RPM International employees: Managing an Inheritance

Healthcare Provider Update: Healthcare Provider for RPM International RPM International, a company specializing in industrial coatings and sealants, typically offers healthcare plans through major insurers. Employees of RPM International can expect to receive health benefits from providers such as UnitedHealthcare, Aetna, or Cigna, depending on the specific plan choices made available by the company. Healthcare Cost Increases in 2026 As we approach 2026, RPM International employees should brace for a significant rise in healthcare costs. Premiums for Affordable Care Act (ACA) marketplace plans are anticipated to increase sharply, with some states reporting hikes exceeding 60%. A decrease in federal premium subsidies and the continuous rise in medical care costs-including skyrocketing medication prices-are substantial contributing factors. Employees are advised to evaluate employer-sponsored plans alongside marketplace options early to mitigate financial impacts, as many may face increased out-of-pocket expenses that could affect their budget significantly. Click here to learn more

RPM International employees handling an inheritance should weigh the emotional cost of their legacy against the financial gain. A financial advisor like The Retirement Group can help align such large assets with long-term retirement and investment goals so decisions today reflect past and future needs.

Getting an inheritance means much more than just receiving money. It is an opportunity to protect your family financially. We advise RPM International employees to review their financial plans now so that their inheritance fits into their existing strategy and enhances their future prospects, according to The Retirement Group advisors.

We will discuss: 'In this article:

1. The Legal & Tax Implications: Understanding inheritance laws and the need to consult with legal and tax professionals is important.

2. Emotional and Strategic Financial Planning: Emotional aspects of receiving an inheritance must be balanced against strategic financial planning for the long term.

3. Retirement and Wealth Management: Assessing the impact that an inheritance may have on retirement plans and wealth management in general, with an eye toward RPM International employees.

Heirloom wealth may be a curse or a blessing. Even if you suspect a relative has planned to include you in their will, you may have overlooked some other aspects of the inheritance process. Here are some considerations if the event does occur.

Ask a lawyer or tax expert before making any decisions about inheritance—this is informational only and not a substitute for real advice.

Take your time. If someone cared enough about you to leave you an inheritance, you may need time to mourn their death. This is vital, but most of the bigger decisions regarding your inheritance will probably wait. Sometime later you may be better able to make decisions. Neh, don't go it alone. So many laws, options and dangers exist that an expert may be necessary.

Consider your own family. An inheritance may change one's own financial strategy. Make sure you consider this.

A tax collector could come to visit. The tax consequences if you inherited an IRA are important. Distributions to non-spouse beneficiaries are required by the end of the tenth calendar year following the year of death of the account owner under the SECURE Act.

The new rule also does not require the non-spouse beneficiary to withdraw funds within 10 years, as I have learned as a RPM International employee. The money must be withdrawn by the end of the tenth calendar year following the inheritance, however. Others may include the surviving spouse of the IRA owner, disabled or chronically ill individuals, people no older than the IRA owner and minor offspring of the IRA owner.

Stay informed. The estate laws have changed many times since you thought they were the same.

Keep in mind what you should be doing in your situation. The sentiment is understandable—you may want to leave your inheritance as it is out of respect for your relative. What if the inheritance is not right for your situation now? A financial professional can help you decide whether the inheritance meets your objectives, time horizon, and risk tolerance.

Added Fact:

A study by Merrill Lynch in 2021 suggests RPM International employees handling an inheritance should consider the impact on their retirement plans. Of those who received an inheritance, 42% said it affected their retirement timeline, the study found. Some retired earlier than expected and some worked longer to cash in on the inheritance. That insight illustrates why RPM International employees considering retirement should consider how an inheritance might affect their financial goals, lifestyle decisions, and overall retirement strategy. An integrated approach combining the inheritance and long-term retirement plans may help with informed decision-making.

Added Analogy:

Managing an inheritance as a RPM International employee feels like receiving an heirloom—an extremely sentimental piece. Like you would handle such an heirloom carefully, you should handle your inheritance strategically as well. Think about holding that heirloom and realizing its significance in your life and in your family history. As you would consult experts on art preservation to determine its true value and to ensure its long-term preservation, you should also consult lawyers, tax, and financial professionals about how to manage your inheritance. Consider your inheritance a treasure—honor the past while making sound financial decisions for the future. Like an heirloom that tells generations of stories, your inheritance should be a part of your overall wealth management strategy that will live on indefinitely.

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Sources:

1. Senior Strong  'Understanding Inheritance Tax Impact on Retirees.'  Senior Strong , 2023,  www.seniorstrong.org . Accessed 24 Feb 2025.

2.Accounting Insights  'Managing Your Inheritance: Strategic Financial Planning Guide.'  Accounting Insights , AccountingInsights Team, 2023,  www.accountinginsights.org . Accessed 24 Feb 2025.

3. Kiplinger  Waggoner, John. 'Don’t Count on an Inheritance for Your Retirement Plan.'  Kiplinger , 27 Jan 2025,  www.kiplinger.com . Accessed 24 Feb 2025.

4. CreditBrite  'How to Navigate Retirement Planning After Inheriting Assets.'  CreditBrite , 2023,  www.creditbrite.com . Accessed 24 Feb 2025.

5. Kiplinger’s Free E-Newsletters  'Investing, Taxes, Retirement.'  Kiplinger’s Free E-Newsletters , 2025,  www.kiplinger.com . Accessed 24 Feb 2025.