New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

How Fastenal Retirees Are Using AI to Simplify Everyday Life

Healthcare Provider Update: Healthcare Provider for Fastenal Fastenal, a leading distributor of industrial and construction supplies, typically offers employee healthcare benefits through a self-funded plan, managed by a third-party administrator. This allows them to customize their health benefits while controlling costs, with the objective of improving employee health and productivity. Potential Healthcare Cost Increases in 2026 As we approach 2026, Fastenal and its employees may face significant healthcare cost increases. Premiums in the Affordable Care Act (ACA) marketplace are projected to rise sharply-by as much as 66% in some states-due to various factors such as rising medical costs and the potential expiration of enhanced federal subsidies. This situation could result in many employees seeing out-of-pocket premium payments increase by over 75%, impacting their overall financial well-being and suggesting that Fastenal might need to adapt its healthcare strategies to mitigate employee healthcare expenses in the coming year. Click here to learn more

'Artificial intelligence is helping many Fastenal employees simplify their transition into retirement by organizing finances and daily routines, but the key is to use these tools as support—not substitution—for thoughtful planning and professional guidance.' — Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.

'Fastenal employees are finding that AI can streamline everything from budgeting to wellness, but lasting success in retirement comes from combining technology’s efficiency with informed financial decision-making.' — Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

How artificial intelligence (AI) is helping Fastenal retirees simplify daily life and handle complex tasks.
The ways AI can enhance health, home, and financial organization in retirement.
Why retirees are increasingly confident using AI to boost efficiency and reclaim valuable time.

Many Fastenal retirees are discovering that slowing down isn’t always easy, despite looking for respite from decades of early mornings, complex undertakings, and global operations. Handling investments, planning vacations, and staying organized can still feel demanding during retirement.

That’s where artificial intelligence (AI) has stepped in. What once seemed futuristic is now a practical tool for Fastenal’s retired professionals who want to streamline routines and reclaim valuable time.

According to Wealth Enhancement financial planner Kevin Won, CFP®, AWMA®, CRPC®, “we’re seeing older adults experimenting with AI tools for efficiency. They understand that these tools can help them reclaim time, which is one of life’s most precious resources.”

Simplifying Complex Tasks

While still in the workforce, AI is helping Fastenal employees transform their daily workflow. Tasks that once took hours—such as reviewing financial reports or tracking industry or market data—now take minutes with the help of AI assistants that can summarize data, highlight key performance trends, and draft personal reports.

Others are using AI to enhance their personal lives. For instance, with an AI-powered trip planner, it's possible to enter your preferred travel destinations, dates, and hobbies, and have the chatbot design an itinerary for you complete with dining, sightseeing, and activity suggestions.

The same is true after retirement. “The retirees I work with value how AI brings order and clarity,” Won adds. “Whether it’s comparing health care options or managing monthly expenses, these tools can handle the heavy lifting so retirees can focus on other areas of their lives.”

Improving Health and Home Management

Many former Fastenal professionals are also turning to AI for personal wellness and home organization. Some use chatbots for home maintenance guidance, while others leverage AI to build custom workout plans that adapt to travel schedules or physical limitations. These tools help retirees maintain consistency without needing advanced tech skills or expensive memberships.

According to Won, “AI can give older adults autonomy. They don’t need to wait for instruction or assistance. Technology enables them to take the lead in their daily lives, including finances and health care choices.”

A Modern Assistant for Financial Confidence

Retirees can also use AI to help arrange their financial information before meetings with advisors. From summarizing financial articles to preparing questions, AI helps retirees save time while staying informed. Some even use it as a digital filing assistant, categorizing tax documents, receipts, and travel logs for the upcoming year.

Won cautions, however, that “AI should be viewed as guidance, not a promise. It’s a powerful assistant, but it can still make errors—especially on topics like health or finance—so always double-check important information.”

From Skepticism to Confidence

While some retirees were initially hesitant to adopt AI, many have now incorporated it into their routines. Surveys show that, while older generations are slower to adopt new technologies, comfort and usage are steadily rising.¹

Won explains, “Retirees who’ve spent decades adapting to innovation in corporate environments, like Fastenal, already have the resilience and mindset needed to learn new tools. Now, AI works for them—reducing complexity, not adding to it.”

A Smart Way to Simplify Retirement

For many retirees, using AI is about boosting productivity, not just curiosity. Automating travel planning, organizing budgets, and reducing decision fatigue can make retirement more manageable and less stressful.

According to Won, “you’re really adding peace of mind when you integrate smart tools into daily life. The goal isn’t to master the technology. It’s to let it operate behind the scenes so you can focus on what matters most.”

If you’re a Fastenal retiree looking to organize your finances, streamline health care costs, or enjoy your retirement with fewer hassles, The Retirement Group can help. Call (800) 900-5867 to speak with a knowledgeable representative today.

