New Update: Rising Oil Costs are Affecting Retirement Plans. Will you be impacted?
6 Retirement Myths Every Amgen Employee Should Not Fall For!
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The sustained volatility in crude oil markets, with a closing futures price of $76.54 for WTI and $80.59 for Brent as of June 19, 2026 and annualized swings near 80%, creates economic effects that extend far beyond energy companies. Petrochemical inputs for pharmaceutical production and cold-chain distribution logistics create tangible cost pressure when crude prices remain elevated. Amgen employees building long-term savings should recognize that oil-driven economic conditions can affect both the growth of their portfolios and the purchasing power of their eventual retirement income. A financial advisor can help you build strategies that maintain progress toward retirement goals through periods of energy-driven economic turbulence.
Source: Yahoo Finance
During our 30+ years helping retirees, the majority have been very excited to start the planning process. However, some have been surprised to find out our recommendations differ from what they have heard elsewhere.
This is because there’s a lot of misinformation swirling around. As a fiduciary, we are legally obligated to serve your best interests at all times. So, we can tell you achieving the retirement you desire is not going to happen if you’re sidetracked by myths and false information.
That's why we aim to debunk the top six retirement myths that Amgen employees may have heard. Our goal is to help you start building the retirement of your dreams today.
Myth #1: If I receive a pension, I do not have to make any decisions regarding my pension.
If Amgen offers you a defined-benefit plan, your pension is primarily the responsibility of the company. However, that doesn’t mean you just wait for a check in the mail once you retire. You have major decisions to make.
If offered a pension, employees can potentially elect to receive a monthly payout like a traditional pension or they could convert their pension into a one-time lump-sum benefit, which can be subsequently rolled over into an Individual Retirement Account (IRA) and then controlled by the retiree.
So, monthly or lump-sum pension?
Each payout has its own set of pros and cons. Deciding which option is most appropriate for you involves many factors. Deciding which option is most appropriate for you involves many factors. It is best done with the help of a professional, who can incorporate all aspects of your financial life – Social Security, 401(k), real estate, and inheritance into your decision.
Further, married Amgen employees may have survivor benefit options to consider. At retirement, it is possible that you have multiple survivor options to choose from for the monthly pension, but these are only available for a qualified spouse.
Myth #2: If I receive a pension from Amgen , Social Security becomes less important.
Social Security will likely be one of your primary sources of retirement income. And just like your pension, you should carefully consider how best to use it based on your personal needs.
The size of your Social Security benefit is greatly determined by your age when you claim. You can receive your full Social Security retirement benefit upon reaching your Full Retirement Age, which is age 66 or 67, depending on your date of birth. But you can claim a permanently reduced benefit as early as age 62. Delaying Social Security until age 70 entitles you to a higher benefit of up to 8% per year. A benefit at age 70 will be 76-77% higher than the payout if you start at age 62.
Amgen faces mounting legal and regulatory headwinds that could impact shareholder value and investor confidence. The company lost a patent case brought by Harbour and was ordered to pay over $20 million, while Denmark has sued Amgen for millions following its exit from a most-favored-nation arrangement. Additionally, an FDA hearing on Amgen's Tavneos drug will include findings from an independent review, adding regulatory uncertainty to a key product. On the positive side, analyst firms including Piper Sandler have reiterated their ratings on Amgen's Sjogren's drug candidate, suggesting confidence in the company's pipeline despite near-term patent and legal challenges. For retirement plan participants holding Amgen stock, these legal setbacks underscore the importance of diversification, though the company's continued development of new therapeutics may offer longer-term growth potential.
Source: Currents API / Google News
Ultimately, factors such as your other income sources, marital status and health should guide your decision, not just when you can get the biggest Social Security paycheck.
Myth #3: When I retire from Amgen doesn’t matter
No, no, no. When you retire has a major effect on the quality of your retirement.
For one, years of service is one of the primary factors in your pension calculation. Generally, the longer you work at Amgen, the higher your pension. Your pension is also impacted by interest rates, which fluctuate. When rates are lowered, lump-sum pension payouts are increased, and vice versa.
Plus, Amgen retirement benefits are not set in stone. They are subject to change. For example, the significant changes made to Amgen’s pension calculation, health care subsidies and retiree health insurance.
You may find that it is more financially advantageous to retire sooner or later than your desired retirement date.
