/General/General%2012.png?width=1280&height=853&name=General%2012.png)
Healthcare Provider Update: Healthcare Provider for Broadcom: Broadcom typically provides health benefits through major health insurance carriers. For employer-sponsored plans, companies such as UnitedHealthcare, Anthem (Elevance Health), or Cigna may be utilized, offering a range of coverage options to meet the needs of employees. Potential Healthcare Cost Increases for Broadcom in 2026: As Broadcom prepares for 2026, employees should brace for significant healthcare cost increases. The Affordable Care Act (ACA) marketplace is projected to experience premium hikes, with some states reporting increases over 60%. This alarming trend largely stems from the potential expiration of enhanced federal subsidies, which, if not renewed, could lead to out-of-pocket premiums rising by more than 75% for many policyholders. Coupled with the ongoing rise in healthcare service costs and recent profitability trends among insurers, Broadcom employees may face higher deductibles and out-of-pocket maximums in their health plans, potentially leading to thousands in additional healthcare spending. Click here to learn more
In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002.(1) As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way. Read on to discover some of the benefits you can enjoy after you retire from Broadcom.
1. Mental Benefits
Working during your Broadcom retirement can help maintain mental agility as you learn new skills. Staying engaged in work helps build 'mental muscle,' which can lessen the risk of developing dementia and Alzheimers(2) and ward off the signs of aging.
2.. Physical Benefits
Staying active during your Broadcom retirement years is crucial for continued health. Whether you choose to work full-time or volunteer a few days a week, engaging in some form of work will keep your body moving, and give you opportunities to stay balanced, strong, and healthy.
3. Financial Benefits
Besides the obvious extra income, working during your Broadcom retirement may allow you to delay taking Social Security benefits. For every year you wait to take Social Security, your benefits can increase by an average of 8 percent annually.(3) Finding a strategy that works for you can truly pay off.
4. Emotional Benefits
Studies have shown that a sense of purpose has been found to lengthen lifespan and quality of life.4 Working on something you care about, starting a new business, or mentoring others in the workplace can ward off depression and provide a healthy sense of fulfillment and direction in your years or retirement from Broadcom.
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
5. Social Benefits
One of the risks associated with retirement is increased isolation, which in terms of its impact on your health, has been equated with smoking nearly a pack of cigarettes a day.5 Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions.
Sources
1. AARP.org, February/March 2015
2. Forbes, 2017
3. Social Security Administration, 2017
4. Association for Psychological Science, 2017
What is the primary purpose of Broadcom's 401(k) Savings Plan?
The primary purpose of Broadcom's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or Roth after-tax basis.
How can Broadcom employees enroll in the 401(k) Savings Plan?
Broadcom employees can enroll in the 401(k) Savings Plan through the company’s benefits portal, typically during open enrollment or within 30 days of their hire date.
What types of contributions can Broadcom employees make to their 401(k) accounts?
Broadcom employees can make pre-tax contributions, Roth after-tax contributions, and possibly catch-up contributions if they are age 50 or older.
Does Broadcom offer any matching contributions to the 401(k) Savings Plan?
Yes, Broadcom offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.
What is the vesting schedule for Broadcom's matching contributions?
Broadcom's matching contributions typically follow a vesting schedule, meaning employees must work for the company for a certain period before they fully own the matching funds.
Are there any fees associated with Broadcom's 401(k) Savings Plan?
Yes, Broadcom's 401(k) Savings Plan may have administrative fees, investment fees, and other costs that are disclosed in the plan documents.
Can Broadcom employees take loans against their 401(k) Savings Plan?
Yes, Broadcom allows employees to take loans against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.
What investment options are available in Broadcom's 401(k) Savings Plan?
Broadcom's 401(k) Savings Plan typically offers a range of investment options, including mutual funds, target-date funds, and possibly company stock.
How often can Broadcom employees change their contribution amounts to the 401(k) Savings Plan?
Broadcom employees can change their contribution amounts to the 401(k) Savings Plan at any time, subject to the plan's guidelines.
What happens to Broadcom employees' 401(k) accounts if they leave the company?
If Broadcom employees leave the company, they can choose to leave their funds in the plan, roll them over to another retirement account, or cash them out, subject to tax implications.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)
5. BenefitsPRO, 2017