With 2021 wrapped up and going into the new year, the IRS just released Revenue Procedure 2021-45 and Notice 2021-61 which detail the tax changes and cost of living adjustments for 2022. The main points of this new release that will most likely affect Farmers Insurance Group employees would be:
Also, the personal exemption for tax year 2022 remains at 0, as it was for 2021. This elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.
If you experienced a job change, retirement or lapse in employment from Farmers Insurance Group, the “lookback” rule may be an important option to consider when filing taxes this year. You’ll also have the option to use your 2019 earned income for your 2021 return thanks to changes from the American Rescue Plan Act. This rule is mainly used for calculation of the Earned Income Tax Credit and the Child Tax Credit.
Remote workers employed by Farmers Insurance Group might face double taxation on state taxes. Due to the pandemic, many employees moved back home which could have been outside of the state where they were employed. Last year, some states had temporary relief provisions to avoid double taxation of income, but many of those provisions have expired. There are only six states that currently have a ‘special convenience of employer’ rule: Connecticut, Delaware, Nebraska, New Jersey, New York, and Pennsylvania. If you work remotely for Farmers Insurance Group, and if you don't currently reside in those states, consult with your tax advisor if there are other ways to mitigate the double taxation.
Retirement account contributions: Contributing to your Farmers Insurance Group 401k plan can cut your tax bill significantly, and the amount you can save has increased for 2022. In 2022, the IRS has raised the contribution limit for a 401k to $20,500 - up by $1,000. Meanwhile, Farmers Insurance Group workers who are older than 50 years old are eligible for an extra catch-up contribution of $6,500.
There are important changes for the Earned Income Tax Credit (EITC) that you, as a taxpayer employed by Farmers Insurance Group, should know:
Increased deduction for cash charitable contributions: In years past, the threshold was $300 for both single and joint filers, but in 2022 that changed to $300 for single filers and up to $600 for joint filers.
Child Tax Credit changes:
2022 Tax Brackets
Inflation reduces purchasing power over time as the same basket of goods will cost more as prices rise. In order to maintain the same standard of living throughout your retirement after leaving Farmers Insurance Group, you will have to factor rising costs into your plan. While the Federal reserve strives to achieve 2% inflation rate each year, in 2021 that rate shot up to 7% a drastic increase from 2020’s 1.4%. While prices as a whole have risen dramatically, there are specific areas to pay attention to if you are nearing or in retirement from Farmers Insurance Group, like healthcare. Many Farmers Insurance Group corporate retirees depend on Medicare as their main health care provider and in 2022 that healthcare out-of-pocket premium is set to increase by 14.5%. In addition to Medicare increases, the cost of over-the-counter medications is also projected to increase by at least 10%. The Employee Benefit Research Institute (ERBI) found in their 2022 report that couples with average drug expenses would need $296,000 in savings just to cover those expenses in retirement. It is crucial to take all of these factors into consideration when constructing your holistic plan for retirement from Farmers Insurance Group.
*Source: IRS.gov, Yahoo, Bankrate
No matter where you stand in the planning process, or your current age, we hope this guide gives you a good overview of the steps to take and resources that help you simplify your transition from Farmers Insurance Group into retirement and get the most from your benefits.
You know you need to be saving and investing, especially since time is on your side the sooner you start, but you don’t have the time or expertise to know if you’re building retirement savings that can last after leaving Farmers Insurance Group.
Source: Is it Worth the Money to Hire a Financial Advisor?, the balance, 202
79% potential boost in wealth at age 65 over a 20-year period when choosing to invest in Farmers Insurance Group's retirement plan.
*Source: Bridging the Gap Between 401(k) Sponsors and Participants, T.Rowe Price, 2020
How much we recommend that you invest toward Farmers Insurance Group retirement is always based on your unique financial situation and goals. However, consider investing a minimum of 10% of your salary toward retirement through your 30s and 40s. So long as your individual circumstances allow, it should be a goal to maximize Farmers Insurance Group's contribution match.