Myth #4: Amgen stock is a good investment
Something Amgen employees should be aware of is that we commonly see employees invest an excessive amount of their 401(k) in their company’s stock. While it can be rewarding to own a piece of a respected company, it may be risky from a retirement planning perspective.
Firstly, most of your financial life becomes dependent on the performance of one company. That includes your current income and retirement income from the Amgen pension and 401(k) plan (if Amgen offers these to you). Such a high concentration of your financial well-being in a single company is risky. Secondly, a single stock can be riskier and more volatile than a mutual fund or the broader stock market. Therefore, the greater amount of Amgen stock you have in your 401(k), the more you can expect your investment return to fluctuate.
It’s more appropriate to diversify the investment choices in your Amgen 401(k) account (If Amgen offers you a 401K). That means selling your company stock and investing in mutual funds. The right mix of funds depends on your specific needs, goals and level of risk you’re comfortable with.
Myth #5: It’s better to leave my 401(k) with my company.
Upon leaving Amgen, you may leave some or all of your savings in your Amgen 401(k) account (If this is offered to you). However, there are a variety of benefits to rolling over your 401(k) to an Individual Retirement Account (IRA). These include greater investment choices, greater withdrawal flexibility, more withholding options, and professional management by an advisor of your choosing.
When done properly, no tax applies to the rollover. One area of your 401(k) that provides no flexibility is tax withholdings.Every withdrawal is subject to a mandatory 20% federal tax plus applicable state taxes.
Myth #6: Medicare will cover my medical expenses
One of the biggest expenses for most people in retirement is health care. Taking the time to review your options can help you plan accordingly and avoid large out-of-pocket costs that could derail your retirement.
Once you turn 65 you are Medicare-eligible You and your Medicare-eligible dependents are required to enroll in Medicare Part A (hospital benefits) and Part B (doctor benefits). These two parts cover about 80% of health care benefits for individuals, so it’s important to consider your supplemental coverage options.
The retirement planning conversation changes when you factor in what Amgen provides. Your employer's retirement contributions and plan structure are the starting point, and understanding how they work gives you a clearer picture of your real options.
The company offers retirement benefit programs including savings plan options with employer contributions, designed to help employees prepare for a secure financial future. Those specifics shape your retirement income, but they only tell part of the story. Your healthcare costs, from what you pay for coverage today to what medical expenses look like after you leave Amgen, can be one of the biggest variables in any retirement projection.
A financial advisor who understands Amgen's plan structure can help you model how these benefits coordinate with your other income sources, so your retirement planning decisions reflect your actual numbers rather than rules of thumb.
What is the 401(k) plan offered by Amgen?
Amgen offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, which can help reduce taxable income.
How can I enroll in Amgen's 401(k) plan?
You can enroll in Amgen's 401(k) plan by completing the enrollment process through the company's benefits portal during your eligibility period.
Does Amgen offer a company match for its 401(k) contributions?
Yes, Amgen provides a company match for employee contributions to the 401(k) plan, which helps enhance your retirement savings.
What is the maximum contribution limit for Amgen's 401(k) plan?
The maximum contribution limit for Amgen's 401(k) plan is determined by IRS regulations, which are updated annually. Employees are encouraged to check the current limits.
Can I change my contribution percentage to Amgen's 401(k) plan?
Yes, you can change your contribution percentage to Amgen's 401(k) plan at any time through the benefits portal.
What investment options are available in Amgen's 401(k) plan?
Amgen's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to diversify their portfolios.
When can I start withdrawing from my Amgen 401(k) plan?
You can start withdrawing from your Amgen 401(k) plan after reaching the age of 59½, or under certain circumstances such as hardship withdrawals or termination of employment.
Does Amgen provide financial education resources for 401(k) participants?
Yes, Amgen offers financial education resources and tools to help employees make informed decisions about their 401(k) savings and investments.
Is there a vesting schedule for Amgen's 401(k) company match?
Yes, Amgen has a vesting schedule for the company match in the 401(k) plan, which means you must work for the company for a certain period before the match becomes fully yours.
Can I take a loan from my Amgen 401(k) plan?
Yes, Amgen allows employees to take loans from their 401(k) plan under specific conditions, providing a way to access funds while still saving for retirement.
For more information you can reach the plan administrator for Amgen at One Amgen Center Drive Thousand Oaks,, CA 91320; or by calling them at (805) 447-1000.
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