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Lamb Weston Holdings Employees: Navigating the Complexities of Extended Care Costs in Retirement

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Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for Lamb Weston Holdings employees who are developing a retirement strategy.

Seven in ten Lamb Weston Holdings employees over age 65 can expect to need extended care services at some point in their lives. So understanding the various types of extended care services – and what those services may cost – is critical as you consider your retirement approach.

What Is Extended Care?

Extended care is not a single activity. It refers to a variety of medical and non–medical services needed by those who have a chronic illness or disability – most commonly associated with aging.

Extended care can include everything from assistance with activities of daily living – help dressing, bathing, using the bathroom, or even driving to the store – to more intensive therapeutic and medical care requiring the services of skilled medical personnel.

Extended care may be provided at home, at a community center, in an assisted living facility, or in a skilled nursing home. And extended care is not exclusively for the elderly; it is possible to need extended care at any age.

How Much Does Extended Care Cost?

Extended care costs vary state by state and region by region. The 2021 national average for care in a skilled care facility (single occupancy in a nursing home) was $108,405 a year. The national average for care in an assisted living center (single occupancy) was $54,000 a year. Home health aides cost a median of $27 per hour, but that rate may increase when a licensed nurse is required.

What Are the Payment Choices?

Often, extended care is provided by family and friends. Providing care can be a burden, however, and the need for assistance tends to increase with age.

Lamb Weston Holdings employees who would rather not burden their family and friends have two main choices for covering the cost of extended care: they can choose to self-insure or they can purchase extended care insurance.

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Many self-insure by default – simply because they haven't made other arrangements. Those who self-insure may depend on personal savings and investments to fund any extended care needs. The other approach is to consider purchasing extended care insurance, which can cover all levels of care, from skilled care to custodial care to in-home assistance.

When it comes to addressing your extended care needs, many look to select a strategy that may help them protect assets, preserve dignity, and maintain independence. If those concepts are important to you, consider your approach to extended care.

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ACL.gov, 2022

What type of retirement plan does Lamb Weston Holdings offer to its employees?

Lamb Weston Holdings offers a 401(k) retirement savings plan to its employees.

How can employees of Lamb Weston Holdings enroll in the 401(k) plan?

Employees of Lamb Weston Holdings can enroll in the 401(k) plan by completing the enrollment form available on the company’s benefits portal.

Does Lamb Weston Holdings provide any matching contributions to the 401(k) plan?

Yes, Lamb Weston Holdings offers matching contributions to the 401(k) plan, which helps employees save for retirement more effectively.

What is the vesting schedule for employer contributions at Lamb Weston Holdings?

The vesting schedule for employer contributions at Lamb Weston Holdings typically follows a graded schedule, allowing employees to become fully vested after several years of service.

Can employees of Lamb Weston Holdings take loans against their 401(k) savings?

Yes, employees of Lamb Weston Holdings may have the option to take loans against their 401(k) savings, subject to the plan’s terms and conditions.

What investment options are available in the Lamb Weston Holdings 401(k) plan?

The 401(k) plan at Lamb Weston Holdings offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can employees of Lamb Weston Holdings change their 401(k) contribution amounts?

Employees of Lamb Weston Holdings can change their 401(k) contribution amounts at any time, subject to the plan’s guidelines.

Is there a minimum contribution requirement for the 401(k) plan at Lamb Weston Holdings?

Yes, Lamb Weston Holdings may have a minimum contribution requirement for employees participating in the 401(k) plan.

At what age can employees of Lamb Weston Holdings begin to withdraw from their 401(k) plan without penalties?

Employees of Lamb Weston Holdings can typically begin to withdraw from their 401(k) plan without penalties at age 59½.

Does Lamb Weston Holdings offer financial education resources for employees regarding their 401(k) plan?

Yes, Lamb Weston Holdings provides financial education resources and workshops to help employees understand their 401(k) plan options and retirement savings strategies.