Over 50? You can invest up to $19,500 into your retirement plan/401(k) with Farmers Insurance Group.
As you enter your 50s and 60s, you’re ideally at peak earning years with some of your major expenses, such as a mortgage or child-rearing, behind you or soon to be in the rearview mirror. This can be a good time to consider whether you have the ability to boost your retirement savings goal to 20% or more of your income. For many people, this could potentially be the last opportunity to stash away funds.
In 2020, workers age 50 or older could invest up to $19,500 into their retirement plan/401(k). Once they met this limit, they could add an additional $6,500 in catch-up contributions. These limits are adjusted annually for inflation.
If you’re a Farmers Insurance Group employee over 50, you may be eligible to use a catch-up contribution within your IRA.
These retirement savings vehicles give you the chance to take advantage of three main benefits:
Matching contributions are just what they sound like: Farmers Insurance Group matches your own 401(k) contributions with money that comes from the company. If Farmers Insurance Group matches, the company money typically matches up to a certain percent of the amount you put in.
Unfortunately, many people might not be taking full advantage of Farmers Insurance Group's match because they’re not putting in enough themselves.
$1,336 - A 2020 study from Financial Engines titled “Missing Out: How Much Employer 401(k) Matching Contributions Do Employees Leave on the Table?”, revealed that employees who don’t maximize the company match typically leave $1,336 of potential extra retirement money on the table each year.
- If Farmers Insurance Group will match up to 3% of your plan contributions and you only contribute 2% of your salary, you aren’t getting the full amount of their potential match.
- By bumping up your contribution by just 1%, Farmers Insurance Group is now matching 3% (the max) of your contributions for a total contribution of 6% of your salary. You aren’t leaving money on the table.
Whether you live in or Puerto Rico, you'll receive quite a bit of useful information from this article! Speak with a retirement-focused advisor by clicking the button below.
There are seemingly endless rules that vary from one retirement plan to the next, early out offers, interest rate impacts, age penalties, and complex tax impacts.
Increasing your investment balance and reducing taxes is the key to a successful retirement plan spending strategy. At The Retirement Group, we can help you understand how Farmers Insurance Group's 401(k) fits into your overall financial picture and how to make that plan work for you.
Workers are far more likely to rely on their workplace defined contribution (DC) retirement plans as a source of income.
'Getting help and leveraging the financial planning tools and resources your company
makes available can help you understand whether you are on track, or need to
make adjustments to meet your long-term retirement goals...'
Source: Schwab 401(k) Survey Finds Savings Goals and Stress Levels on the Rise
Sample Retirement Plan
Whether you work for a large oil company like ExxonMobil or a large telecom company like AT&T, each company has a unique plan. These plans are often complex, so it is important to work with an advisor who understands your plan. Regardless of which company you work for, your company plan is complicated and difficult to understand. To better understand your plan let's look at a few examples from AT&T, Shell, ExxonMobil, and Chevron and see how they compare to Farmers Insurance Group's plan.After Completing... | Company Contribution |
1 year of accredited service | 2.5% |
6 years of accredited service | 5% |
9 years of accredited service | 10% |
Complex Formula
Farmers Insurance Group may use a more complex formula, like Chevron. Chevron calculates an employee's monthly annuity through the Legacy Chevron retirement plan by taking 1.6% of monthly highest average earnings, times by years of BAS minus their Social Security Offset.
Highest Average Earnings is the monthly average of your regular earnings for the 36 consecutive months in which they’re the highest.
In most cases, this will be the sum of your last 36 months divided by 36.
The applicable interest rate is a separate average of each of the three segment rates for the fifth, fourth and third months preceding your annuity start date. The three segment rates are calculated by the IRS according to regulations that are also part of the Pension Protection Act of 2006 and reflect the yields of short-, mid-, and long-term corporate bonds. (Note: Chevron also has Legacy Unocal and Legacy Texaco Retirement Plans)
Different Plans
Similar to Chevron, AT&T has many different plans available. With AT&T, they have different pension plan formulas for management & non-management. Lets look at a sample non-management plan.
