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Healthcare Provider Update: Delek provides medical, dental, vision, HSAs, FSAs, and wellness rebates, plus fertility and telemedicine benefits 9. As ACA costs rise, Deleks wellness incentives and employer contributions may help employees offset higher out-of-pocket expenses Click here to learn more
In the contemporary United States, a significant transformation is occurring, driven largely by the increasing influence and presence of older Americans. This demographic shift is profoundly impacting Delek US Holdings employees as well as various sectors of the economy, culture, society, and politics, reshaping the nation in multifaceted ways.
Older Americans, those at midlife and beyond, constitute what can be considered the third-largest economy globally, trailing only behind China and the U.S. as a whole. This group's influence extends beyond mere consumerism and wealth holding; they are integral as workers, thinkers, influencers, and innovators, wielding considerable power to shape markets and exert influence over corporations and political leaders.
As we advance in age, it becomes increasingly imperative to advocate for a society that is better equipped to meet the needs of older citizens. The impact of this demographic is evident across various Delek US Holdings sectors, from employment and healthcare to leisure and financial planning.
Delek US Holdings Workplace Dynamics and Older Americans
The U.S. Bureau of Labor Statistics reports a 117 percent increase in workers aged 65 and older over the last 20 years, with a similar rise in employment among those 75 and older. This trend signifies a growing integration of older workers into the workforce, challenging traditional notions of retirement.
Janine Vanderburg, a senior strategist for Changing the Narrative, highlights the increasing demand from employers to understand how to integrate older workers effectively. This shift is partly driven by the necessity to fill approximately 10 million vacant jobs in America. Older workers' preferences, such as remote work and part-time opportunities, are influencing workplace flexibility.
Companies like Principal and Jackson Hewitt are pioneering programs to accommodate the unique needs of older workers. Principal offers a phased retirement program, and Jackson Hewitt actively recruits retirees, particularly valuing their client interaction skills. Additionally, 'returnships' have emerged as a means to reintegrate individuals who have been out of the workforce, with companies like Trimble partnering with nonprofits like Path Forward to offer these programs.
Health and Wellness Industry
The health-conscious older population has significantly influenced the U.S. health and wellness industry. According to the Bureau of Labor Statistics, healthcare spending is the only broad category that increases with age. In 2021, boomer households spent an average of $6,600 on healthcare, with older households spending $7,050, in contrast to significantly lower spending by millennials.
Major corporations such as Amazon, Walmart, and Target are investing heavily in health services and products, catering to this demographic. Amazon's acquisition of One Medical and the expansion of Walmart Health in-store clinics exemplify this trend. Additionally, CVS's MinuteClinics and the John A. Hartford Foundation's initiative focusing on age-friendly care indicate a broader industry movement towards addressing the specific medical needs of older adults.
Financial Services and Delek US Holdings Retirement Planning
The landscape of retirement savings has evolved considerably, with Americans holding about $18 trillion in IRAs and 401(k) accounts as of last year, a more than threefold increase since 2005. Financial institutions are responding with new products and services tailored to the needs of older Americans.
Companies are focusing on products like annuities and partnerships that simplify navigating various financial coverage areas, such as Citi's collaboration with Covr Financial Technologies. Additionally, there is a growing emphasis on financial advice methodologies that cater to the unique requirements of drawing down wealth during retirement.
Fitness and Leisure
The fitness revolution has been transformed by older adults who refuse to accept limitations on physical activity due to age. The popularity of sports like pickleball and the significant participation of older adults in events like the National Senior Games highlight this trend. Fitness equipment and programs are increasingly being designed with the needs of older adults in mind, including low-impact workout options and specialized personal training certifications.
Travel Industry
Older Americans are the leading demographic in travel spending, with significant implications for the travel industry. The AARP '2023 Travel Trends' study found that
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Americans aged 60 to 69 are the highest travel spenders, planning to spend an average of $7,300 this year. This spending pattern surpasses that of younger age groups by approximately 30 percent. The concept of 'bucket list' travel has grown in popularity, with a significant portion of older travelers seeking unique, once-in-a-lifetime experiences. This trend is illustrated by the growth of programs like Smithsonian Journeys, which cater to an older demographic seeking high-end, authentic travel experiences.
