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

Navigating Your Retirement Journey: Essential Insights for Becton Dickinson Employees

Healthcare Provider Update: Healthcare Provider for Becton Dickinson Becton Dickinson and Company (BD) is a global medical technology company that provides a wide range of medical devices, instrument systems, and reagents. While BD does not serve as a healthcare provider itself, it supplies essential products and technologies that healthcare providers utilize. Its offerings include items critical for diagnostics, medication management, and infection prevention, which are crucial for hospitals, outpatient facilities, and laboratories. Potential Healthcare Cost Increases in 2026 for Becton Dickinson In 2026, healthcare costs could rise significantly, impacting Becton Dickinson and its operations. Factors such as the anticipated expiration of enhanced premium subsidies under the Affordable Care Act (ACA) are expected to contribute to steep insurance premium increases, potentially exceeding 75% for many consumers. This scenario may drive more healthcare consumers out of the market, leading to reduced demand for medical devices and products. Coupled with rising medical costs and inflation, Becton Dickinson may face challenges in pricing its products competitively while cushioning the effects of increased healthcare expenditure on its customer base. Click here to learn more

What is the Becton Dickinson Retirement Zone

If you're considering retiring from Becton Dickinson within the next five years or so, you're in the retirement 'zone.' This is a critical time period during which you'll be faced with a number of important choices, and the decisions you make can have long-lasting consequences. It's a period of transition: a shift from a mindset that's focused on accumulating assets for your Becton Dickinson retirement to one that's focused on distributing wealth and drawing down resources. It can be confusing and chaotic, but it doesn't have to be. The key is for our Becton Dickinson clients to understand the underlying issues, and to recognize the long-term effects of the decisions they make today.

Tip: If you've recently retired from Becton Dickinson, you're also in the retirement zone. You'll want to evaluate your financial situation in light of the decisions that you've already made, and consider adjusting your overall plan to reflect your current expectations and circumstances.

Are You Ready To Retire?

The first question that you should ask yourself is: 'Am I ready to retire from Becton Dickinson?' For many of our Becton Dickinson clients, the question isn't as easy to answer as it might seem. That's because it needs to be considered on two levels. The first, and probably the most obvious, is the financial side. Can you afford to retire from Becton Dickinson? More specifically, can you afford the Becton Dickinson retirement you want? On another level, though, the question relates to the emotional issues surrounding retirement — how prepared are you for this new phase of your life? Consider both the financial and emotional aspects of retirement carefully; retiring from Becton Dickinson before you're ready can put a strain on the best-devised retirement plan.

Tip: There's not always a 'right' time to retire from Becton Dickinson. There can be, though, a wrong time to retire from Becton Dickinson. If you're not emotionally ready to retire from Becton Dickinson, it may not make sense to do so simply because you've reached age 62 (or 65, or 70). In fact, postponing retirement can pay dividends on the financial side of the equation. Similarly, if you're emotionally ready to retire from Becton Dickinson, but come up short financially, consider whether your plans for your Becton Dickinson retirement are realistic. Evaluate how much of a difference postponing retirement could make, and then weigh your options.

Transitioning Into Retirement: Financial Issues

Start with the basics:

If you do not already have a projection of the annual income you'll need in your Becton Dickinson retirement, spend the time now to develop one. Factor in anticipated costs relating to basic needs, housing, health care, and long-term care. For our Becton Dickinson clients who plan to travel in retirement, estimate a corresponding annual dollar amount. For our Becton Dickinson clients who are financially responsible for other family members or plan to make monetary gifts, you'll want to include these commitments in your calculations. Be as specific as you can. If it's been more than a year since you've done this exercise, revisit your numbers. Consider and account for inflation.
Estimate the income that you'll be able to rely on from Social Security and any benefits from a traditional employer pension, and compare the result with your projected retirement income need. The difference may need to be funded through your personal savings.
Take stock of your personal savings. Are your personal savings sufficient to provide you with the annual income that you'll need?
When will you retire from Becton Dickinson? The age at which you retire from Becton Dickinson can have an enormous impact on your overall retirement income situation, so you'll want to make sure you've considered your decision from every angle. Why does the timing of your Becton Dickinson retirement make such a difference? The earlier you retire from Becton Dickinson, the sooner you need to start drawing on your retirement savings. You're also giving up what could be prime earning years when you could be making substantial additions to your retirement savings. That combination, even for just a few years, can make a tremendous difference.

