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

Top 12 Retirement Regrets Every TD Synnex Employee Should Know Before It's Too Late

Healthcare Provider Update: Healthcare Provider for TD Synnex TD Synnex partners with a variety of healthcare providers to offer employee health benefits, primarily through major insurers including UnitedHealthcare and Anthem. These providers deliver comprehensive health plans that support the diverse needs of TD Synnex's workforce, emphasizing access to quality care and preventive services. Blog Post Paragraph on Potential Healthcare Cost Increases in 2026 As we look towards 2026, TD Synnex and its employees face the prospect of substantial healthcare cost increases. With health insurance premiums for Affordable Care Act (ACA) marketplace plans anticipated to rise dramatically-some state filings indicating hikes of over 60%-the financial burden on policyholders is set to escalate. The potential expiration of enhanced federal premium subsidies could push out-of-pocket costs for over 22 million Americans to soar by more than 75%. Coupled with rising medical costs, including those for hospital services and prescription drugs, businesses like TD Synnex will need to navigate these challenges to maintain access to affordable healthcare for their employees. Click here to learn more

The intricacy of financial preparation becomes more evident as baby boomers approach retirement. Here, we explore the complexities of saving money for retirement, providing in-depth analyses of typical traps and calculated methods that guarantee a secure financial future throughout one's golden years.

1. Impulsive Relocation's Pitfall

Retirement is often seen as a chance to move to a more temperate or tranquil area. A decision made purely on impulse, though, could not satisfy you. The slow pace of living and absence of a known community can make life in a new area very different from holiday experiences. Before relocating permanently, it is essential to make lengthy visits or short stays. Additionally, renting first can offer a safety net in case the new surroundings fall short of expectations and flexibility that purchasing does not. TD Synnex employees should carefully consider the implications of relocation and take these steps to feel confident they are making the right decision.

2. The Risk of Fraudulent Plans and Scams

There are several financial scams that prey on retirees, and the losses can reach hundreds of millions of dollars every year. According to the FTC , 2.4 million customers reported fraud in 2022 alone, resulting in $8.8 billion in losses. Before making any financial commitments, it is important to identify warning indications of fraud, such as claims of large returns with little risk, and to get guidance from reputable sources or legal counsel. By being aware of these risks and exercising caution, one can avoid suffering large financial losses. TD Synnex employees should remain vigilant and consult trusted advisors to shield their finances.

3. Overestimating One's Capacity to Work Without End

Many intend to work past the conventional retirement age in order to increase their funds, but this is frequently not possible because of health problems or changes in the workplace, including downsizing. According to data from the Transamerica Center for Retirement Studies, only 19% of people over 65 are genuinely employed, despite the fact that more than half of workers plan to work after retirement. It is wise to have substantial assets and diversify your income streams in order to prepare for an unplanned early retirement. TD Synnex employees should plan for unexpected changes and build a robust financial cushion.

4. Postponing Accumulating Retirement Funds

Delaying starting retirement savings is the largest financial regret among Americans. Saving money early and consistently is essential. Compared to starting later in life, Morningstar states that starting to save in one's 20s drastically lowers the monthly amount required to amass sizeable retirement funds. Retirement savings can be increased through additional chances provided by incentives such as catch-up contributions post-50.

5. Making Early Social Security Claims

Benefits can be started at age 62, however waiting until at least the age of full retirement (67 for those born after 1959) can result in a significant monthly benefit increase. By using delayed retirement credits, waiting until age 70 maximizes the advantage. To maximize long-term financial security, financial planners frequently advise delaying Social Security claims by utilizing alternative sources of income. TD Synnex employees should consider the long-term benefits of delaying Social Security to maximize their retirement income.

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6. Taking Out a Loan Against Retirement Funds

401(k) plan loans may put future financial security at risk. According to Fidelity Investments, borrowing may result in lower contributions and a loss of employer-matched funds, both of which have a significant negative effect on retirement savings. Preserving retirement funds and ensuring their growth can be achieved by taking into account alternate financing sources for big expenses or crises. TD Synnex employees should explore other funding options to avoid jeopardizing their retirement savings.

7. Overindulgent Organizing

While living a simpler lifestyle might be freeing, it's important to weigh the value of certain things, such as tax or company records. Legal requirements dictate the retention of certain records, and getting rid of them too soon can cause issues or liabilities. TD Synnex employees should be sure they keep necessary documents to avoid potential problems.

