What Hub Group Employees Should Know About Caring for Aging Parents
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'Many Hub Group employees underestimate how caregiving responsibilities may influence their long-term planning. To prepare thoughtfully and involve the right professionals, it's important to start these conversations early.' — Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.
'Many Hub Group employees face unexpected pressure when aging parent responsibilities arise. I believe early planning and open family communication can help households navigate these challenges with greater clarity.' — Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
Key warning signs that aging parents may need additional support.
Essential legal and health care preparations to help families stay organized.
How to coordinate family involvement and emotional readiness during caregiving.
Many Hub Group employees in their mid-50s to early 60s come to discover that their retirement planning may have to expand to include the needs of their aging parents. As America’s population grows older, adult children frequently take on caregiving responsibilities for parents facing health issues, financial weaknesses, and cognitive decline. These realities influence family dynamics, investments, estate planning, taxes, and emotional well-being.
“Your parents' financial vulnerabilities become your financial stress unless you plan ahead and take a proactive role,” explains Brent Wolf, CFP®, an advisor at Wealth Enhancement.
Below are key considerations for individuals ages 55 to 65 who are preparing to support elderly parents.
1. Recognize the Early Signs of Cognitive Decline
For many families, cognitive decline in an aging parent typically appears gradually. Early warning signs may include:
- Repeatedly forgetting conversations
- Missing or duplicating bill payments
- Confusion about routine transactions
- Financial decisions influenced by new “friends”
- Unusual wire transfers or unexpected spending changes
Your role is not to diagnose—your role is to observe and speak up early. By addressing concerns promptly, you, your family, and your advisory team can potentially help mitigate the risk of future financial or cognitive harm.
2. Put Durable Power of Attorney and a Trusted Contact in Place
If a parent becomes cognitively impaired without a durable power of attorney, families often face a costly, lengthy conservatorship process. Hub Group employees can address this by planning ahead.
Consider getting the following key documents in place:
- A trusted contact authorization
- Durable Power of Attorney for finances
- HIPAA releases and health care power of attorney
- Updated beneficiary designations, wills, and trusts
These steps can help reduce uncertainty and lessen the risk of financial exploitation should a parent become more vulnerable.
3. Prepare for Health Care Shock: Medicare Has Gaps
Many households are surprised by how much Medicare does not cover. Common out-of-pocket costs include:
- Long-term custodial care (memory care, assisted living, in-home support)
- Prescription drugs
- Private caregivers and care managers
- Out-of-pocket deductibles and co-pays
To plan effectively, Hub Group employees should understand:
- What your parents’ insurance covers
- Their likely care expenses
- Whether self-funding or long-term care strategies may fit
- Whether Medicaid planning (with its five-year look-back) should begin early
Health care decisions become more urgent if cognitive decline is a concern.
4. Guard Your Parents Against Financial Abuse
Financial abuse is a growing threat for older adults—including parents of Hub Group employees. Common scams include:
- Romance schemes
- Fake IRS, FedEx, or government calls
- “Grandchild in trouble” scams
- Caregiver misconduct
- Pressure from acquaintances or distant relatives
- Fraudulent investment pitches
Adult children often hesitate to intervene, but silence can increase risk. Advisors can help monitor accounts, identify unusual activity, and place temporary holds when needed.
5. Organize the “Invisible” Parts of Their Financial Life
By age 80, even financially experienced parents may struggle to keep up with routine obligations such as:
- Required minimum distributions
- Quarterly tax payments
- Charitable documentation
- Insurance renewals
- Online passwords
- Property tax deadlines
- Portfolio withdrawal planning
Advisors can help reduce errors by automating tasks, consolidating accounts, and simplifying processes.
6. Bring the Entire Family Into the Conversation Early
The most challenging situations often arise when adult children learn of issues only after a crisis. Hub Group employees may benefit from:
- Annual family meetings
- Clear conversations about parents’ wishes
- Defined caregiving and financial roles
- Discussions around independence and dignity
Proactive communication may helps mitigate conflict and avoid last-minute decisions during emergencies.
