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Raytheon Employees: 11 Questions You Should Ask Yourself When Planning for Retirement

Introduction

When Do You Want to Retire?

Where Will You Live?

How Will You Spend Your Time in Retirement?

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

What Will You Do to Stay Healthy?

What Will Be Your Sources of Retirement Income?

What Expenses Will You Need to Cover in Retirement?

About The Retirement Group

Sources

Introduction

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

How Will You Spend Your Time in Retirement?

Make a bucket list
Volunteering opportunities?
2nd career or part-time work?
Business interests
Hobbies & travel
Estimate costs and resources
Be sure to prioritize

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.

Sources

What to do with an Early Retirement Ebook
Social Security Ebook
Lump Sum vs. Annuity Ebook
401(k) Rollover Strategies Ebook
Closing the Retirement Gap Ebook
Average Retirement Income By State.' World Population Review, 2021
Powell, Robert. 'How to pay for healthcare costs in retirement.' MarketWatch, April 10, 2021

What type of retirement savings plan does Raytheon offer to its employees?

Raytheon offers a 401(k) Savings Plan to help employees save for retirement.

Does Raytheon provide a company match for contributions made to the 401(k) plan?

Yes, Raytheon matches employee contributions to the 401(k) plan up to a certain percentage.

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

Raytheon employees can enroll in the 401(k) Savings Plan through the company's benefits portal or by contacting the HR department.

What is the minimum contribution percentage required for Raytheon employees to participate in the 401(k) plan?

Raytheon typically requires a minimum contribution percentage of 1% to participate in the 401(k) Savings Plan.

Can Raytheon employees change their contribution amounts to the 401(k) plan at any time?

Yes, Raytheon employees can change their contribution amounts to the 401(k) plan during designated enrollment periods or as allowed by the plan rules.

What investment options are available to Raytheon employees within the 401(k) plan?

Raytheon offers a variety of investment options within the 401(k) plan, including mutual funds, target-date funds, and company stock.

Is there a vesting schedule for the company match in Raytheon’s 401(k) plan?

Yes, Raytheon has a vesting schedule for the company match, which means employees must work for a certain number of years to fully own the matched contributions.

Can Raytheon employees take loans from their 401(k) accounts?

Yes, Raytheon allows employees to take loans from their 401(k) accounts under certain conditions.

What happens to Raytheon employees' 401(k) accounts if they leave the company?

If Raytheon employees leave the company, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Raytheon plan if eligible.

Are there any fees associated with Raytheon’s 401(k) Savings Plan?

Yes, there may be administrative fees and investment-related fees associated with Raytheon’s 401(k) Savings Plan, which are disclosed in plan documents.