AT&T non-management employees have their own Craft/non-management pension plan. Let's take a look at a pension example for a gentleman by the name of Joe Smith who is hourly and using the Craft/non-management pension plan.
In 1990, Joe is hired by AT&T and participates in the Craft Pension Plan:
Craft Pension Plan
Craft Pension Example
Let's assume Joe is working as a Cable Splicing Technician and is in Pension Band 120. He is interested in retiring this year, in 2021 and wants to calculate his Craft Pension benefit.
While this formula calculates a monthly pension benefit, you can determine the lump sum equivalent by using the annuity to lump sum conversion table on Fidelity's website.
If a Pension is offered, Farmers Insurance Group's retirement plan will generally allow for different forms of payment:
Single Life Annuity
Lump-Sum Option (Most Oil Companies Offer a Lump Sum)
NOTE: Lump-Sum vs. Annuity - With decreasing interest rates, your lump-sum payout will increase.
Life & Term-Certain Annuity Option
Looking for a second opinion about your retirement from Farmers Insurance Group? Click here to speak to financial advisor today or call (800) 200-9838.
Joint & Survivor Annuity
Upon your death, a percentage of your monthly benefit is paid to your joint annuitant for his or her lifetime
Reduction factors may apply depending on Farmers Insurance Group's policy.
Uniform Income
Receive same level of income before and after receiving Social Security benefits
The level of income may change at a certain age. For example, in the Chevron Uniform Income policy:
Before age 62, employees receive a larger monthly annuity from the plan
After age 62, when Social Security benefit is available, employees receive a smaller monthly annuity from the plan
Each company has varying rules in regards to Uniform Income. Review Farmers Insurance Group's SPD or talk to an advisor to find out the rules for your specific plan.
*These are examples and Farmers Insurance Group's plan may be different.
At this time in the economic cycle, there is serious interest rate risk.
Keep in mind, annuities typically do not have inflation protection, however some employees want the security of the monthly benefit. A strategy to compensate for not electing Farmers Insurance Group's lump-sum option implements electing the single annuity option and buying a life insurance policy (protection for spouse, children) to maximize your pension benefit.
If you are thinking about what to do with your Farmers Insurance Group-sponsored pension plan, you can discuss with a TRG advisor if you should take the Lump Sum or Annuity. When should you take it? What is best for you and your family?
You should routinely use the tools and resources found on The Retirement Group's E-Book library, such as the Retirekit, to model your pension benefit in retirement and the pension payment options that will be available to you after leaving Farmers Insurance Group.
You can also contact an energy focused advisor at The Retirement Group at (800)-900-5867. We will get you in front of an advisor dedicated to oil companies to help you start the retirement process and tell you about your payment.
Note: We recommend you read the AT&T Summary Plan Description. The Retirement Group is not affiliated with AT&T, Chevron, ExxonMobil, Shell, or any other company.
Next Step:
Lump-Sum vs. Annuity
Retirees who are eligible for a pension are often offered the choice of whether to actually take the pension payments for life, or receive a lump-sum dollar amount for the “equivalent” value of the pension – with the idea that you could then take the money (rolling it over to an IRA), invest it, and generate your own cash flows by taking systematic withdrawals throughout retirement from Farmers Insurance Group.
The upside of keeping the pension itself is that the payments are guaranteed to continue for life (at least to the extent that the pension plan itself remains in place and solvent and doesn’t default). Thus, whether you live 10, 20, or 30 (or more!) years after leaving Farmers Insurance Group, you don’t have to worry about the risk of outliving the money.
In contrast, selecting the lump-sum gives you the potential to invest, earn more growth, and potentially generate even greater retirement cash flow. Additionally, if something happens to you, any unused account balance will be available to a surviving spouse or heirs. However, if you fail to invest the funds for sufficient growth, there’s a danger that the money could run out altogether and you may regret not having held onto the pension’s “income for life” guarantee.