For more information, visit WealthEnhancement.com or call Wealth Enhancement Group at (800) 492-1222 to speak with a Certified Financial Planner.

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Sources:

1. Kakulla, Brittne, Laura Skufca, Patty David, Jessica Boothe, and Kristen Garrett. ' Empowering Independence With Technology Among Adults Age 50-Plus .' Washington, DC: AARP Research, Jan. 2025.
2. “Young Adults Are Leading the Way in AI Adoption.” AP-NORC Center for Public Affairs Research, 29 July 2025.
3. Chui, Michael, et al. The Economic Potential of Generative AI: The Next Productivity Frontier. McKinsey Global Institute, June 2023.
4. Chatbots in Consumer Finance. Consumer Financial Protection Bureau, June 2023.
5. “Older Adults Express Mixed Views on Artificial Intelligence.” NORC at the University of Chicago, Oct. 2023.

What type of retirement plan does Fastenal offer to its employees?

Fastenal offers a 401(k) savings plan to help employees save for retirement.

How can Fastenal employees enroll in the 401(k) plan?

Employees can enroll in Fastenal's 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.

Does Fastenal match employee contributions to the 401(k) plan?

Yes, Fastenal provides a matching contribution to employee 401(k) contributions, subject to certain limits.

What is the maximum contribution limit for Fastenal's 401(k) plan?

The maximum contribution limit for Fastenal's 401(k) plan is in line with IRS guidelines, which may change annually.

When can Fastenal employees start contributing to their 401(k) plan?

Fastenal employees can start contributing to the 401(k) plan after completing their eligibility period, typically within their first year of employment.

Are there any fees associated with Fastenal's 401(k) plan?

Yes, Fastenal's 401(k) plan may have certain fees, which are disclosed in the plan documents provided to employees.

Can Fastenal employees take loans against their 401(k) savings?

Yes, Fastenal allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.

What investment options are available in Fastenal's 401(k) plan?

Fastenal's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to suit different risk tolerances.

How often can Fastenal employees change their 401(k) contribution amount?

Fastenal employees can change their 401(k) contribution amount at any time, subject to the plan's guidelines.

What happens to Fastenal employees' 401(k) savings if they leave the company?

If Fastenal employees leave the company, they can roll over their 401(k) savings to another retirement account or withdraw the funds, subject to tax implications.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Fastenal offers a robust retirement plan for its employees, including the Fastenal Company & Subsidiaries 401(k) and Employee Stock Ownership Plan. This plan allows employees to save for retirement through salary deferrals and includes discretionary matching contributions from the company. Employees can contribute both pre-tax and Roth 401(k) deferrals. Fastenal offers an automatic enrollment feature, enrolling employees with a 5% pre-tax deferral unless they opt out (SEC.gov). Fastenal's 401(k) plan includes various investment options, including mutual funds and company stock. Employees are permitted to invest up to 25% of their incoming contributions in Fastenal common stock, although subsequent transfers are restricted (SEC.gov). The plan also allows participants to make catch-up contributions if they are over 50 years old. Fastenal also has an Employee Stock Ownership Plan (ESOP) incorporated into its 401(k) plan, which enhances employees' retirement savings. Upon retirement or termination, participants can choose to receive distributions in lump sums, partial payments, or installments

Restructuring and Layoffs: Fastenal announced a restructuring plan in early 2024 aimed at streamlining its operations and reducing overhead costs. The company will be consolidating some of its distribution centers and implementing workforce reductions. This move is part of a broader strategy to enhance operational efficiency and adapt to evolving market conditions. The decision to reduce headcount and close certain facilities reflects Fastenal's response to the pressures of a changing economic landscape, highlighting the need for companies to remain agile amidst economic uncertainties. Company Benefits and 401k Changes: Fastenal has made adjustments to its employee benefits and 401k plans in response to the shifting economic environment. The company has modified its 401k matching contributions and adjusted health benefits to better align with its financial goals. These changes are significant as they impact employees' long-term financial planning and retirement readiness. Given the current investment climate and tax considerations, it is crucial for employees to stay informed about these changes to effectively manage their retirement savings and benefits.

Fastenal provides stock options and RSUs to eligible employees as part of their compensation and benefits package. Stock options are granted based on performance and tenure. RSUs are typically awarded to senior management and key employees.

Company's Official Website: Check Fastenal’s official website for their health benefits section, which often includes details about plans, coverage options, and recent updates. Reliable News Sources: Look for news articles, press releases, and reports from reputable sources that mention Fastenal’s health benefits. HR and Benefits Sites: Explore sites that specialize in employee benefits information or HR industry insights, which might have detailed information about Fastenal's health plans. Employee Reviews: Check platforms like Glassdoor or Indeed for employee reviews that might mention specifics about health benefits. Industry Publications: Find articles in industry-specific publications or websites that discuss trends and changes in employee benefits at Fastenal.