What Light & Wonder Employees Should Know About Caring for Aging Parents
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'Many Light & Wonder 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 Light & Wonder 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 Light & Wonder 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. Light & Wonder 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, Light & Wonder 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 Light & Wonder 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. Light & Wonder 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 Light & Wonder 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 Light & Wonder 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.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Light & Wonder offers a comprehensive benefits package that includes both a 401(k) plan and a retirement pension plan. The 401(k) plan at Light & Wonder, offered through Fidelity, is a cornerstone of their retirement offerings. Employees can contribute to the plan and are eligible for a company match, where Light & Wonder will match 100% of the first 1% of eligible earnings contributed and 50% of the next 5%, meaning employees who contribute 6% or more receive a 3.5% match. This plan is available to all employees, with eligibility beginning immediately upon employment (MyLNWBenefits).
The company's retirement pension plan is known as the "Defined Contribution Plan," where employer contributions are made directly to individual accounts. Eligibility for the pension plan requires a minimum of five years of service, and employees must be at least 21 years old. The pension formula is based on the final average salary and the number of years of service. This formula determines the annual pension benefits employees will receive upon retirement (MyLNWBenefits).
The 401(k) and pension plan structures at Light & Wonder ensure that employees have multiple pathways to secure their retirement, aligning with industry standards for retirement savings and security. These details were found on the Light & Wonder benefits website (MyLNWBenefits) (MyLNWBenefits).
Light & Wonder has been managing its benefits with a focus on healthcare options and 401(k) matching for its employees. The company offers up to a 3.5% match on employee 401(k) contributions and comprehensive healthcare plans including virtual primary care, telemedicine, and preventive services. They also introduced fertility benefits and tobacco cessation programs as part of their enhanced healthcare strategy. Additionally, Light & Wonder maintains on-site health clinics at their manufacturing facilities, offering free care to employees. This news is important because it highlights the company’s commitment to supporting employees' health and retirement benefits amidst ongoing economic changes, potentially positioning it as a resilient player in the evolving political and tax environment.
Light & Wonder offers a variety of stock options and Restricted Stock Units (RSUs) to its employees, primarily aimed at retaining top talent and incentivizing long-term performance. Stock options provide employees the right to purchase company shares at a predetermined price after a set vesting period. Meanwhile, RSUs are granted as company stock, becoming fully owned after the vesting period without any purchase requirement.
In 2022, Light & Wonder (LNW) had approximately 2 million stock options and 3 million RSUs outstanding, continuing to use these incentives as a core part of employee compensation (Business Wire) (Stock Analysis). The RSUs are made available to both executives and key employees, while stock options are more broadly distributed. The company has maintained these plans through 2023 and 2024, adjusting vesting schedules and eligibility criteria to align with its ongoing growth strategy and performance targets (Stock Analysis).
Light & Wonder has prioritized employee health by offering comprehensive benefits, including three medical plan options tailored to different needs. Their healthcare packages, which include Essential Care, Choice Care, and Critical Care plans, emphasize preventive care with no cost for in-network services. Light & Wonder also offers virtual care through Aetna/CVS and Doctor on Demand, providing employees access to medical consultations from home, with minimal copays. Employees enrolled in these programs benefit from family planning services such as in vitro fertilization and surrogacy support through Progyny, highlighting their commitment to diverse healthcare needs. This reflects Light & Wonder's proactive approach to healthcare, integrating digital access to medical professionals while focusing on comprehensive family health solutions (MyLNWBenefits) (MyLNWBenefits).
The company has also introduced wellness initiatives like onsite health clinics at their Allentown, PA, and Irvine, CA locations, which offer no-cost services for routine checkups, vaccinations, and flu shots. Their B. Well Centers ensure that employees have direct access to healthcare during work hours, fostering a culture of wellness. Given the current economic uncertainties, providing robust healthcare is crucial for maintaining employee morale and productivity. Light & Wonder's benefits reflect an awareness of healthcare's broader impact on the workforce in light of political and tax changes affecting corporate healthcare contributions (MyLNWBenefits) (MyLNWBenefits).
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