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This is an excellent chance to find individual satisfaction in retirement for FirstEnergy employees if they learn to balance their wishes, family needs, and the desire to leave a legacy in the right way.
'As FirstEnergy employees approach retirement, it is important to take time to consider what is most important to you in your personal life and in your legacy, and this can make retirement a journey of meaning and enrichment for which financial planning is a key enabler.'
Three main points of the article are described below:
1. Defining Your Retirement Goals – How to Identify an Active Role in Defining Personal and Financial Objectives for a Fulfilling Retirement.
2. Managing Finances and Lifestyle Choices – The use of budgeting, downsizing and other financial decisions that support the long term retirement plans.
3. Creating a Meaningful Retirement Experience – How personal growth, relationships and legacy planning can improve the quality of retirement.
What do you picture in your future?
Some people intend to retire and start a new profession. Some intend to travel. Others want to spend more time with their families and friends. Hence, there are few factors to consider.
What are your must-do list in retirement?
In retirement, if you could only achieve four or five things, what would they be? This may help you create a list of your life goals. While some of these goals may have nothing to do with money, the financial decisions you make may be crucial to achieving them.
What would revitalize you?
Some retirees have no particular objectives. After a period of weeks or months of rest, ambition may return. They begin to consider the pursuits and excursions that could make these years memorable. Some people have known for decades which ambitions they will pursue, but when the time comes, those dreams may take a different path than anticipated or even be replaced by new ones.
Leisure is the most valuable asset in retirement. With more free time and opportunities for introspection, you may discover that your old aspirations have been replaced by new ones.
Who you should spend your time with?
This is another important decision you must make in retirement. The quick response for many retirees to this query would be: Today, there are nuclear families, blended families, and extended families; some individuals consider their friends or coworkers to be family.
How much do you anticipate spending?
We cannot manage all retirement expenses, but we can control a portion of them. You may have considered downsizing your residence at some point. A potential benefit of downsizing is that it may result in no mortgage or a mortgage payment that is more manageable.
Is it possible to leave a legacy?
Many of us would like to give our children or grandchildren a decent start in life, but leaving an inheritance is often more difficult than many people believe. Tax laws are in a constant state of flux and strategies that were effective years ago may have diminished utility today.
It is recommended that this article only be used for informational purposes and not for any form of decision making; therefore, if you want to change any part of your overall estate plan, you should seek the counsel of a tax or legal professional.
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- 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!
How are you preparing for retirement?
This is the most significant topic. If you sense the need to prepare more for the future or reevaluate your current strategy in light of recent changes in your life, a retirement-savvy financial professional may be able to offer guidance.
It is from sources which are expected to provide accurate information. This material is not intended to serve as tax or legal advice. It is prohibited from being used to evade federal tax penalties. Please seek the advice of a legal or tax professional for information related to your specific situation. This content was developed and produced by FMG Suite to provide information on a potentially interesting topic. The named broker-dealer, state- or SEC-registered investment advisory firm is not affiliated with FMG Suite. The opinions expressed and materials provided are for informational purposes only; they should not be construed as an offer to buy or sell any security. Copyright FMG Suite.
Did you know that retirement can also be viewed as a way of learning about oneself and finding out who one is? Although this view was not described in the article, it may be interesting for FirstEnergy employees who are planning on retiring. When you think about the future, you might want to make new friends, learn new skills, or contribute to the community in some way that is important to you. Retirement is a time of leisure, which gives one a chance to discover new and interesting aspects of oneself. Retirement: A Time to Discover and Develop New Aspects of the Self for a More Fulfilling Life. (Source: American Psychological Association, 'Retiring Minds Want to Know,' February 2018)
Analogy:
When it comes to retirement, the view from your eyes, FirstEnergy employees, is a fresh one. Looking at retirement, you are like an artist who is about to start painting on a clean canvas. Imagine yourself as a painter, and you are standing in front of an endless void. Retirement gives you the chance to pick up the paintbrush and paint the picture you want to paint. Every choice is deliberate, whether it is attaining important goals, finding relaxation through new interests, spending time with loved ones, managing your resources, leaving a legacy, or growing as a person. Just as a painter uses colours, techniques, and brushstrokes to bring their vision to life, you can use your retirement journey as a way to intentionally design your life. Begin the retirement canvas with creativity, imagination, and the ability to produce a truly remarkable work of this chapter in your life.
Sources:
1. Helhoski, Anna. 'Retirement Planning: A 5-Step Guide for 2025.' NerdWallet , January 2025, www.nerdwallet.com/article/retirement/retirement-planning-guide .
2. Whitney, Roger. 'Retirement Planning Is More Than Financial Planning.' Forbes , December 2023, www.forbes.com/advisor/retirement/retirement-planning-more-than-financial/ .
3. 'Retirement 101: A Beginner's Guide to Retirement.' Trinity College , 2024, www.trincoll.edu/retirement-planning-guide .
4. 'Survey Reveals Growing Importance of Financial Planning for Retirement.' T. Rowe Price , January 2024, www.troweprice.com/retirement-planning-survey-2024 .