8. Giving Children's Needs More Importance Than Retirement Savings

Financial freedom may be compromised by using retirement funds to pay for weddings or education. Examining federal student loans, grants, and scholarships can reduce expenses without compromising retirement savings. TD Synnex employees should prioritize their own financial security while exploring alternative funding options for their children’s needs.

9. Time-Shares' Dangers

Retirees may find time-shares appealing as a way to take frequent holidays, but they have substantial financial commitments and possible resale issues. Unfortunate financial obligations can be avoided by fully comprehending the financial ramifications and looking into alternate vacation possibilities. TD Synnex employees should carefully evaluate the long-term costs and commitments associated with time-shares.

10. Steer Clear of Stock Investments

Refusing to invest in the stock market because of perceived risks may result in insufficient retirement fund development. Equities have produced higher average yearly returns since 1926 than safer investments such as bonds or certificates of deposit (CDs). Safer exposure to stock market growth can be obtained through diversified investments in inexpensive mutual funds or exchange-traded funds (ETFs). TD Synnex employees should consider balanced and diversified investment strategies to optimize their retirement portfolio.

11. Neglecting the Requirement for Long-Term Care

Long-term care can be quite expensive; the national median cost is hundreds of dollars a month. In order to address future demands without depleting retirement resources, it is crucial to think about long-term care insurance or other financing sources as Medicare typically does not cover these expenditures. TD Synnex employees should include long-term care planning in their retirement strategy to shield their savings.

12. Ignoring the Need for Estate Planning

By preparing an estate plan, you may make sure that your final intentions are honored and that your assets are allocated as you planned. If there isn't a legitimate will, assets might be divided in accordance with state regulations, which might not reflect the deceased's preferences. It is possible to avoid unintended issues for heirs by routinely revising estate planning contracts to reflect changes in life. TD Synnex employees should prioritize estate planning to feel confident their wishes are carried out and their assets are shielded.

Underestimating healthcare expenditures is one of the biggest concerns for retirees. A 2022 analysis by Fidelity Investments estimates that the average couple planning to retire at age 65 will require almost $300,000 in savings after taxes just to pay for their medical costs. This highlights how crucial it is to include healthcare planning in retirement plans, particularly given that healthcare expenses are still rising faster than the rate of inflation. It is essential to budget for these costs in order to shield other retirement assets and guarantee complete coverage in later years of life.

Managing retirement planning is akin to getting ready for a significant ocean cruise. People who are getting close to retirement should carefully plan their financial journey, much as a seasoned captain must carefully prepare by plotting the path, inspecting the ship, and stocking required supplies to avoid the hazards of unpredictable seas and weather. Insufficient preparation might leave one adrift at sea, vulnerable to unforeseen financial storms such as medical expenses, fraudulent investments, or insufficient savings that can swiftly exhaust one's resources and transform what should be a peaceful journey into a struggle for survival. A retirement that glides easily toward a horizon of stability and comfort is the result of careful planning, which also helps you avoid the regrets that come with untested financial waters. TD Synnex employees should take these lessons to heart to feel confident during their smooth and safe retirement journey.

What are the key features of the retirement plans offered by TD that differentiate it from other companies in the industry, and how do these features benefit employees nearing retirement? Employees might be interested in understanding the specifics of the defined benefit pension plan, the 401(k) options, and any contributory plans, particularly how TD's offerings can provide financial security in their retirement years.

Key Features of TD Retirement Plans: TD offers an industry-leading, fully bank-paid defined benefit pension plan, particularly for eligible employees with salaries up to the Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) maximum pensionable earnings. For salaries exceeding that threshold, an optional contributory pension plan is available. Additionally, TD provides a 401(k) retirement plan, including a bank contribution between 2% and 6% of pay and a match up to 4.5%, allowing employees to receive up to 10.5% in retirement savings contributions. This combination of pension and 401(k) benefits ensures robust financial security for employees nearing retirement(TD_Overview_of_Benefits…).

How can TD employees maximize their pension contributions and benefits to ensure a comfortable retirement, and what steps can they take to optimize their participation in TD's Employee Future Builder Program? This question would help employees understand the importance of planning and how maximizing contributions can lead to enhanced retiree financial security, particularly with the added benefits TD provides.

Maximizing Pension Contributions and Benefits: TD employees can maximize their pension contributions and benefits by fully utilizing both the defined benefit plan and the 401(k) retirement plan. By contributing the maximum amount to the 401(k), employees can take full advantage of TD's matching contributions, significantly boosting their retirement savings. Participation in the Employee Future Builder Program, which encourages saving through payroll deductions and lump sums, can also help employees optimize their retirement outcomes(TD_Overview_of_Benefits…).

