New Update: Rising Oil Costs are Affecting Retirement Plans. Will you be impacted?
Working Past 65 at General Mills: What Continuing Employment Means for Your 2026 Retirement Tax Strategy
Barron’s: Awarded on 9/12/2025 (Mega RIA) for 6/30/24-6/30/25. Paid for logo use. Forbes: Awarded 10/1/25 for 3/31/24-3/31/25. Paid for logo use. USA Today: Awarded 4/15/26 for the five-year period ending January 2026. Paid for logo use.
/General/General%2010.png?width=1280&height=853&name=General%2010.png)
“In a changing regulatory environment, General Mills employees who continue working beyond traditional retirement age may benefit by working with qualified professionals to align their earned income, retirement timing, and long-term planning.” - Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement.
“General Mills employees who extend their careers beyond traditional retirement age may be able to better navigate evolving rules by maintaining a holistic view of income timing, retirement account planning, and long-term financial priorities.” - Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
-
Working beyond traditional retirement age.
-
Key 2026 tax and retirement law changes affecting income and savings.
-
Strategies for retirement planning, including required minimum distributions (RMDs), Roth contributions, and estate planning.
A growing number of professionals, including those at General Mills, are choosing to work well beyond the traditional retirement age. 1 Notably, financial need is not always the main driver. Employment often provides discipline, purpose, and social interaction, which leads many individuals to remain professionally active. However, additional tax planning considerations arise when continuing to generate income later in life, especially in light of recent legislative developments related to retirement, income, and estate planning.
The planning environment for individuals in their 60s and 70s has shifted due to recent legislative changes, including provisions under the One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, as well as earlier laws like the Tax Cuts and Jobs Act (TCJA) and SECURE 2.0. For General Mills professionals, these updates may influence retirement contributions, income planning, charitable strategies, and estate planning decisions.
Understanding these changes may help align ongoing employment income with long-term retirement planning goals.
What You Should Know About the 2026 Tax Environment
Bracket Management Remains Important
Many General Mills employees who continue working into their 60s and 70s may find themselves in higher tax brackets than originally expected during earlier retirement planning years. Continued earned income may raise taxable income, especially when combined with Social Security benefits, consulting income, or investment withdrawals.
When planning for continued work at General Mills or elsewhere, bracket management—strategically controlling annual income recognition—remains an important consideration.
Roth Catch-Up Contributions for Higher Earners
Employees age 50 and older who earned more than $145,000 from the same employer in the prior year are required, starting in 2026, to make catch-up contributions to retirement plans as Roth (after-tax) contributions instead of pre-tax contributions.
Base elective deferral limits remain unchanged, with this rule applying only to catch-up contributions.
For individuals continuing employment later in their careers, this shift may influence tax planning and retirement savings strategy.
Super Catch-Up Contributions (Ages 60–63)
General Mills employees between ages 60 and 63 may qualify for enhanced catch-up contribution limits under SECURE 2.0.
For example, eligible individuals may be able to contribute up to $11,250 in 2026 above standard catch-up limits.
This expanded window provides additional opportunity to increase retirement savings during later working years.
Required Minimum Distribution (RMD) Timing
Under current law, required minimum distributions (RMDs) begin at age 73 for those born between 1951 and 1959.
General Mills employees who continue working before reaching RMD age may have additional flexibility to manage taxable income, evaluate Roth conversion strategies, and structure withdrawals. This flexibility can play a key role in long-term retirement tax planning.
Social Security Tax Thresholds
Depending on total income levels, up to 85% of Social Security benefits may become taxable. 2
For General Mills employees planning retirement income, coordinating earned income, retirement withdrawals, and other income sources may help manage overall tax exposure. Income coordination may support more consistent cash flow and tax management.
State Tax Considerations and Relocation
State income tax differences can significantly affect retirement income planning. For example, New Jersey has relatively higher top marginal income tax rates, while Florida does not impose a state income tax. 3
For General Mills employees considering relocation during retirement, these differences may influence after-tax income and long-term planning decisions.
Two Examples of Continuing to Work After Retirement
Example 1: Mei, 63
Mei, a former marketing executive with over 30 years of experience, transitioned into consulting after leaving full-time corporate employment. She now works part-time and earns approximately $185,000 annually. At 63, she falls within the SECURE 2.0 enhanced catch-up contribution age window.
This allows her to increase retirement savings beyond standard limits while still working. Her income also exceeds the $145,000 threshold that requires Roth catch-up contributions starting in 2026, influencing how she balances current tax obligations with long-term savings planning.
Mei’s continued consulting income also contributes to estate growth. With the federal estate exemption projected near $15 million per individual in 2026, she is evaluating multi-year gifting and charitable planning strategies.