Ultimately, the “risk” assessment that should be done to determine whether or not you should take the lump sum or the guaranteed lifetime payments that the Farmers Insurance Group pension offers depends on what kind of return must be generated on that lump-sum to replicate the payments of the annuity. After all, if it would only take a return of 1% to 2% on that lump-sum to create the same pension cash flows for a lifetime, there is little risk that you will outlive the lump-sum after leaving Farmers Insurance Group, even if you withdraw from it for life(10). However, if the pension payments can only be replaced with a higher and much riskier rate of return, there is, in turn, a greater risk those returns won’t manifest and you could run out of money.
Interest Rates and Life Expectancy
In many defined benefit plans, like the ExxonMobil pension plan, current and future retirees are offered a lump-sum payout or a monthly pension benefit. Sometimes these plans have billions of dollars worth of unfunded pension liabilities, and in order to get the liability off the books, Farmers Insurance Group may offer a lump-sum.
Depending on life expectancy, the initial lump-sum is typically less money than regular pension payments over a normal retirement time frame. However, most individuals that opt for the lump-sum plan to invest the majority of the proceeds, as most of the funds aren't needed immediately after retirement from Farmers Insurance Group.
Something else to keep in mind is that current interest rates, as well as your life expectancy at retirement, have an impact on lump-sum payout options of Farmers Insurance Group defined benefit pension plans. Lump-sum payouts are typically higher in a low interest rate environment, but be careful because lump-sums decrease in a rising interest rate environment.
Additionally, projected pension lump-sum benefits for active Farmers Insurance Group employees will often decrease as an employee ages and their life expectancy decreases. This can potentially be a detriment of continuing to work, so it is important that you run your pension numbers often and thoroughly understand the impact that timing has on your benefit. Other factors such as income needs, need for survivor benefits, and tax liabilities often dictate the decision to take the lump-sum over the annuity option on the pension.
When is the last time you reviewed your Farmers Insurance Group 401(k) plan account or made any changes to it?
If it’s been a while, you’re not alone. 73% of plan participants spend less than five hours researching their 401(k) investment choices each year, and when it comes to making account changes, the story is even worse.
When you retire from Farmers Insurance Group, if you have balances in your 401(k) plan, you will receive a Participant Distribution Notice in the mail. This notice will show the current value that you are eligible to receive from each plan and explain your distribution options. It will also tell you what you need to do to receive your final distribution. Please call The Retirement Group at
(800)-900-5867
for more information and we can help you get in front of a Farmers Insurance Group retirement-focused advisor.
Next Step:
Note : If you voluntarily terminate your employment from Farmers Insurance Group, you may not be eligible to receive the annual contribution.
Over half of plan participants admit they don’t have the time, interest or knowledge needed to manage their 401(k) portfolio. But the benefits of getting help goes beyond convenience. Studies like this one, from Charles Schwab, show those plan participants who get help with their investments tend to have portfolios that perform better: The annual performance gap between those who get help and those who do not is 3.32% net of fees. This means a 45-year-old participant could see a 79% boost in wealth by age 65 simply by contacting an advisor. That’s a pretty big difference.
Getting help can be the key to better results across the 401(k) board.
A Charles Schwab study found several positive outcomes common to those using independent professional advice. They include:
Get help with your Farmers Insurance Group 401(k) plan investments. Your nest egg will thank you.
In-Service Withdrawals
Generally speaking, you can withdraw amounts from your account while still employed with Farmers Insurance Group under the circumstances described below.
It’s important to know that certain withdrawals are subject to regular federal income tax and, if you’re under age 59½, you may also be subject to an additional 10% penalty tax. You can determine if you’re eligible for a withdrawal, and request one, online or by calling the Farmers Insurance Group Benefits Center.
Rolling Over Your 401(k)
As long as the plan participant is younger than age 72, an in-service distribution can be rolled over to an IRA. A direct rollover would avoid the 10% early withdrawal penalty as well as the mandatory 20% tax withholding. Your Farmers Insurance Group plan summary outlines more information and possible restrictions on rollovers and withdrawals.
