Empowering Women at Avnet: 4 Essential Retirement Strategies to Consider

Healthcare Provider Update: Avnet's healthcare provider is typically managed through Aetna, offering comprehensive health benefits to its employees. As the year 2026 approaches, significant challenges loom over healthcare costs. The expiration of enhanced federal subsidies for the Affordable Care Act (ACA) is anticipated to trigger premium hikes that could exceed 60% in some states, placing financial strain on millions of enrollees. With medical costs continuously rising and projections indicating a general cost increase of approximately 7.5% for individual plans, consumers may face alarming out-of-pocket expenses, significantly impacting access to healthcare services. The confluence of these factors necessitates proactive planning for both employers and employees to mitigate the potential financial burden ahead. Click here to learn more

Preparing for retirement at Avnet can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.

These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put Avnet employees ahead of the curve.

•  Talk about money.  Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
•  Be proactive about your retirement after Avnet.  Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Avnet retirement accounts stand today? Being proactive with your Avnet retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.
•  Make room for your future in your budget.  Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.

• Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.

•  Transamerica.com, 2021

•  GAO.gov, 2021

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