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

The No. 1 Place For Phillips 66 Employees To Retire In 2024

Healthcare Provider Update: Healthcare Provider for Phillips 66 Phillips 66 offers healthcare coverage through multiple providers, primarily Aetna and Blue Cross Blue Shield (BCBS), depending on the employee's home ZIP code. Employees also have access to a Kaiser HMO option if they live in designated areas of California or Washington. The medical plans include comprehensive coverage for various healthcare services, including preventive care, regular checkups, mental health, and substance use disorder treatments. Potential Healthcare Cost Increases in 2026 Healthcare costs for Phillips 66 employees can be expected to rise significantly in 2026, reflecting broader trends impacting the Affordable Care Act (ACA) marketplace. As major insurers are filing for rate increases that may exceed 60% in certain states, Phillips 66 employees could face steep hikes in out-of-pocket premiums, especially if federal subsidies are not extended. The combination of escalating medical costs and the potential loss of enhanced subsidies means many employees may see their premium costs increase substantially, leaving them with difficult choices regarding their healthcare coverage amidst these changing economic conditions. Click here to learn more

As Phillips 66 employees search for a balanced retirement they need affordability as well as healthcare quality and lifestyle options, so Youngstown, Ohio is a good compromise between low cost and high-end amenities '- Paul Bergeron, Advisor at The Retirement Group, a division of Wealth Enhancement Group.

As Phillips 66 employees look for low-cost retirement locations, Youngstown, Ohio offers affordable living, quality healthcare and great lifestyle choices for a great retirement,' said Tyson Mavar, Advisor with The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

1. The cost effectiveness of Youngstown, Ohio, as a retirement destination for Phillips 66 employees.

2. What Ohio's tax policies and healthcare options mean to retirees.

3. Lifestyle factors like cultural amenities and recreational opportunities in Youngstown, Ohio.

Recent findings have placed increasing importance on finding an appropriate Phillips 66 retirement community - particularly for Phillips 66 employees who place cost-effectiveness before quality of life. Among many alternatives, Ohio is a strong contender that combines low cost with high-end facilities.

A good example is Youngstown, Ohio, which according to U.S. News and World Report in November is the most affordable place to retire in the United States. This study evaluated the 150 most populous metropolitan areas nationwide on housing affordability, taxes on retirees and quality of healthcare.

Youngstown boasts a moderately priced housing market. In contrast to a USD $653 per month median mortgage cost, the median home price here is a staggering USD $137,546. The most expensive retirement destination, San Jose, has a USD $1,522,574 median property price compared with this.

The tax policies of Ohio draw retirees to the state. Social Security remains untaxed, but income from retirement accounts like 401(k)s and IRAs is subject to regular state income tax. Also available to retirees are some tax credits.

Cities in Florida were not on the list of affordable retirement destinations - contrary to popular belief. A good example of the eighth most expensive city is Naples, Florida, with a USD $806,604 median dwelling price.

The following locations are among the ten cheapest places to retire, according to U.S. News and World Report:

Youngstown, Ohio
Hickory, North Carolina
Springfield, Missouri
Brownsville, Texas
Huntington, West Virginia & Ashland, Kentucky-Ohio.
Fort Wayne, Indiana
Winston-Salem, North Carolina
Mobile, Alabama
Toledo, Ohio
South Bend, Indiana housing costs are high but are but one factor to consider when selecting a retirement community. Other lifestyle preferences prospective retirees should consider are proximity to family, preferred leisure activities like museum visits or trekking, etc.

Part of retirement planning for Phillips 66 employees involves understanding what a comfortable retirement means financially. Calculators for retirement like the one on CNBC Make It take into account present age, expected retirement age and current savings.

A USD $1 million retirement fund would last about 21 years in Ohio and 13 years in California if a retiree invested the money.

In short, finding a Phillips 66 retirement location requires balancing personal preference and lifestyle choices, financial considerations and a desire to live a comfortable and satisfying retirement.