In what ways does TD support employeesâ€™ health and wellness during their employment and into retirement, and how do these initiatives impact overall employee satisfaction and retention? A discussion on the health risks, preventive measures provided by the wellness programs, and the flexibility of benefits can serve as a roadmap for employees to utilize available resources effectively.

Health and Wellness Support: TD promotes employee health and wellness through a comprehensive benefits plan that covers medical, dental, disability, and vision care. Employees also have access to health consultation services and various wellness tools, such as online health risk assessments and on-site wellness services like massages and flu shots. These initiatives support overall employee well-being and contribute to higher satisfaction and retention rates(TD_Overview_of_Benefits…).

What options do TD employees have for accessing healthcare benefits in retirement, and how does TD ensure continuity of care for retirees with medical and dental plans? This question should focus on the eligibility criteria, coverage details, and support systems that TD has in place to assist employees transitioning into retirement.

Healthcare Benefits in Retirement: TD provides retiree medical and dental benefits to eligible groups, though some of these plans have been closed to new members in the U.S. Continuity of care is ensured through subsidized coverage, helping retirees manage their healthcare needs as they transition from active employment to retirement(TD_Overview_of_Benefits…).

How do the retirement savings plans at TD compare with industry standards in terms of employer contributions and matching programs, and what implications does this have for employees' long-term financial health? Employees would benefit from a comparison that highlights TD's competitive advantages and the potential impact on their retirement savings over time.

Comparison with Industry Standards: TD's retirement savings plans stand out in the industry due to its generous 401(k) matching program, where the bank matches up to 4.5% of employee contributions, alongside a fixed contribution of up to 6%. This level of employer contribution exceeds industry averages, significantly enhancing employees' long-term financial health(TD_Overview_of_Benefits…).

What resources are available to TD employees who need assistance navigating their benefits and retirement options, and how can these resources help with decision-making as they approach retirement? This could cover the Employee Assistance Program, financial advisory services, and other tools that help employees make informed decisions regarding their benefits.

Resources for Navigating Benefits: TD offers several resources to help employees navigate their benefits, including financial advisory services through the Employee Assistance Program (EAP) and tools such as the Employee Future Builder Program. These resources help employees make informed decisions about their benefits, particularly as they approach retirement(TD_Overview_of_Benefits…).

How does participation in TD's Employee Ownership Plan enhance the financial outlook for employees as they prepare for retirement, and why is this plan an attractive option for them? Employees would want to explore the mechanics of this plan, its benefits, and any strategies for maximizing their contributions.

Employee Ownership Plan: TD’s Employee Ownership Plan allows employees to purchase TD shares with the company matching 100% of the first $250 and 50% of additional contributions, up to a maximum of 3.5% of eligible earnings. This plan enhances employees’ financial security by giving them a stake in the company’s success, which can be an attractive retirement savings strategy(TD_Overview_of_Benefits…).

What is the process for TD employees to transition from their current roles to retirement, and what support does TD provide to ensure a smooth transition? Employees might look for details on informational sessions, retirement planning workshops, and personalized support that TD offers to facilitate this important life change.

Transitioning to Retirement: TD supports employees transitioning into retirement through informational resources, such as workshops and planning sessions. Personalized support is available to help employees navigate the various aspects of retirement planning, ensuring a smooth and well-supported transition from work to retirement(TD_Overview_of_Benefits…).

How can employees at TD keep informed about changes in retirement benefits and other important updates, and what channels are available for them to receive this information? This relates to the necessity of ongoing communication between TD and its employees about benefits.

Staying Informed About Benefits: TD communicates changes to retirement benefits through various channels, including internal communication platforms and regular updates from the human resources department. Employees can stay informed about important updates by accessing these resources and participating in informational sessions provided by TD(TD_Overview_of_Benefits…).

How can TD employees contact the company directly to learn more about their retirement options, and what personnel or resources are specifically dedicated to assisting them with retirement planning? Employees need clarity on whom to approach and what methods of communication (such as phone, email, or in-person consultations) they can use to get accurate information.

Contacting TD for Retirement Information: Employees can contact TD directly to learn more about their retirement options through the human resources department or financial advisory services. TD provides dedicated personnel and resources, such as in-person consultations and phone support, to assist employees in retirement planning(TD_Overview_of_Benefits…).

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

TD Synnex offers RSUs and stock options as part of their compensation packages.