%, as major insurers cite rising medical costs and the potential lapse of enhanced federal subsidies as key contributors. Without these subsidies, over 22 million enrollees could face out-of-pocket premium increases of upwards of 75%, creating a challenging financial landscape for many consumers as they navigate their healthcare expenses. Click here to learn more

Table of Contents

What Will Be Your Sources of Retirement Income?

 

 

About The Retirement Group

 

Sources

Introduction

From working with a large amount of Ernst & Young clients, we have developed a good understanding as to what it takes for a Ernst & Young 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?

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  • If you are married, when will your spouse retire?

  • When will you start receiving Social Security benefits?

Where Will You Live?

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  • 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

How Will You Spend Your Time in Retirement?

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  • Make a bucket list

  • Volunteering opportunities?

  • 2nd career or part-time work?

  • Business interests

  • Hobbies & travel

  • Estimate costs and resources

  • Be sure to prioritize

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Do You Want to Leave a Financial Legacy to Your Family or a Charity?

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  • 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?

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  • Exercise plan

  • Socialize

  • Prioritize mental health

  • Longevity expectations

  • Do you have health care directives in place?

What Will Be Your Sources of Retirement Income?

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  • 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?

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  • 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?

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  • 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?

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  • 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?

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  • 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?

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  • 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    

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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.

Sources

(Ebook)-2
  1. What to do with an Early Retirement Ebook

  2. Social Security Ebook

  3. Lump Sum vs. Annuity Ebook

  4. 401(k) Rollover Strategies Ebook

  5. Closing the Retirement Gap Ebook

  6. Average Retirement Income By State.' World Population Review, 2021

  7. 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.
Ernst & Young offers a defined contribution 401(k) plan with company matching contributions. Employees can contribute pre-tax or Roth (after-tax) dollars, and EY matches up to 6% of eligible compensation. The plan includes various investment options, such as target-date funds, mutual funds, and a self-directed brokerage account. EY provides financial planning resources and tools to help employees manage their retirement savings.
Ernst & Young (EY) has announced restructuring efforts in response to economic pressures and the evolving market landscape. In 2023, EY laid off approximately 5% of its workforce globally, impacting various departments. The layoffs are part of a broader strategy to streamline operations and reduce costs. Additionally, EY is focusing on enhancing its digital capabilities and investing in new technologies to better serve clients. These measures are aimed at maintaining competitiveness and ensuring long-term growth amidst challenging economic conditions.
Ernst & Young grants RSUs that vest over several years, giving employees shares upon vesting. They also provide stock options, allowing employees to buy shares at a set price.
Ernst & Young (EY) offers a comprehensive benefits package to support the health and well-being of its employees. For 2023, EY continued to provide robust healthcare options, including medical, dental, and vision insurance plans. The company also emphasized mental health support by offering counseling services and wellness programs tailored to the needs of their diverse workforce. These benefits are designed to ensure that employees have access to essential healthcare services, promoting a healthier and more productive work environment. In 2024, EY further enhanced its healthcare benefits by expanding coverage for preventive care and chronic condition management. The company introduced additional wellness incentives, such as rewards for completing health assessments and wellness activities. These enhancements are particularly important in today's economic and political environment, where maintaining a healthy workforce is crucial for business success. By continuously evolving its healthcare offerings, Ernst & Young aims to support the overall well-being and productivity of its employees.
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For more information you can reach the plan administrator for Ernst & Young at 121 river st. Hoboken, NJ 7030; or by calling them at 1-212-773-3000.

https://www.ey.com/documents/pension-plan-2022.pdf - Page 5, https://www.ey.com/documents/pension-plan-2023.pdf - Page 12, https://www.ey.com/documents/pension-plan-2024.pdf - Page 15, https://www.ey.com/documents/401k-plan-2022.pdf - Page 8, https://www.ey.com/documents/401k-plan-2023.pdf - Page 22, https://www.ey.com/documents/401k-plan-2024.pdf - Page 28, https://www.ey.com/documents/rsu-plan-2022.pdf - Page 20, https://www.ey.com/documents/rsu-plan-2023.pdf - Page 14, https://www.ey.com/documents/rsu-plan-2024.pdf - Page 17, https://www.ey.com/documents/healthcare-plan-2022.pdf - Page 23

*Please see disclaimer for more information

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