What KB Home Employees Should Know About Caring for Aging Parents
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'Many KB Home 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 KB Home 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 KB Home 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. KB Home 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, KB Home 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 KB Home 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. KB Home 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 KB Home 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 KB Home 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.
What type of retirement savings plan does KB Home offer to its employees?
KB Home offers a 401(k) retirement savings plan to help employees save for retirement.
How can employees of KB Home enroll in the 401(k) plan?
Employees of KB Home can enroll in the 401(k) plan through the company's HR portal or by contacting the HR department for assistance.
Does KB Home match employee contributions to the 401(k) plan?
Yes, KB Home provides a matching contribution to employee 401(k) contributions, subject to certain limits.
What is the maximum contribution limit for the KB Home 401(k) plan?
The maximum contribution limit for the KB Home 401(k) plan follows the IRS guidelines, which can change annually. Employees should check the latest limits for the current year.
Can employees of KB Home choose how their 401(k) contributions are invested?
Yes, employees of KB Home can choose from a variety of investment options within the 401(k) plan to align with their retirement goals.
What happens to my 401(k) account if I leave KB Home?
If you leave KB Home, you can either roll over your 401(k) balance to another retirement account, cash out your balance (subject to taxes and penalties), or leave it in the KB Home plan if allowed.
Are there any fees associated with the KB Home 401(k) plan?
Yes, like most 401(k) plans, the KB Home 401(k) plan may have administrative and investment fees. Employees should review the plan documents for specific details.
How often can employees change their contribution amounts in the KB Home 401(k) plan?
Employees of KB Home can typically change their contribution amounts at any time, subject to the plan's rules.
Does KB Home offer any financial education resources for employees regarding the 401(k) plan?
Yes, KB Home provides financial education resources and workshops to help employees understand their 401(k) options and make informed decisions.
At what age can employees of KB Home start withdrawing from their 401(k) without penalties?
Employees of KB Home can start withdrawing from their 401(k) without penalties at age 59½, although they may still owe taxes on the distributions.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Company Employee Pension Plan
Name of Pension Plan: KB Home does not have a traditional defined benefit pension plan. The company focuses on other forms of retirement benefits.
Eligibility: KB Home provides retirement benefits primarily through a 401k plan. For traditional pension plans, KB Home is not reported to have a specific plan for employees.
Pension Formula: N/A
Years of Service and Age Qualification: Since KB Home does not offer a defined benefit pension plan, this information is not applicable.
Name of 401k Plan: KB Home 401(k) Plan
Eligibility: Employees are generally eligible to participate in the KB Home 401(k) Plan once they meet the age and service requirements set forth by the plan. Typically, this means employees who are 21 years of age and have completed one year of service are eligible to participate
401k Plan Features: The KB Home 401(k) Plan includes company matching contributions up to a certain percentage of employee contributions, and various investment options are available to plan participants.
Restructuring and Layoffs: In 2023, KB Home announced a strategic restructuring plan aimed at optimizing operations and reducing costs. This included a moderate reduction in workforce to better align with current market demands. The company emphasized that these changes are designed to streamline operations and improve overall efficiency. Given the current economic climate, it's crucial to stay informed about such restructuring moves as they can impact job security and organizational stability. Understanding these adjustments can also provide insight into how companies are adapting to broader economic and investment trends.
KB Home Stock Options: In KB Home, stock options are typically granted to executives and key employees as part of their compensation package. They are often subject to vesting schedules and performance criteria. (Source: KB Home 2022 Annual Report, Page 45)
KB Home RSUs: Restricted Stock Units (RSUs) are provided to employees, especially those in higher positions or with significant contributions. RSUs vest over time or upon achieving certain performance goals.
2022-2024 Updates: In recent years, KB Home has adjusted its health benefits offerings to align with industry standards and employee needs. This includes enhancements to health insurance plans, introduction of telehealth services, and expanded wellness programs.
Focus Areas: KB Home has been focusing on mental health support and providing more comprehensive coverage options to ensure employees have access to necessary care and resources.
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