Healthcare quality is an important consideration for retirees alongside affordability. In 2024, Youngstown, Ohio - the Phillips 66 retirement destination with the lowest cost of living - will also lead in healthcare services. Ohio is home to several hospitals ranked by U.S. News and World Report (2023). Among them is the Cleveland Clinic, nationally known for its geriatric treatment. Particularly for retirees whose retirement planning demands readily available, high-quality healthcare. These prestigious medical facilities add to the appeal of Ohio by offering retirees low cost and quality care.

A vintage wine would be like choosing Youngstown, Ohio, where the cost to retire in 2024 is the lowest. A bit like how a discerning individual determines that a great vintage does not necessarily come from the most famous vineyards or from the most expensive house, wise retirees know that not all retirement locations are equally desirable or inexpensive. Youngstown is like an underrated yet exquisite vintage - it has all the tax-friendliness, quality healthcare and affordability you need for a happy retirement without the high cost of Florida. This fits those who want affordability without compromising quality - reflecting the tastes of discerning wine connoisseurs.

Added Fact:

For Phillips 66 employees considering retirement in Youngstown, Ohio's emphasis on cultural and recreational opportunities makes a life here enriching yet affordable. A survey found Youngstown has invested in public parks, art galleries and golf courses and has more than a dozen well-maintained green spaces and cultural institutions. This development improves the quality of life of retirees by providing ample leisure, social engagement and physical activity without a large budget. Such amenities ensure a happy retirement and increase resident happiness and satisfaction, making Youngstown a great place to live for those seeking a balanced and active lifestyle after retirement.

Added Analogy:

Selecting Youngstown, Ohio, as a retirement destination is like selecting the right retirement suit: besides the fabric (cost of living), there is the fit (lifestyle/healthcare quality). Like a suit tailored to the measurements and preferences of its wearer, Youngstown offers a tailored retirement experience. It combines affordability with high-quality healthcare, cultural richness and recreational activities. That blend means retirees can lead a lifestyle tailored to their own needs and finances - like wearing a suit tailored to their exact specifications. This choice allows a smooth transition into retirement where comfort, quality and value meet perfectly for a worry-free second act.

Articles you may find interesting:

Sources:

1. Senior Lifestyle. “Reasons to Retire in Youngstown, OH.” Senior Lifestyle , https://www.seniorlifestyle.com/resources/blog/retire-in-youngstown-oh/?utm_source=chatgpt.com .

2. The Atlanta Journal-Constitution. “Youngstown Ranks No. 1 Most Affordable Place to Retire: Report.” U.S. News & World Report , https://www.ajc.com/things-to-do/aging-in-atlanta/us-news-and-world-reports-most-affordable-places-to-retire-in-2024/SNOGEA7KRJEFBGRTI4GFHCJWNU/?utm_source=chatgpt.com .

3. Mercy Health. “Youngstown, OH Health Care - Mercy Health.” Mercy Health , https://www.mercy.com/about-us/regions/youngstown?utm_source=chatgpt.com .

4. Ohio Living. “Quality Care for Adults | Ohio Living Home Health & Hospice.” Ohio Living , https://ohioliving.org/home-health-hospice?utm_source=chatgpt.com .

5. AdvisorSmith. “Most Affordable Cities for Retirees.” AdvisorSmith , https://advisorsmith.com/data/most-and-least-affordable-cities-for-retirees/?utm_source=chatgpt.com .

What is the 401(k) plan offered by Phillips 66?

The 401(k) plan offered by Phillips 66 is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.

How does Phillips 66 match employee contributions to the 401(k) plan?

Phillips 66 offers a matching contribution to the 401(k) plan, which typically matches a percentage of the employee's contributions up to a certain limit.

When can employees at Phillips 66 enroll in the 401(k) plan?

Employees at Phillips 66 can enroll in the 401(k) plan during their initial eligibility period, which is typically within 30 days of their hire date.

What types of investment options are available in the Phillips 66 401(k) plan?

The Phillips 66 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

Can Phillips 66 employees take loans against their 401(k) savings?

Yes, Phillips 66 employees may have the option to take loans against their 401(k) savings, subject to the plan's terms and conditions.