Because a withdrawal permanently reduces your retirement savings and is subject to tax, you should always consider taking a loan from the plan instead of a withdrawal to meet your financial needs. Unlike withdrawals, loans must be repaid, and are not taxable (unless you fail to repay them). In some cases, as with hardship withdrawals, you are not allowed to make a withdrawal unless you have also taken out the maximum loan available within the Farmers Insurance Group plan.
You should also know that the Farmers Insurance Group plan administrator reserves the right to modify the rules regarding withdrawals at any time, and may further restrict or limit the availability of withdrawals for administrative or other reasons. All plan participants will be advised of any such restrictions, and they apply equally to all Farmers Insurance Group employees.
Borrowing from your 401(k)
Should you? Maybe you lose your job with Farmers Insurance Group, have a serious health emergency, or face some other reason that you need a lot of cash. Banks make you jump through too many hoops for a personal loan, credit cards charge too much interest, and … suddenly, you start looking at your 401(k) account and doing some quick calculations about pushing your retirement from Farmers Insurance Group off a few years to make up for taking some money out.
We understand how you feel: It’s your money, and you need it now. But, take a second to see how this could adversely affect your retirement plans after leaving Farmers Insurance Group.
Consider these facts when deciding if you should borrow from your 401(k). You could:
Net Unrealized Appreciation (NUA)
When you qualify for a distribution you have three options:
How does Net Unrealized Appreciation work?
First an employee must be eligible for a distribution from their qualified Farmers Insurance Group-sponsored plan. Generally at retirement or age 59 1⁄2, the employee takes a 'lump-sum' distribution from the plan, distributing all assets from the plan during a 1 year period. The portion of the plan that is made up of mutual funds and other investments can be rolled into an IRA for further tax deferral. The highly appreciated company stock is then transferred to a non-retirement account.
The tax benefit comes when you transfer the company stock from a tax-deferred account to a taxable account. At this time you apply NUA and you incur an ordinary income tax liability on only the cost basis of your stock. The appreciated value of the stock above its basis is not taxed at the higher ordinary income tax but at the lower long-term capital gains rate, currently 15%. This could mean a potential savings of over 30%.
As a Farmers Insurance Group employee, you may be interested in understanding NUA from a financial advisor.
IRA Withdrawal
Your retirement assets may consist of several retirement accounts: IRAs, 401(k)s, taxable accounts, and others.
So, what is the most efficient way to take your retirement income after leaving Farmers Insurance Group?
You may want to consider meeting your income needs in retirement by first drawing down taxable accounts rather than tax-deferred accounts.
This may help your retirement assets with Farmers Insurance Group last longer as they continue to potentially grow tax deferred.
You will also need to plan to take the required minimum distributions (RMDs) from any Farmers Insurance Group-sponsored retirement plans and traditional or rollover IRA accounts.
That is due to IRS requirements for 2020 to begin taking distributions from these types of accounts when you reach age 72. If you do not, the IRS may assess a 50% penalty on the amount you should have taken.
There is new legislation that allows individuals who didn’t turn 70½ by the end of 2019 to take RMDs on April 1 of the year they turn 72.
Two flexible distribution options for your IRA
When you need to draw on your IRA for income or take your RMDs, you have a few choices. Regardless of what you choose, IRA distributions are subject to income taxes and may be subject to penalties and other conditions if you’re under 59½.
Partial withdrawals: Withdraw any amount from your IRA at any time. If you’re 72 or over, you’ll have to take at least enough from one or more IRAs to meet your annual RMD.
Systematic withdrawal plans: Structure regular, automatic withdrawals from your IRA by choosing the amount and frequency to meet your income needs after retiring from Farmers Insurance Group. If you’re under 59½, you may be subject to a 10% early withdrawal penalty (unless your withdrawal plan meets Code Section 72(t) rules).
Your tax advisor can help you understand distribution options, determine RMD requirements, calculate RMDs, and set up a systematic withdrawal plan.
Company Benefits Annual Enrollment
Annual enrollment for your Farmers Insurance Group benefits usually occurs each fall.
