New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Preparing to Retire from Select Medical Holdings Within Five Years? Start with This Smart Checklist

Healthcare Provider Update: Healthcare Provider for Select Medical Holdings: Select Medical Holdings operates primarily through its network of specialized rehabilitation hospitals and outpatient rehabilitation clinics. Their healthcare services focus on providing rehabilitation services for critical illness, physical therapy, and long-term acute care hospitals, making them a significant player in the healthcare sector. Potential Healthcare Cost Increases in 2026: As we approach 2026, significant increases in healthcare costs are anticipated, primarily driven by expected record hikes in Affordable Care Act (ACA) premiums. With states facing premium increases exceeding 60%, many individuals may experience out-of-pocket premium hikes of up to 75%, drastically affecting affordability. Contributing factors include the potential expiration of federal premium subsidies and rising medical costs from hospitals and providers. This perfect storm of financial pressures underlines the urgent need for consumers to prepare for the impending increase in healthcare expenses. Click here to learn more

'Select Medical Holdings employees should prioritize proactive retirement planning by carefully evaluating their spending, adjusting their portfolio risk, and factoring in health care costs, all of which can support a more stable and fulfilling retirement journey.' – Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.

'By taking a hands-on approach to retirement planning, Select Medical Holdings employees can steer clear of common pitfalls and prepare for the financial demands of retirement, from health care costs to sustainable income strategies.' – Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

The importance of proactive retirement planning for Select Medical Holdings employees.
Key steps to take within five years of retirement, including reviewing benefits and spending.
Strategies for managing health care costs and adjusting investment portfolios as retirement approaches.

Planning for retirement requires careful consideration, particularly as your retirement date approaches. Automatic payroll deductions through Select Medical Holdings benefits programs may have made investing feel seamless, but effective retirement planning requires a hands-on strategy. Getting ahead of the curve allows you to refine your retirement plan to align with your objectives.

If you plan to retire from Select Medical Holdings within the next five years, begin taking these five key steps now:

1. Rethink the Function of Employment in Retirement

It’s important to assess whether you plan to continue working in some capacity during retirement. Consulting or part-time work might help ease the transition and provide supplemental income, but it shouldn’t be the core of your strategy. For Select Medical Holdings professionals, unexpected life changes or health issues may make continued work uncertain. Planning for retirement with financial independence—without relying on future earnings—creates a foundation for a smoother experience.

2. Monitor and Comprehend Your Spending

Understanding your current spending is crucial for estimating what you might need later. As a Select Medical Holdings employee, your spending habits could shift post-retirement—especially regarding health care, housing, and lifestyle choices. Evaluating your needs now provides insight into whether you’re on track to meet your retirement objectives. By revisiting your budget and savings patterns today, you can reduce the likelihood of surprises later on.

3. Examine Your Benefits from Social Security

Social Security plays a key role in retirement for many Americans. Begin by checking your information on the Social Security Administration’s website to model different claiming scenarios. For Select Medical Holdings employees, understanding the timing of when to begin collecting benefits—such as delaying until full retirement age—could substantially impact your monthly payments. Including this in your plan will help create a more effective retirement income strategy.

4. Evaluate Your Retirement Funds

Take a close look at your Select Medical Holdings retirement accounts and personal savings. Review how much you’ve saved, how your portfolio is allocated, and what income sources you expect to draw from. Subtract your estimated Social Security income from your expected living expenses to calculate how much you’ll need to withdraw. Depending on your financial needs, you may need to adjust your spending, increase contributions, or delay your retirement date.

5. Reduce the Risk in Your Portfolio

As you near retirement, consider shifting your investment portfolio toward less volatile assets. Select Medical Holdings employees who experience a market downturn early in retirement could face long-term impacts. Lowering exposure to riskier assets may give you more flexibility during market dips. This adjustment can help you preserve principal and draw income from more stable sources in your early retirement years.

Starting early on these five steps can lead to a smoother and more confident transition into retirement. Select Medical Holdings professionals who commit to reviewing and refining their plans now may be better positioned to shape the retirement lifestyle they envision. Proactive planning offers greater clarity into your future finances and more control over your timeline.

Medical expenses are a major factor to incorporate into your retirement planning. According to a 2023 Fidelity Investments report, a 65-year-old couple retiring today is expected to spend an average of $315,000 on health care throughout retirement. Select Medical Holdings retirees should factor this into their savings plans. Allocating funds for future health care needs can help cover both routine and unexpected medical costs, reducing financial pressure later on.

If you're expecting to retire from Select Medical Holdings in the next five years, this checklist provides a structured roadmap to follow. From reviewing your Social Security benefits and investment allocations to preparing for health care costs, these steps are designed to help you maintain financial balance. Evaluating spending, reconsidering the role of post-retirement work, and shifting toward lower-risk investments can help you face retirement with more confidence and fewer surprises.

Think of preparing for retirement like planning a cross-country trip. You wouldn’t hit the road without checking your car, mapping your route, and making sure you have enough fuel. Likewise, Select Medical Holdings employees shouldn’t head into retirement without reviewing finances, factoring in health care, and organizing their resources. With these steps in place, you're better equipped for the journey ahead—and ready to enjoy the ride.

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Articles you may find interesting:

Sources:

1. 'The Unexpected Cost That Could Ruin Your Retirement.' Investopedia, 4 June 2025.

2. Sloan, Jim. 'I'm a Wealth Manager: This Is How to Reduce One of the Biggest Risks to Your Retirement.' Kiplinger, 2 June 2025.

3. 'Retirees: Tune Out the Noise When Filing for Social Security.' Barron's, 2 June 2025.

4. 'How Often Should You Review Your 401(k) To Maximize Returns?' Investopedia, 4 June 2025.

5. '5 Ways to Track Your Budget in the Years Before You Retire.' Kiplinger, 4 June 2025.

What is the 401(k) plan offered by Select Medical Holdings?

The 401(k) plan offered by Select Medical Holdings is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

Does Select Medical Holdings match employee contributions to the 401(k) plan?

Yes, Select Medical Holdings provides a matching contribution to employee 401(k) accounts, subject to certain limits and conditions.

What is the eligibility requirement to participate in Select Medical Holdings' 401(k) plan?

Employees of Select Medical Holdings are typically eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the plan documents.

How can employees of Select Medical Holdings enroll in the 401(k) plan?

Employees can enroll in the Select Medical Holdings 401(k) plan by completing the enrollment process through the designated online portal or by contacting the HR department for assistance.

What types of investment options are available in the Select Medical Holdings 401(k) plan?

The Select Medical Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to choose based on their risk tolerance.

Can employees of Select Medical Holdings take loans against their 401(k) savings?

Yes, Select Medical Holdings allows employees to take loans against their 401(k) savings, subject to the terms and conditions of the plan.

What happens to the 401(k) plan if an employee leaves Select Medical Holdings?

If an employee leaves Select Medical Holdings, they have several options for their 401(k) savings, including rolling over the balance into an IRA or a new employer's plan.

Are there any fees associated with the Select Medical Holdings 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with the Select Medical Holdings 401(k) plan, which are disclosed in the plan documents.

How often can employees change their contribution rates to the Select Medical Holdings 401(k) plan?

Employees can typically change their contribution rates to the Select Medical Holdings 401(k) plan at any time, subject to the plan's guidelines.

Does Select Medical Holdings provide financial education regarding the 401(k) plan?

Yes, Select Medical Holdings offers resources and financial education to help employees make informed decisions about their 401(k) savings and investments.