7. Prepare Yourself Emotionally and Financially
Caring for aging parents can influence:
- Retirement timing
- Your ability to continue working
- Your cash flow
- Your mental and emotional resilience
Advisors can help you develop:
- A dedicated “parent care fund”
- Tax-efficient withdrawal strategies
- Cash flow outlines that factor in elder care
- Estate plans that reflect multigenerational needs
With thoughtful planning, supporting your parents does not have to disrupt your retirement goals—even for Hub Group employees navigating complex benefits.
8. Build a Team-Based Approach
Families caring for elderly parents often benefit from a coordinated team that may include:
- A financial advisor
- An attorney with experience working with seniors
- Tax specialist
- Geriatric care manager
- Estate planning attorney
- Health care advocates
Working together, these professionals can help manage risk for both parents and adult children through a unified strategy.
Conclusion
Aging is inevitable—but it does not have to create chaos. Early planning, while parents are still capable, can lessen emotional strain, help minimize family conflict, and ideally reduce the likelihood of financial harm.
“The best gift you can give your aging parents is structure, clarity, and a financial advocate who supports them when they can no longer support themselves,” says Brent Wolf.
For Hub Group employees ages 55 to 65, now is the time to act.
Taking the Next Step
The Retirement Group can help you design a Parent Care Plan that includes financial oversight, health care review, legal preparation, and fraud monitoring.
To speak with a team member who can guide you through each stage of the process, call
(800) 900-5867
.
We are here to support you, your parents, and your family through every stage of life.
The 401(k) plan at Hub Group is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax basis, helping them prepare for retirement.
Does Hub Group match employee contributions to the 401(k) plan?
Yes, Hub Group offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the eligibility requirement for Hub Group's 401(k) plan?
Employees at Hub Group are typically eligible to participate in the 401(k) plan after completing a specified period of employment, usually within the first year.
How can employees at Hub Group enroll in the 401(k) plan?
Employees can enroll in Hub Group's 401(k) plan through the company's HR portal or by contacting the HR department for assistance.
What types of investment options are available in Hub Group's 401(k) plan?
Hub Group offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles tailored to different risk tolerances.
Can employees at Hub Group take loans against their 401(k) savings?
Yes, Hub Group allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What happens to my 401(k) account if I leave Hub Group?
If you leave Hub Group, you can choose to roll over your 401(k) account to another retirement plan, cash it out, or leave it in the Hub Group plan, depending on your preferences and the plan's rules.
How often can employees change their contribution amounts to the Hub Group 401(k) plan?
Employees can change their contribution amounts to Hub Group's 401(k) plan at any time, typically through the HR portal or by submitting a request to HR.
Is there a vesting schedule for Hub Group's 401(k) matching contributions?
Yes, Hub Group has a vesting schedule for its matching contributions, meaning employees must work for the company for a certain period before they fully own the matched funds.
What is the maximum contribution limit for Hub Group's 401(k) plan?
The maximum contribution limit for Hub Group's 401(k) plan is subject to IRS regulations, which may change annually. Employees should check with HR for the current limits.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Pension Plan Information
Name of Pension Plan: Hub Group Pension Plan
Years of Service and Age Qualification: Generally, companies have specific criteria for years of service and age. This information is typically found in official plan documents.
Pension Formula: The formula used to calculate pension benefits, which might include factors like years of service and final average salary.
Specific Page Numbers: Document sources will be cited with page numbers.
401(k) Plan Information
Name of 401(k) Plan: Hub Group 401(k) Savings Plan
Who Qualifies: Eligibility criteria for participating in the 401(k) plan, which may include employment status or other criteria.
Specific Page Numbers: Document sources will be cited with page numbers.
Restructuring and Layoffs: In early 2024, Hub Group announced a restructuring plan aimed at optimizing their operational efficiency. This plan included a significant reduction in the workforce as part of a broader strategy to streamline operations and cut costs. The company cited changing market conditions and the need for increased agility in their operations as key reasons for these changes. Source: Logistics Management
Stock Options and RSUs: In 2022, Hub Group provided stock options and RSUs as part of their employee compensation packages. These options were typically granted to key executives and senior management. RSUs were often awarded based on performance metrics and time-based vesting schedules.
Official Hub Group Website:
Visit Hub Group's official website and navigate to the "Careers" or "Employee Benefits" section. This section typically includes details on health benefits provided to employees.
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Review Hub Group’s LinkedIn page, where company updates and employee-related information might be posted. Look for any recent posts about employee health benefits.
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