Before it begins, you will be mailed enrollment materials and an upfront confirmation statement reflecting your benefit coverage to the address on file. You’ll find enrollment instructions and information about your benefit options from Farmers Insurance Group and contribution amounts. You will have the option to keep the benefit coverage shown on your upfront confirmation statement or select benefit options offered by Farmers Insurance Group that better support your needs. You may be able to choose to enroll in eBenefits and receive this information via email instead.
Next Steps:
Things to keep in mind :
Short-Term & Long-Term Disability
Short-Term: Depending on your plan, you may have access to short-term disability (STD) benefits through Farmers Insurance Group.
Long-Term: Your plan's long-term disability (LTD) benefits are designed to provide you with income if you are absent from Farmers Insurance Group for six consecutive months or longer due to an eligible illness or injury.
What Happens If Your Employment with Farmers Insurance Group Ends
Your life insurance coverage and any optional coverage you purchase for your spouse/domestic partner and/or children ends on the date your employment with Farmers Insurance Group ends, unless your employment ends due to disability. If you die within 31 days of your termination date from Farmers Insurance Group, benefits are paid to your beneficiary for your basic life insurance, as well as any additional life insurance coverage you elected.
Note:
Beneficiary Designations
As part of your Farmers Insurance Group retirement planning and estate planning, it’s important to name someone to receive the proceeds of your benefit programs in the event of your death. That’s how Farmers Insurance Group will know whom to send your final compensation and benefits. This can include life insurance payouts and any pension or savings balances you may have.
Next Step:
If you are unsure about Farmers Insurance Group's benefits, schedule a call to speak with one of our retirement-focused advisors
They can help determine your eligibility, get you and/or your eligible dependents enrolled in Medicare or provide you with other government program information. For more in-depth information on Social Security, please call us.
Check the status of your Social Security benefits before you retire from Farmers Insurance Group. Contact the U.S. Social Security Administration, your local Social Security office, or visit ssa.gov.
Are you eligible for Medicare or will be soon?
If you or your dependents are eligible after you leave your telecom industry company, Medicare generally becomes the primary coverage for you or any of your dependents as soon as they are eligible for Medicare. This will affect Farmers Insurance Group-provided medical benefits.
You and your Medicare-eligible dependents must enroll in Medicare Parts A and B when you first become eligible. Medical and MH/SA benefits payable under the Farmers Insurance Group-sponsored plan will be reduced by the amounts Medicare Parts A and B would have paid whether you actually enroll in them or not.
For details on coordination of benefits, refer to Farmers Insurance Group's summary plan description.
If you or your eligible dependent don’t enroll in Medicare Parts A and B, your provider can bill you for the amounts that are not paid by Medicare or your Farmers Insurance Group-specific medical plan … making your out-of-pocket expenses significantly higher.
According to the Employee Benefit Research Institute (EBRI), Medicare will only cover about 60% of an individual’s medical expenses. This means a 65-year-old couple, with average prescription-drug expenses for their age, will need $259,000 in savings to have a 90% chance of covering their healthcare expenses. A single male will need $124,000 and a single female, thanks to her longer life expectancy, will need $140,000.
Check Farmers Insurance Group's plan summary to see if you’re eligible to enroll in Medicare Parts A and B.
If you become Medicare-eligible for reasons other than age, you must contact Farmers Insurance Group’s benefit center about your status.
The ideas of happily ever after and until death do us part won’t happen for 28% of couples over the age of 53. Most couples saved together for decades, assuming they would retire together. After a divorce, they face the expenses of a pre-or post-retirement life, but with half their savings.
If you’re divorced or in the process of divorcing, your former spouse(s) may have an interest in a portion of your retirement benefits from Farmers Insurance Group. Before you can start your pension — and for each former spouse who may have an interest — you’ll need to provide Farmers Insurance Group with the following documentation:
Provide Farmers Insurance Group with any requested documentation to avoid having your pension benefit delayed or suspended. To find out more information on strategies if divorce is affecting your Farmers Insurance Group retirement benefits, please give us a call.
