Unlocking Retirement Potential: 5 Essential Updates to Your Magellan Midstream Partners 401(k) You Need to Know

Healthcare Provider Update: Healthcare Provider for Magellan Midstream Partners Magellan Midstream Partners, like many large companies, typically provides a range of healthcare options for its employees, including coverage through major national insurers. The specific providers may vary, but among the top insurers suggesting significant premium increases for 2026 are UnitedHealthcare, Anthem, and Cigna, which may impact Magellan employees. Potential Healthcare Cost Increases in 2026 As the healthcare landscape evolves, Magellan Midstream Partners employees are poised to face significant cost increases in 2026. With healthcare premiums expected to rise sharply, particularly due to the expiration of enhanced federal subsidies, employees could see out-of-pocket costs escalate by over 75%. These anticipated hikes, with some states reporting individual market increases of more than 60%, highlight the pressing need for employees to review their healthcare plans proactively, taking steps to minimize financial strain amidst these escalating expenses. Click here to learn more

Over the last forty years, the 401(k) plan has become the most popular retirement savings vehicle for Magellan Midstream Partners employees, outpacing both individual retirement accounts (IRAs) and traditional pension plans. This change highlights a major shift in retirement planning, as employees are now more responsible for shieldinging their financial security than they were in the past when employers handled defined benefit pension plans. The shift from self-managed 401(k) plans to guaranteed company pensions is a significant shift in the design of retirement benefits. Even though the 401(k) has many benefits, improvements might be made to better serve the needs of Magellan Midstream Partners retirees in the future.

According to recent findings from the Employee Benefit Research Institute (EBRI) , raising catch-up contributions might greatly increase retirement savings for Magellan Midstream Partners employees who are getting close to retirement. In addition to the regular cap, individuals 50 years of age and beyond can contribute an extra $6,500 to their 401(k) plans as of 2021. Magellan Midstream Partners employees in their later years of employment who need to increase their retirement savings will find this option especially helpful. Improving these contributions could further assist retirees' financial stability and better prepare them for longer retirement periods, as life expectancy continues to rise. These changes would be an essential improvement over the 401(k) plans that are in place.

Examine the development and significance of the 401(k) plan, which has surpassed IRAs and traditional pensions to become the most popular option for retirement savings for Magellan Midstream Partners employees. Discover how these programs, which give you flexibility and control over your retirement funds, have evolved to meet the demands of contemporary finance. To better prepare for a secure future, recognize the need for self-managed retirement planning and the possibility of increasing 401(k) contributions. This is perfect for Magellan Midstream Partners professionals aiming to maximize their financial stability as they approach retirement.

Articles you may find interesting:

Think of the 401(k) as the flagship ship cruising the wide retirement waters for Magellan Midstream Partners employees. Previously, retirees depended on the crew of the ship—traditional pensions—to lead them securely to their final destination: retirement. But as times have evolved, Magellan Midstream Partners employees are now in control and using contemporary navigational aids (401(k) plans) to design their own path. These tools have developed to provide greater flexibility and control, but just as improving a ship's equipment can increase its effectiveness and safety, so too can improving a 401(k) plan's features, such as adding more investment options and raising contribution limits, assist in a a safer and more comfortable transition to retirement.