Other factors to consider:

The longer the retirement period that you need to plan for, the greater the potential that inflation will eat away at your purchasing power. That means the earlier you retire from Becton Dickinson, the more important it is to account for inflation in your overall plan.
You can begin receiving Social Security retirement benefits as early as age 62. However, your benefit may be as much as 25% to 30% less than if you waited until full retirement age (66 to 67, depending on the year you were born). Weigh your options, and choose the start date that makes the most sense for your individual financial circumstances.
If you're covered by a traditional employer pension plan, check to make sure it won't be negatively affected by your early Becton Dickinson retirement. Because the greatest accrual of benefits generally occurs during the final years of employment, it's possible that early retirement from Becton Dickinson could effectively reduce the benefits you receive. Make sure that you understand how the plan calculates benefits and any payout options under the plan.
If you plan to start using your 401(k) or traditional IRA savings before you turn 59½ (55 in the case of distributions from a 401(k) plan after you terminate employment), you may have to pay a 10% early distribution penalty tax in addition to any regular income taxes (with some exceptions, this includes payments made due to disability). Consider as well the order in which you'll tap your personal savings during retirement. For example, you might consider withdrawing from tax-advantaged accounts like IRAs and 401(k)s last. If you postpone retirement beyond age 70½ (or age 72 if you attain age 70½ after 2019), you'll need to begin taking required minimum distributions from any traditional IRAs and Becton Dickinson-sponsored retirement plans (other than your Becton Dickinsons current retirement plan), even if you do not need the funds.
You're not eligible for Medicare until you turn 65. Unless you'll be eligible for retiree health benefits through Becton Dickinson (or have coverage through your spouse's plan), or you take another job that offers health insurance, you'll need to calculate the cost of paying for insurance or health care out-of-pocket, at least until you can receive Medicare coverage.

Articles you may find interesting:

Transitioning Into Retirement: Non-Financial Issues

When it comes to your Becton Dickinson retirement, it's easy to focus on the financial aspects of your decision to the exclusion of all other issues. After all, we've spent much of our lives saving for retirement, and for many of us, the retirement lifestyle we hope to enjoy depends primarily on the wealth that we've accumulated during our working years. But, there are a number of non-financial issues and concerns that are just as important for our Becton Dickinson clients to keep in mind.

Fundamentally, your retirement income plan is just a means to an end: having the ability to do the things you want to do in retirement, for as long as you want to do them. But that presupposes that you know what it is you want to do in retirement. Many of us have never thought beyond the vague notion we've held during most of our working lives: that retirement — if properly planned for — will be something of an extended vacation, a reward for a lifetime of hard work.

Your Becton Dickinson retirement may be just that … for the first few weeks or months. The fact is, though, that your job likely demanded your attention for the majority of your waking hours. No longer having that job leaves you with a lot of free time to fill. Just as you have a financial plan when it comes to your retirement, you should consider the type of lifestyle you want and expect from retirement as well.

What do you want to do in retirement? Do you intend to travel? Pursue a hobby? Give some real thought to how you're going to spend a typical week, and consider actually writing down a hypothetical schedule. If you haven't already, consider:

Volunteering your time — You can provide a valuable service to the community, while sharing your unique skills and interests. Hospitals, community centers, day-care centers, and tutoring programs are just a few of the places where you could make a difference.
Going to school — Retirement can be the perfect time to pursue a degree, advance your knowledge in your current field or in a new field, or just take classes that interest you. In fact, many institutions offer special rates and programs for retirees.
Starting a new career or business — Retirement can be the perfect opportunity to try something different. If you've ever dreamed of starting your own business, now may be your chance.

Having concrete plans can also help overcome problems commonly experienced by those who transition into retirement without thinking ahead:

Loss of identity — Many people identify themselves by their professions. Affirmation and self-worth may have come from the success that you've had in your career, and giving up that career can be disconcerting on a number of levels.
Loss of structure — Your job provides a certain structure to your life. You may also have work relationships during your time at Becton Dickinson that are important to you. Without something to fill the void, you may find yourself needing to address unmet emotional needs.
Fear of mortality — Rather than a 'new beginning,' some see the 'beginning of the end.' This can be exacerbated by the mental shift that accompanies the transition from accumulating assets to drawing down wealth.
Marital discord — For our Becton Dickinson clients who are married, consider whether your spouse is as ready as you are for you to retire. Does he or she share your ideas of how you want to spend your retirement? Many married couples find the first few years of retirement a period of rough transition. If you haven't discussed your plans with your spouse, you should do so; think through what the repercussions will be — both positive and negative — on your roles and relationship.