Example 2: Robert (71) and Susan (65)
Robert and Susan, both former professionals, now earn approximately $60,000 annually through board stipends and consulting work. Their continued income allows them to reduce withdrawals from investment accounts while supplementing Social Security benefits.
Robert is approaching age 73, making RMD planning increasingly relevant. The couple is considering withdrawal timing strategies and Roth conversion opportunities prior to reaching mandatory distribution age.
They also relocated from New Jersey to Florida. The absence of state income tax in Florida compared to higher rates in New Jersey has improved their after-tax cash flow and overall retirement income efficiency.
The Big Picture: Strategy and Long-Term Planning
Many professionals, including those from General Mills, choose to work later in life by personal choice rather than necessity. While continued employment provides purpose and structure, it also introduces additional financial planning complexity.
Coordinating earned income, retirement contributions, estate planning, and withdrawal timing may help align long-term financial goals. Changes in retirement account rules, estate exemptions, and tax laws make ongoing planning more important.
How The Retirement Group Can Help General Mills Employees
Navigating retirement while continuing to work involves multiple considerations, including taxes, retirement accounts, estate planning, and income timing. The Retirement Group assists General Mills employees in reviewing these factors and aligning them with long-term financial objectives.
If you are continuing to work or considering working past traditional retirement age, speaking with a financial professional may help clarify available planning strategies. Support may include retirement income planning, tax-aware withdrawal strategies, contribution planning, and estate preparation.
You may reach The Retirement Group at (800) 900-5867 to learn more about retirement planning considerations.
This content is for informational purposes only and does not constitute legal, tax, or investment advice. Individuals should consult their financial advisor, CPA, or tax professional regarding their specific situation.
Sources:
1. Fortune. ' More Americans are working past age 65 ,' by Martha Boudreau. Apr. 26, 2024.
2. Internal Revenue Service. “ IRS reminds taxpayers their Social Security benefits may be taxable .' IRS Tax Tip 2022-22, Feb. 9, 2022.
3. Intuit TurboTax. ' States with the Lowest Income Taxes and Highest Income Taxes .' May 19, 2026.
How can employees of General Mills, Inc. maximize their benefits under the BCTGM Retirement Plan, and what factors are considered in determining pension amounts for those nearing retirement? This question aims to explore the intricate details of how General Mills, Inc. structures its pension benefits to support employees’ future financial stability. It's important for employees to understand the value of their years of service and how this affects their ultimate pension payout as they approach retirement.
Maximizing Benefits under the BCTGM Retirement Plan: Employees of General Mills can maximize their benefits under the BCTGM Retirement Plan by understanding how their years of service and negotiated benefit levels directly affect the pension they receive. The pension amount is determined by the length of service and a defined benefit formula based on the number of years of Benefit Service accrued. As employees approach retirement, they should consider whether they meet eligibility criteria for early or normal retirement, as these factors influence the ultimate pension payout(General_Mills_2024_Pens…).
What are the eligibility requirements for participating in the BCTGM Retirement Plan at General Mills, Inc., and how does this participation impact future retirement benefits? Employees should be well-informed about what constitutes eligibility to participate in the retirement plan. Understanding criteria such as service length, employment status, and union participation is crucial, as it directly relates to their ability to accrue retirement benefits.
Eligibility Requirements for BCTGM Retirement Plan: To participate in the BCTGM Retirement Plan, employees must be regular employees of General Mills covered by a collective bargaining agreement. Eligibility is automatic after completing a probationary period. Participation impacts future retirement benefits as employees begin to accrue pension benefits based on years of service, which contributes to their final payout during retirement(General_Mills_2024_Pens…).
In what ways does General Mills, Inc. ensure that benefits from the BCTGM Retirement Plan remain protected under federal law, and what role does the Pension Benefit Guaranty Corporation (PBGC) play in this? Knowledge of the protections available can significantly influence employees' assurance in the viability of their pension benefits. It is vital for employees to recognize how federal guarantees work in safeguarding their retirement benefits.
Federal Law Protections and PBGC's Role: The BCTGM Retirement Plan is protected under federal law, ensuring that employees’ retirement benefits are safeguarded. The Pension Benefit Guaranty Corporation (PBGC) insures vested benefits, including disability and survivor pensions, up to certain limits. This protection provides employees with assurance that their pensions are protected, even in the event of plan termination(General_Mills_2024_Pens…).
How does General Mills, Inc. address the complexities of vesting in the BCTGM Retirement Plan, and what can employees do if they are concerned about their vested rights? Vesting is a key concept that affects employees' access to benefits over their careers. Employees need to understand the vesting schedule outlined by General Mills, Inc. and the implications it has on their retirement plans.