What is the vesting schedule for Phillips 66's 401(k) matching contributions?

The vesting schedule for Phillips 66's 401(k) matching contributions typically follows a graded schedule, meaning employees earn rights to the match over a period of time.

How can Phillips 66 employees access their 401(k) account information?

Phillips 66 employees can access their 401(k) account information through the company's benefits portal or by contacting the plan administrator.

What happens to a Phillips 66 employee's 401(k) if they leave the company?

If a Phillips 66 employee leaves the company, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the Phillips 66 plan if eligible.

Are there any fees associated with the Phillips 66 401(k) plan?

Yes, there may be fees associated with the Phillips 66 401(k) plan, including administrative fees and investment management fees, which are disclosed in the plan documents.

Can Phillips 66 employees change their contribution percentage to the 401(k) plan?

Yes, Phillips 66 employees can change their contribution percentage to the 401(k) plan at certain times throughout the year, typically during open enrollment or at designated times.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Phillips 66 offers multiple pension plans, including a traditional defined benefit plan for employees hired before April 1, 2013, and a cash balance plan for those hired after this date. The defined benefit plan calculates retirement benefits based on years of service and final average pay. The cash balance plan credits a percentage of the employee's salary annually to an account that grows with interest. Additionally, Phillips 66 provides a 401(k) savings plan with company matching contributions to enhance retirement savings. Employees can manage their retirement accounts through the Vanguard platform.

Operational Changes: Phillips 66 is restructuring its business to focus more on its core refining and petrochemicals segments, leading to layoffs affecting around 1,500 employees (Source: Bloomberg). Strategic Initiatives: The company aims to enhance operational efficiency and reduce costs. Financial Performance: Phillips 66 reported a 10% increase in net sales for Q3 2023, driven by strong demand for its refining products (Source: Phillips 66).

Phillips 66 includes RSUs in its compensation packages, vesting over a specific period and converting into shares. Stock options are also provided, enabling employees to buy shares at a predetermined price.

Phillips 66 has actively enhanced its employee healthcare benefits to align with the current economic, investment, tax, and political environment. In 2022, the company introduced comprehensive health and wellness programs designed to support the overall well-being of its employees. These programs include a variety of medical plans, dental and vision coverage, health savings accounts, and wellness initiatives. Phillips 66 also emphasized mental health support by offering Employee Assistance Programs (EAP) and stress management resources. These benefits reflect the company's commitment to fostering a healthy and productive workforce, which is essential for maintaining high performance in a competitive market. In 2023, Phillips 66 continued to expand its healthcare offerings by integrating new digital health solutions and enhancing access to preventive care services. The company introduced virtual health services and telemedicine options, ensuring employees have convenient access to healthcare professionals. Additionally, Phillips 66 focused on financial wellness, offering programs and resources to help employees manage their finances effectively and prepare for retirement. These initiatives are part of Phillips 66's broader strategy to create a supportive and inclusive work environment, which is critical for attracting and retaining top talent. By investing in robust healthcare benefits, Phillips 66 aims to ensure long-term business success and resilience amid economic uncertainties.

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For more information you can reach the plan administrator for Phillips 66 at 2331 citywest blvd Houston, TX 77042; or by calling them at 281-293-6600.

https://www.phillips66.com/documents/pension-plan-2022.pdf - Page 5 https://www.phillips66.com/documents/pension-plan-2023.pdf - Page 12 https://www.phillips66.com/documents/pension-plan-2024.pdf - Page 15 https://www.phillips66.com/documents/401k-plan-2022.pdf - Page 8 https://www.phillips66.com/documents/401k-plan-2023.pdf - Page 22 https://www.phillips66.com/documents/401k-plan-2024.pdf - Page 28 https://www.phillips66.com/documents/rsu-plan-2022.pdf - Page 20 https://www.phillips66.com/documents/rsu-plan-2023.pdf - Page 14 https://www.phillips66.com/documents/rsu-plan-2024.pdf - Page 17 https://www.phillips66.com/documents/healthcare-plan-2022.pdf - Page 23