Working In Retirement

Many individuals choose to work in retirement for both financial and non-financial reasons. The obvious advantage of working during your retirement from Becton Dickinson is that you'll earn money and rely less on your retirement savings — leaving more to potentially grow for the future, and helping your savings last longer. But many retirees also work for personal fulfillment — to stay mentally and physically active, to enjoy the social benefits of working, or to try their hand at something new. If you are thinking of working during your retirement, you'll want to make sure that you understand how your continued employment will affect other aspects of your retirement. For example:

If you continue to work, will you have access to affordable health care through your employer? If so, this could be an incredibly valuable benefit. • Will working in retirement allow you to delay receiving Social Security retirement benefits? If so, your annual benefit when you begin receiving benefits may be higher.
If you'll be receiving Social Security benefits while working, how will your work income affect the amount of Social Security benefits that you receive? Additional earnings can increase benefits in future years. However, for years before you reach full retirement age, $1 in benefits will generally be withheld for every $2 you earn over the annual earnings limit ($18,240 in 2020). Special rules apply in the year that you reach full retirement age.

Tip: Some employer pension plan programs allow for 'phased retirement.' These programs allow you to continue to work on a part-time basis while accessing all or part of your pension benefit. Federal law encourages these phased retirement programs by allowing pension plans to start paying benefits once you reach age 62, even if you're still working and haven't yet reached the plan's normal retirement age.

Caution: Many people who count on working in retirement find that health problems or job loss prevents them from doing so. When making your Becton Dickinson retirement plans, it may be wise to consider a fallback plan in case everything doesn't go as you expect.

How does the Becton Dickinson and Company defined benefit plan differ from the cash balance plan in terms of eligibility and benefit calculation? Employees at Becton Dickinson and Company should be aware of how their retirement options and benefit calculations are structured, especially considering the historical context and the changes made after

Defined Benefit vs. Cash Balance Plan: The Becton Dickinson and Company defined benefit plan and cash balance plan differ significantly in terms of eligibility and benefit calculations. The defined benefit plan, which was the original format, calculates benefits based on the employee's final average pay, age, and years of service. On the other hand, the cash balance plan, introduced in 2007, provides a hypothetical account balance that grows with defined pay and interest credits. For eligibility, new hires after January 1, 2018, cannot join either plan, reflecting a closure to new entrants. Those rehired or transferred within the company after this date also cannot accrue new benefits under the cash balance plan.

This question encompasses the differences in participation rules, the implications of being hired before or after January 1, 2018, and how various employment classifications affect benefits.

Pension Benefits Calculation: Under the BD Retirement Plan, pension benefits are calculated based on 'Total Compensation,' which includes various forms of income like base salary, bonuses, and other regular compensations. The benefit is determined by 'Credited Service' and 'Vesting Service,' impacting the final benefit amount. Vesting in the plan occurs after five years of service, ensuring that employees are entitled to benefits regardless of subsequent employment duration.

In what ways are pension benefits and service calculated under the Becton Dickinson and Company BD Retirement Plan? The complexities involved in determining the pension benefit calculation are crucial for employees to understand as they plan for retirement. A discussion on how Total Compensation, Credited Service, and Vesting Service impact the final benefit amount will provide clarity to employees regarding their financial planning as they approach retirement.

Maximum Benefit Limits: Employees should be aware of IRS-imposed limits on contributions and benefits under retirement plans. For 2018, the compensation limit recognized for pension calculations was $275,000, adjusted annually for inflation. This affects the projected retirement benefits and requires employees to stay informed about annual adjustments to plan accordingly.

What specific maximum benefit limits should employees at Becton Dickinson and Company be aware of regarding their retirement plans and how do these limits adapt annually? Understanding the implications of IRS limits for defined benefit plans and cash balance plans is vital for employees at Becton Dickinson and Company. This question would delve into how annual adjustments might affect their projected retirement benefits and the importance of staying informed about these limits.