Vesting in the BCTGM Retirement Plan: Employees vest in the BCTGM Retirement Plan after completing five years of Eligibility Service or upon reaching age 65. Once vested, employees have a non-forfeitable right to their pension benefits, which means they retain their pension rights even if they leave the company before reaching retirement age(General_Mills_2024_Pens…).
What options are available to employees of General Mills, Inc. if they experience a change in their employment status after being vested in the BCTGM Retirement Plan, and how might this impact their future retirement pensions? This question prompts discussion on the plan's provisions regarding reemployment and what employees should be aware of when considering changes to their employment status.
Impact of Employment Status Changes on Pension: If an employee's status changes after being vested in the BCTGM Retirement Plan, such as leaving the company, they may still be entitled to pension benefits. The plan outlines provisions for reemployment and how prior service years are counted toward future pension calculations. Employees who are reemployed may have their previously earned service restored(General_Mills_2024_Pens…).
How does the BCTGM Retirement Plan at General Mills, Inc. work in conjunction with Social Security benefits, and what should employees be aware of regarding offsets or deductions? This can encompass the interplay between corporate pension plans and governmental benefits, which is critical for employees to plan their retirement effectively.
Coordination with Social Security Benefits: The BCTGM Retirement Plan operates in addition to Social Security benefits. There are no direct offsets between the pension and Social Security benefits, meaning employees receive both independently. However, employees should be aware of how the timing of drawing Social Security and pension benefits may affect their overall financial situation(General_Mills_2024_Pens…).
What steps must employees of General Mills, Inc. take to initiate a claim for benefits under the BCTGM Retirement Plan, and how does the claims process ensure fairness and transparency? A clear comprehension of the claims process is essential for employees to secure their pension benefits. This question encourages exploration of the procedures in place to assist employees in understanding their rights and options.
Claiming Benefits under the BCTGM Retirement Plan: Employees must terminate employment before claiming their BCTGM Retirement Plan benefits. The claims process involves submitting the required forms, and employees must ensure they provide all necessary documentation for a smooth process. The pension is generally paid monthly, with lump-sum options available under specific circumstances(General_Mills_2024_Pens…).
How does the retirement benefit formula of the BCTGM Retirement Plan operate, and what specific factors should an employee of General Mills, Inc. consider while planning for retirement? Delving into the calculations involved in determining retirement benefits is important for employees to understand how their service years and other contributions come together to form their final retirement payout.
Retirement Benefit Formula: The retirement benefit formula is calculated based on the years of Benefit Service and a defined benefit level. As of 2024, for each year of Benefit Service, employees receive $87 per month (increasing to $88 after June 1, 2025). Planning for retirement involves considering how long they will work and the benefit level in place at the time of retirement(General_Mills_2024_Pens…).
What additional resources or support does General Mills, Inc. provide to assist employees in planning their retirement and ensuring they make the most of their benefits offered under the BCTGM Retirement Plan? Understanding the tools and resources available can empower employees to take proactive steps in managing their retirement plans effectively.
Resources for Retirement Planning: General Mills offers resources like the Benefits Service Center and online portals (e.g., www.mygenmillsbenefits.com) to assist employees with retirement planning. These tools help employees understand their benefits, calculate potential payouts, and explore options for maximizing their retirement income(General_Mills_2024_Pens…).
How can employees contact General Mills, Inc. for further information about the BCTGM Retirement Plan or specific queries related to their retirement benefits? This question is crucial so employees know the appropriate channels for communication and can seek clarification on any concerns they may have regarding their retirement planning.
Contact Information for Plan Inquiries: Employees can contact General Mills for more information about the BCTGM Retirement Plan through the Benefits Service Center at 1-877-430-4015 or visit www.mygenmillsbenefits.com. This contact provides direct access to support and answers to questions about their retirement benefits(General_Mills_2024_Pens…).
https://www.generalmills.com/Documents/2022-pension-plan.pdf - Page 5, https://www.generalmills.com/Documents/2023-pension-plan.pdf - Page 12, https://www.generalmills.com/Documents/2024-pension-plan.pdf - Page 15, https://www.generalmills.com/Documents/401k-plan-2022.pdf - Page 8, https://www.generalmills.com/Documents/401k-plan-2023.pdf - Page 22, https://www.generalmills.com/Documents/401k-plan-2024.pdf - Page 28, https://www.generalmills.com/Documents/rsu-plan-2022.pdf - Page 20, https://www.generalmills.com/Documents/rsu-plan-2023.pdf - Page 14, https://www.generalmills.com/Documents/rsu-plan-2024.pdf - Page 17, https://www.generalmills.com/Documents/healthcare-plan-2022.pdf - Page 23
Help shape our next stories
Choose the topics you’d love to read more about. Your input helps us focus on content that matters to you.