Entertainment and Media
Older audiences are also reshaping the entertainment and media landscape. AARP's commissioned Comscore box office study reveals that older moviegoers are returning to theaters at rates surpassing pre-pandemic levels, influencing box office successes. Films like 'Top Gun: Maverick' and 'Elvis' drew significant portions of their audience from this demographic. In the music industry, legacy acts such as Elton John and Bruce Springsteen continue to dominate concert sales, appealing largely to older audiences.
Streaming platforms have also seen an increase in viewership among those over 50, accounting for a significant portion of watch time. This shift is influencing network and streaming content, with shows like 'Only Murders in the Building' and 'The Crown' resonating with an older demographic.
Politics and Advocacy
In politics, older voters are increasingly becoming decisive. AARP's post-election survey indicated that 61 percent of ballots cast in the closest races for the U.S. House of Representatives were by voters aged 50 and above. This demographic's growing impatience with issues such as healthcare costs has led to legislative actions like the Inflation Reduction Act, which includes provisions for Medicare drug price negotiations and caps on out-of-pocket prescription costs.
Health Care and Aging
Federal and state-level initiatives are increasingly focused on addressing the needs of an aging population. This includes efforts to support family caregivers and to develop strategies for memory care and Alzheimer's disease. The scale of home health care is expanding, with programs like NYU Langone's Home Hospital Program providing hospital-level treatment in the comfort of patients' homes.
Financial Security and Protection
To protect older Americans' financial interests, government agencies and financial regulators have initiated programs like 'Money Smart for Older Adults' and FINRA's Rule 2165 to prevent financial exploitation. These initiatives aim to safeguard the financial assets of older individuals, many of whom rely heavily on Social Security for their income.
Conclusion
In conclusion, older Americans are playing a pivotal role in shaping various aspects of American life. From altering Delek US Holdings workplace dynamics and influencing the health care industry to impacting financial services and transforming leisure and entertainment choices, their contributions and needs are driving significant changes across multiple sectors. As this demographic continues to grow, their influence is set to further reshape the American economy and society, necessitating a continued focus on developing services and policies that cater to their unique needs and preferences.
What type of retirement plan does Delek US Holdings offer to its employees?
Delek US Holdings offers a 401(k) retirement savings plan to its employees.
How can employees of Delek US Holdings enroll in the 401(k) plan?
Employees of Delek US Holdings can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Delek US Holdings match employee contributions to the 401(k) plan?
Yes, Delek US Holdings provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
What is the maximum contribution limit for the 401(k) plan at Delek US Holdings?
The maximum contribution limit for the 401(k) plan at Delek US Holdings follows the IRS guidelines, which can change annually. Employees should check the current limits each year.
Can employees of Delek US Holdings take loans against their 401(k) savings?
Yes, Delek US Holdings allows employees to take loans against their 401(k) savings, subject to the plan’s terms and conditions.
What investment options are available in the Delek US Holdings 401(k) plan?
The 401(k) plan at Delek US Holdings offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.
How often can employees change their contribution amounts to the Delek US Holdings 401(k) plan?
Employees of Delek US Holdings can change their contribution amounts to the 401(k) plan on a quarterly basis, or as specified in the plan documents.
Is there a vesting schedule for the employer match in the Delek US Holdings 401(k) plan?
Yes, Delek US Holdings has a vesting schedule for the employer match, which determines how much of the matched contributions employees are entitled to based on their length of service.
What happens to the 401(k) plan if an employee leaves Delek US Holdings?
If an employee leaves Delek US Holdings, they have several options for their 401(k) savings, including rolling it over to another retirement account or cashing it out, subject to taxes and penalties.
Can employees of Delek US Holdings access their 401(k) funds while still employed?
Employees of Delek US Holdings may be able to access their 401(k) funds through hardship withdrawals, depending on the circumstances and the plan’s rules.
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