What Navient Employees Should Know About Caring for Aging Parents
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'Many Navient 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 Navient 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 Navient 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. Navient 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, Navient 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 Navient 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. Navient 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 Navient 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 Navient 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.
Navient offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, providing a tax-advantaged way to build their savings.
Does Navient provide a company match for the 401(k) contributions?
Yes, Navient offers a company match for employee contributions to the 401(k) plan, enhancing the overall retirement savings for employees.
How can I enroll in Navient's 401(k) plan?
Employees can enroll in Navient's 401(k) plan through the company’s benefits portal during the enrollment period or after a qualifying life event.
What are the contribution limits for Navient's 401(k) plan?
The contribution limits for Navient's 401(k) plan are set according to IRS guidelines, which may change annually. Employees should check the current limits for the specific year.
Can I change my contribution percentage to Navient's 401(k) plan?
Yes, employees can change their contribution percentage to Navient's 401(k) plan at any time through the benefits portal.
What investment options are available in Navient's 401(k) plan?
Navient's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
When can I start withdrawing from my Navient 401(k) plan?
Employees can typically start withdrawing from their Navient 401(k) plan at age 59½, but specific rules may apply based on the plan's provisions.
Does Navient allow loans against the 401(k) plan?
Yes, Navient may allow employees to take loans against their 401(k) plan, subject to specific terms and conditions outlined in the plan documents.
What happens to my Navient 401(k) if I leave the company?
If you leave Navient, you can choose to roll over your 401(k) balance to another retirement account, cash out, or leave the funds in the plan if permitted.
Are there any fees associated with Navient's 401(k) plan?
Yes, there may be administrative and investment fees associated with Navient's 401(k) plan, which are disclosed in the plan documents.
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Name of Pension Plan: Navient Pension Plan
Details: The Navient Pension Plan provides a defined benefit pension to eligible employees. The plan offers a monthly benefit upon retirement based on years of service and salary history.
Years of Service and Age Qualification: Employees are eligible for the pension plan after reaching 5 years of service. Normal retirement age is 65, but early retirement options may be available starting at age 55 with reduced benefits.
Pension Formula: The formula for calculating benefits is based on a percentage of the employee's average salary over their highest earning years multiplied by the number of years of service.
Pension Plan Terminology:
Defined Benefit Plan: A pension plan where retirement benefits are predetermined based on salary and years of service.
Normal Retirement Age: The age at which an employee can retire with full pension benefits.
Early Retirement: Option to retire before normal retirement age with adjusted benefits.
Name of 401(k) Plan: Navient 401(k) Plan
Details: The Navient 401(k) Plan is a defined contribution plan where employees can make pre-tax contributions. The company may offer a matching contribution up to a certain percentage of the employee’s salary.
Eligibility: Employees are eligible to participate in the 401(k) plan upon hire. There is no minimum service requirement to begin contributing.
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Healthcare Benefits Overview: Navient provides a comprehensive benefits package that includes medical, dental, and vision insurance. They offer several plan options to suit different needs, including HMO, PPO, and high-deductible health plans (HDHPs).
Acronyms and Terms: HMO (Health Maintenance Organization), PPO (Preferred Provider Organization), HDHP (High-Deductible Health Plan), FSA (Flexible Spending Account), HSA (Health Savings Account).
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