Addressing Discrepancies or Denial of Benefits: If discrepancies or wrongful denials occur concerning retirement benefits, Becton Dickinson and Company employees should contact the Plan Administrator. The process includes filing claims and understanding the rights to appeal under the Employee Retirement Income Security Act (ERISA). This structured approach helps employees rectify issues with their retirement benefits effectively.

How can Becton Dickinson and Company employees address discrepancies in their benefit calculations or if they believe they have been wrongfully denied benefits? The processes for appealing decisions made regarding retirement benefits can greatly impact an employee's financial future. This question would outline the steps employees can take, including contacting the Plan Administrator and the importance of understanding their rights under the Employee Retirement Income Security Act (ERISA).

Role of Committees in Managing the Retirement Plan: The Plan Administrative Committee and the Investment Committee play critical roles in overseeing the BD Retirement Plan. The former handles the plan's administration, ensuring compliance and managing benefit claims, while the latter focuses on the investment of plan assets. Employees can seek clarification or get involved by attending committee meetings or contacting them directly for specific inquiries.

What roles do the Plan Administrative Committee and the Investment Committee play in managing the BD Retirement Plan of Becton Dickinson and Company, and how can employees get involved or seek clarification on their plans? Employees interested in understanding the governance of their retirement plan will benefit from knowing who oversees the administration and investment of their benefits and how they can participate in discussions or seek advice.

Impact of Early Retirement: Early retirement affects the calculation of pension benefits, which are reduced based on the number of years retirement is taken before the normal retirement age. The plan allows for early retirement from age 55 with at least 10 years of service, with benefits reduced to compensate for the longer payout period.

How does the early retirement benefit impact employees at Becton Dickinson and Company, particularly in terms of eligibility and the calculation of reduced benefits? By exploring the conditions under which early retirement is permitted, along with calculations related to the reduction in benefits for taking early retirement, employees can make more informed decisions based on their personal circumstances.

Ensuring Accuracy of Retirement Benefits: To ensure accuracy in the calculation of retirement benefits, especially after changes in personal circumstances such as marital status or address, employees are encouraged to promptly update their information with HR. Regular reviews of their retirement plan statements and maintaining communication with the plan administrator are advisable practices.

What steps should employees of Becton Dickinson and Company take to ensure their retirement benefits remain accurate and up-to-date, especially after a change in personal circumstances? This question addresses the importance of regularly updating personal information and understanding the repercussions of life changes on retirement benefits, ensuring employees are proactive in managing their future.

Alternatives for Non-Eligible Employees: Employees not eligible for the BD Retirement Plan, possibly due to the timing of their hire or their role, should explore other retirement savings options like IRAs or the BD 401(k) Plan. These alternatives provide avenues for retirement savings, even for those not covered under the traditional pension plans.

What alternatives exist for Becton Dickinson and Company employees who are not eligible for the BD Retirement Plan, and how can they plan for retirement adequately? This discussion can help inform employees who may fall outside the eligibility criteria about other retirement savings options, such as Individual Retirement Accounts (IRAs) or employer-sponsored 401(k) plans.

Determining Survivors' Pensions: The survivor's pension is determined by the pre-retirement surviving spouse benefit, which generally provides a monthly benefit of 50% of the employee's pension, payable to the spouse for life after the employee's death. This emphasizes the importance of employees designating beneficiaries and understanding the impact of these decisions on their family's financial security.

In the context of the Becton Dickinson and Company BD Retirement Plan, how are survivors' pensions determined, and what options are available for employees regarding beneficiaries? Employees often overlook the significance of beneficiary designations. This question would clarify the process and options available for ensuring that survivors receive entitled benefits and the financial implications of different choices made regarding pension benefits for spouses and dependent children.

Contacting the Plan Administrator: Employees seeking more information about their retirement benefits should contact the Plan Administrator. Preparedness for such inquiries includes having detailed personal and employment information, understanding their current benefits status, and having specific questions or concerns about their plan benefits.

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

Becton Dickinson announced a restructuring plan that includes significant layoffs and a shift in their global operations strategy. The company aims to streamline its operations and reduce costs amid a challenging economic environment.

Additional Articles

Check Out Articles for Becton Dickinson employees

For more information you can reach the plan administrator for Becton Dickinson at 1 Becton Dr Franklin Lakes, NJ 7417; or by calling them at +1 201-847-6800.