You’ll need to submit this documentation to Farmers Insurance Group’s online pension center regardless of how old the divorce or how short the marriage. *Source: The Retirement Group, “Retirement Plans - Benefits and Savings,” U.S. Department of Labor, 2019; “Generating Income That Will Last Throughout Retirement,” Fidelity, 2019
Unlike with a married couple, your ex-spouse doesn’t have to have filed for Social Security
before you can apply for your divorced spouse’s benefit.
Divorce doesn’t disqualify you from survivor benefits. You can claim a divorced spouse’s survivor benefit if the following are true:
In the process of divorcing?
If your divorce isn’t final before your retirement date from Farmers Insurance Group, you’re still considered married. You have two options:
Source: The Retirement Group, “Retirement Plans - Benefits and Savings,” U.S. Department of Labor, 2019; “Generating Income That Will Last Throughout Retirement,” Fidelity, 2019
What your survivor needs to do:
If you have a joint pension:
If your survivor has medical coverage through Farmers Insurance Group:
While you may be ready for some rest and relaxation, without the stress and schedule of your full-time career with Farmers Insurance Group, it may make sense to you financially, and emotionally, to continue to work.
Financial benefits of working
Make up for decreased value of savings or investments. Low interest rates make it great for lump sums but harder for generating portfolio income. Some people continue to work to make up for poor performance of their savings and investments.
Maybe you took an offer from Farmers Insurance Group and left earlier than you wanted with less retirement savings than you needed. Instead of drawing down savings, you may decide to work a little longer to pay for extras you’ve always denied yourself in the past.
Meet financial requirements of day-to-day living. Expenses can increase during your retirement from Farmers Insurance Group and working can be a logical and effective solution. You might choose to continue working in order to keep your insurance or other benefits — many employers offer free to low cost health insurance for part-time workers.
Emotional benefits of working
You might find yourself with very tempting job opportunities at a time when you thought you’d be withdrawing from the workforce.
Staying active and involved. Retaining employment after Farmers Insurance Group, even if it’s just part-time, can be a great way to use the skills you’ve worked so hard to build over the years and keep up with friends and colleagues.
Enjoying yourself at work. Just because the government has set a retirement age with its Social Security program doesn’t mean you have to schedule your own life that way. Many people genuinely enjoy their employment and continue working because their jobs enrich their lives.
Farmers Insurance Group employees interested in planning their retirement may be interested in live webinars hosted by experienced financial advisors. Click here to register for our upcoming webinars for Farmers Insurance Group employees.
Rising Interest Rates e-book
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022
https://news.yahoo.com/taxes-2022-important-changes-to-know-164333287.html
https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets
https://www.the-sun.com/money/4490094/key-tax-changes-for-2022/
https://www.bankrate.com/taxes/child-tax-credit-2022-what-to-know/
For more information you can reach the plan administrator for Farmers Insurance Group at p.o. box 4363 Woodland Hills, CA 91365-4363; or by calling them at 800-451-0797.
Disclaimer: Securities offered through Osaic Wealth Inc, member FINRA/SIPC. Investment advisory services offered through The Retirement Group, LLC. a registered investment advisor not affiliated with Osaic Wealth Inc. *We are not affiliated with or endorsed by Farmers Insurance Group. This message and any attachments contain information, which may be confidential and/or privileged, and is intended for use only by the intended recipient. Any review, copying, distribution or use of this transmission is strictly prohibited. If you have received this transmission in error, please (i) notify the sender immediately and (ii) destroy all copies of this message. The Retirement Group, LLC is registered to conduct advisory business in the following states: AZ, CA, CO, FL, ID, IL, IN, LA, MD, MI, MO, NE, NV, NJ, NY, NC, OK, OR, PA, SC, SD, TX, UT, VA, WA. Office of Supervisory Jurisdiction: 5414 Oberlin Dr #220, San Diego CA 92121 (800) 900-5867
Company:
Farmers Insurance Group*
Plan Administrator:
p.o. box 4363
Woodland Hills, CA
91365-4363
800-451-0797
*Please see disclaimer for more information