5. Whitney, Roger. 'The Most Important Rules For Retirement Planning? Yours!' Forbes , March 2024, www.forbes.com/advisor/retirement/the-most-important-rules-for-retirement-planning-yours/ .
How does FirstEnergy ensure that employees understand their pension payment options after retirement, and what resources does FirstEnergy provide to help them navigate these options effectively? Discuss the various types of pension plans available and how they cater to different employee needs at FirstEnergy.
Pension Payment Options: FirstEnergy ensures that employees understand their pension payment options by providing an online pension pay statement system, which allows them to view their payments and tax information. This online platform also offers access to various pension plans like qualified and non-qualified pensions, catering to different employee needs, such as federal and state tax withholding options for qualified pensions(FirstEnergy_Online_Pens…).
What are the steps that FirstEnergy employees must follow when changing their direct deposit information for pension benefits, and how does FirstEnergy facilitate this process? Explore the importance of keeping direct deposit information updated, especially for retired employees who rely on timely monthly payments.
Direct Deposit Changes: To update direct deposit information for pension benefits, FirstEnergy employees need to complete Form X-901, available on their website. FirstEnergy simplifies the process by providing clear steps on how to obtain and submit the form, ensuring that retirees receive their monthly payments without interruption(FirstEnergy_Online_Pens…).
In what ways does FirstEnergy support employees in understanding the tax implications associated with their pension plans, and what specific IRS forms should they be aware of? Discuss how FirstEnergy employees can proactively manage their tax withholding choices and the potential consequences of inadequate planning.
Tax Implications: FirstEnergy helps employees manage tax implications of their pension plans by directing them to the correct IRS forms, such as Form W-4P for federal taxes. They also provide assistance through their online platform to help employees adjust their tax withholding to avoid potential underpayment issues(FirstEnergy_Online_Pens…).
FirstEnergy has a unique approach to online pension statements. How does this change from traditional paper statements impact the way employees access and manage their pension information? Evaluate the benefits and possible challenges faced by employees in transitioning to this digital format.
Online Pension Statements: FirstEnergy’s transition to online pension statements, effective March 2020, eliminates mailed statements. This change enables employees to conveniently access their pension details through any web browser, although some may find it challenging to switch from paper to digital(FirstEnergy_Online_Pens…).
What procedures should FirstEnergy employees follow if they encounter discrepancies in their pension payment amounts, and how does the company assist them in resolving these issues? Examine the importance of clear communication channels between employees and FirstEnergy’s HR service center for addressing payment concerns.
Resolving Payment Discrepancies: If there is a discrepancy in a pension payment, FirstEnergy advises employees to contact their HR Service Center for resolution. Clear communication channels, such as dedicated phone numbers, are provided to facilitate prompt handling of these issues(FirstEnergy_Online_Pens…).
Describe how FirstEnergy’s pension plan aligns with the company’s overall commitment to employee benefits and welfare. What role does the pension plan play in attracting and retaining talent within FirstEnergy, and how does it compare to industry standards?
Pension Plan and Employee Benefits: FirstEnergy’s pension plan aligns with the company’s broader commitment to employee welfare by offering structured retirement benefits. This plan is instrumental in attracting and retaining talent by offering competitive benefits comparable to industry standards(FirstEnergy_Online_Pens…).
How can employees at FirstEnergy effectively contact the company for further information about their pension benefits? Elaborate on the various communication methods available, including phone numbers, email, and online resources, ensuring they know how to reach out for specific inquiries.
Contacting FirstEnergy: Employees can contact FirstEnergy for pension-related inquiries through multiple channels, including a dedicated HR Service Center phone number, email options, and an online pension portal. These methods provide flexibility for addressing specific pension concerns(FirstEnergy_Online_Pens…).
With the introduction of new IRS limits for retirement plans in 2024, what changes should FirstEnergy employees be aware of regarding their pension contributions? Discuss how these changes could affect their retirement savings strategies and overall financial wellness.
2024 IRS Limits: FirstEnergy employees should be aware of new IRS limits for retirement plans that may affect their pension contributions. These changes could influence their retirement savings strategies, requiring them to review and adjust contributions to optimize their financial wellness(FirstEnergy_Online_Pens…).
What resources does FirstEnergy provide to help employees better understand the differences between qualified and non-qualified retirement plans, and how do these distinctions affect their retirement benefits? Look into how employee education plays a pivotal role in helping them make informed decisions.
Qualified vs. Non-Qualified Plans: FirstEnergy offers resources to help employees distinguish between qualified and non-qualified retirement plans, such as detailed forms and guidelines. Understanding these distinctions helps employees make informed decisions about their retirement benefits(FirstEnergy_Online_Pens…).
In the context of FirstEnergy’s commitment to environmental stewardship, how has the company’s shift to online pension statements reflected its sustainability efforts, and what additional measures could be implemented to enhance this initiative? Consider the long-term benefits of such practices for both the company and its retirees.
Sustainability Efforts: FirstEnergy’s shift to online pension statements supports their environmental stewardship goals by reducing paper use. While this initiative reflects their sustainability efforts, additional measures like expanding digital tools and resources could further enhance these practices(FirstEnergy_Online_Pens…).
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