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

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ResMed Employees: Navigating the Key Considerations for Your Retirement Journey

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Healthcare Provider Update: ResMed provides health insurance coverage to its U.S.-based employees through comprehensive medical plans, along with dental, vision, and life insurance. Employees benefit from flexible work arrangements, retirement plans, and an employee stock purchase program. The company also offers mental health support and wellness initiatives to promote work-life balance. ResMed Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

The trajectory of one’s professional life often follows an ascent akin to the climbing of a mountain – from the spirited beginning, through the peaks of career highs, to the gradual approach towards the summit of retirement. For individuals who have spent decades cultivating their careers, the decision to retire is rarely straightforward. It is a pivot point that requires deep introspection, a thorough assessment of one’s financial readiness, and an understanding of the psychological impacts of such a life-changing move.

For Kathie Davis, a 67-year-old who enjoyed a flourishing career in financial services, the decision to retire was influenced by an increasing workload and the poignant reminder of life’s fragility, with the loss of friends and colleagues. As her last day approached, the severance from her professional identity was as tangible as it was emotional.

The trend towards later retirement is well-documented. A Gallup poll from 2023 indicated that the average retirement age had risen to 62, a significant increase from 57 in 1991. This shift can often be attributed to financial necessity; many ResMed workers find themselves unable to comfortably cease working at the traditional retirement age. Yet, even with a substantial retirement savings, the decision to step away from one's career involves facing profound existential questions.

Louis H. Primavera, a psychology professor at Touro University with a focus on retirement studies, encapsulates the dilemma succinctly: “Work in this society defines who you are. When you’re retired, you’re a ‘was.’”

The modern reality of extended lifespans has dramatically altered retirement planning for ResMed employees. The once short-lived interlude between an arduous career and life’s denouement has expanded into a potential multi-decade phase of life. This extension forces a reevaluation of both financial strategy and the psychological readiness to redefine one's identity post-career.

The answer is not found in clinging to one’s career indefinitely. Primavera advises those considering retirement to proactively seek out new pursuits and social engagements to discover alternative sources of fulfillment. This proactive approach is crucial as research indicates that an abundance of unstructured time can lead to discontentment.

Teresa Amabile, a professor at Harvard Business School, suggests a reflective exercise for those contemplating retirement: list six words that best describe you and consider how retiring might alter that self-concept. Amabile also recommends creating a “life map” to evaluate whether different aspects of your life, such as work, family, and hobbies, are in harmony or at odds with each other.

Tim Streeter, a former recruiting executive, chose early retirement after a layoff at 47. His decision underscored a broader reassessment of the value of corporate loyalty and the desire to maximize the quality of his life, even in the face of financial uncertainty and market fluctuations.

ResMed retirement does not have to be an all-or-nothing proposition. Many find a middle ground through part-time work, consulting, or even sharing roles, as exemplified by Marc Freedman, the founder of a San Francisco-based nonprofit. At 65, Freedman adapted his work life to reduce stress while still engaging in meaningful work, exemplifying a growing trend among older adults. According to a survey by AARP, more than 40% of older individuals either continue working or plan to work into their retirement years.

ResMed employees approach retirement should consider healthcare costs. A report from Fidelity Investments (published April 2023) suggests that a retired couple may need an estimated $315,000 after taxes to cover healthcare expenses in retirement. For seasoned professionals accustomed to employer-sponsored health plans, this underscores the importance of evaluating Medicare options and supplemental health insurance to mitigate unexpected costs, ensuring a secure and stable transition from a full-time career with ResMed to retirement.

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As the conversation around ResMed retirement evolves, it is essential for those nearing this transition to engage in thoughtful planning, consider how their identities will transform, and ponder the legacy they wish to leave behind. The process of deciding when to retire is deeply personal, replete with financial considerations and emotional introspection. It is a journey that ultimately leads to crafting a new chapter – one that continues to be rich with purpose and engagement beyond the sphere of professional life.

Deciding when to retire is akin to a seasoned captain navigating a well-traveled vessel toward a much-anticipated horizon. After decades of steering through the corporate seas, adjusting sails to the winds of change, and weathering economic storms, the time comes to chart a course toward the serene waters of retirement. As the captain must consider the readiness of the ship, provisions for the journey, and the activities awaiting on distant shores, so must the seasoned professional evaluate financial readiness, healthcare provisions, and meaningful pursuits post-career. Just as the wise captain knows the value of the experience and the right moment to dock the ship, the mature executive understands the significance of timing and preparation to embark on retirement's promising new voyage.

What is the 401(k) plan offered by ResMed?

The 401(k) plan at ResMed is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

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

ResMed offers a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

When can I enroll in the ResMed 401(k) plan?

Employees at ResMed can enroll in the 401(k) plan during the initial onboarding process or during the annual open enrollment period.

What types of investment options are available in ResMed's 401(k) plan?

ResMed's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a vesting schedule for ResMed's 401(k) matching contributions?

Yes, ResMed has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the matched funds.

Can I take a loan against my 401(k) with ResMed?

Yes, ResMed allows employees to take loans against their 401(k) balance, subject to certain terms and conditions.

How can I change my contribution rate to the ResMed 401(k) plan?

Employees can change their contribution rate to the ResMed 401(k) plan through the online benefits portal or by contacting HR.

What happens to my ResMed 401(k) if I leave the company?

If you leave ResMed, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it with ResMed until a later date.

Does ResMed provide financial education regarding the 401(k) plan?

Yes, ResMed offers resources and workshops to help employees understand their 401(k) options and make informed investment decisions.

Are there any fees associated with ResMed's 401(k) plan?

Yes, there may be administrative fees associated with managing the ResMed 401(k) plan, which are disclosed in the plan documents.

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For more information you can reach the plan administrator for ResMed at , ; or by calling them at .

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