Healthcare Provider Update: Healthcare Provider for Flowserve Flowserve Corporation partners with Anthem Blue Cross Blue Shield to provide healthcare plans and services for its employees. Anthem is noted for its extensive provider network and range of health insurance options, which includes access to various plans tailored to meet the diverse needs of Flowserve's workforce. Potential Healthcare Cost Increases in 2026 As we approach 2026, healthcare costs are poised to escalate significantly, driven by expected record premium hikes in the Affordable Care Act (ACA) marketplace. With premium increases averaging 18% and some states experiencing hikes exceeding 60%, the impact on Flowserve employees could be notable. The expiration of enhanced federal premium subsidies adds to the financial burden, potentially resulting in out-of-pocket premium increases of over 75% for many workers, raising concerns about accessibility and affordability of essential healthcare services as we move into the next year. Click here to learn more
The idea that retirement means the end of financial progress is quickly fading in today's environment of retirement planning and asset management. Flowserve retirees may shield and grow their wealth with advance preparation, thoughtful judgment, and proactive measures. This article examines several ways in which people, especially Flowserve employees who are nearing the end of their careers or have already retired, can increase their financial holdings.
Strategic Delay of Social Security Benefits
Carefully allocating Social Security payouts is one of the cornerstone tactics. Although these benefits are eligible at age 62, waiting until age 70 to claim them can result in much larger monthly payouts. This strategy emphasizes the need of patience and long-term financial planning in maximizing retirement income.
Investment in Rental Properties
Another profitable avenue of wealth expansion for Flowserve retirees is the real estate market. But this project requires a careful examination of all possible costs, such as property taxes, insurance, and upkeep. Leveraging existing assets can also result in a consistent income flow with little overhead, such as renting out vacant spaces.
Engagement in Consulting or Part-Time Work
With their significant professional experience and specific talents, Flowserve retirees can earn extra money through part-time work, freelancing, or consulting. This path not only helps maintain financial security in retirement, but it also encourages lifelong learning and career satisfaction.
Creation of Passive Income Streams
Investing in passive income projects is another smart way Flowserve retirees can diversify their sources of income and build wealth. This might be anything from writing e-books to renting out storage facilities to starting online classes in specialized fields. Through these initiatives, Flowserve retirees can leverage their current resources and expertise without the constraints of a typical 9–5 work.
Diversification of Investment Portfolio
Retirement requires consistent investing in a diverse portfolio based on one's risk tolerance and financial goals. Experts recommend doing routine portfolio evaluations to make sure the investing strategy is still effective and to be in line with changing financial conditions.
Prioritization of Health Savings Accounts (HSAs) and Long-Term Care Insurance
One cannot stress the importance of financial preparedness for health care. Purchasing long-term care insurance and health savings accounts (HSAs) guards against unanticipated medical costs, preserving wealth and guaranteeing stability in one's finances when faced with health issues.
Estate Planning
The preservation of wealth and the transfer of money across generations depend heavily on effective estate planning.
Investment in Lifelong Learning
It is quite beneficial to pursue information, especially in the areas of investment techniques, estate planning, and financial management. Flowserve retirees can make wise decisions that improve their financial well-being by continuing their education.
Cultivation of Social Connections
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Lastly, social networks play a function in retirement that goes beyond personal enrichment to include possible financial advantages. Networking can also lead to opportunities for investments, part-time job, and consulting, which can further improve one's financial situation.
To sum up, retirement is not the end of financial management—rather, it is a new chapter where wise choices, ongoing education, and flexibility can result in significant wealth increase. Flowserve retirees can ensure a prosperous legacy for future generations as well as their own financial future by adhering to these rules.
See your retirement as a large, productive garden that you have been working years to cultivate. Retirees can employ a number of tactics to guarantee their financial prosperity well into retirement, much as a gardener employs a range of tools and techniques to improve the soil, cultivate a variety of plants, and guarantee a plentiful harvest. Postponing Social Security benefits is similar to watering your garden when it's most productive. A consistent supply of resources can be ensured by investing in rental properties and diversifying your investment portfolio, which are similar to sowing different seeds, some of which give fruit fast and others which take time to grow. Building passive income streams through consultancy or part-time work is similar to maintaining and trimming a profitable garden. Putting health savings and long-term care insurance first is like a fence keeping unwanted bugs out of your garden. In the same way that a well-kept garden benefits not only the gardener but also future generations, estate planning can help ensure that the produce of your garden can be passed on. Additionally, acquiring lifelong knowledge about gardening can boost yields, much as maintaining up-to-date knowledge about banking and investing can increase your wealth. Your financial security in retirement is like a garden that can thrive more than it has in the past with the right maintenance.
What type of retirement savings plan does Flowserve offer to its employees?
Flowserve offers a 401(k) retirement savings plan to help employees save for their future.
How can Flowserve employees enroll in the 401(k) plan?
Flowserve employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Flowserve match employee contributions to the 401(k) plan?
Yes, Flowserve offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the maximum contribution percentage that Flowserve employees can contribute to their 401(k)?
Flowserve employees can contribute up to the IRS limit, which is adjusted annually. Employees should check the latest guidelines for the current limit.
Are there any eligibility requirements for Flowserve employees to participate in the 401(k) plan?
Yes, Flowserve employees must meet certain eligibility requirements, such as a minimum length of service, to participate in the 401(k) plan.
Can Flowserve employees take loans against their 401(k) savings?
Yes, Flowserve allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What investment options are available in Flowserve's 401(k) plan?
Flowserve offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.
How often can Flowserve employees change their 401(k) contribution amounts?
Flowserve employees can change their 401(k) contribution amounts at designated times throughout the year, typically during open enrollment periods.
Is there a vesting schedule for Flowserve's 401(k) matching contributions?
Yes, Flowserve has a vesting schedule for its matching contributions, which determines when employees fully own those contributions.
Can Flowserve employees access their 401(k) funds before retirement?
Flowserve employees may access their 401(k) funds before retirement under certain circumstances, such as hardship withdrawals or loans.