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

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Why Public Storage Employees May Never Retire

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Healthcare Provider Update: Public Storage offers its employees health insurance options through the Affordable Care Act (ACA) marketplace as well as employer-sponsored plans. The specific healthcare providers utilized may vary, often including major insurers such as UnitedHealthcare and Anthem, which have strong presences in many states. As we approach 2026, significant increases in healthcare costs are anticipated, particularly for those enrolled in ACA marketplace plans. Projections suggest that average premiums could rise by approximately 18%, with certain states potentially experiencing hikes over 60%. The expected expiration of enhanced federal premium subsidies will largely contribute to these sharp increases, meaning many Public Storage employees and retirees could face drastic out-of-pocket costs. As the market grapples with rising medical expenses and insurer rate hikes, individuals should be prepared for a challenging landscape in healthcare costs as they plan for the upcoming year. Click here to learn more

The findings from a recent survey conducted by the AARP and the NORC Center for Public Affairs Research  reveal a concerning outlook that will impact Public Storage employees' readiness for retirement. Approximately 25% of U.S. adults aged 50 and older, who are still in the workforce, doubt they will ever be able to retire. This belief is fueled by growing anxieties, with 70% worried their earnings are not keeping pace with escalating costs.


This study, which involved more than 8,000 participants, underscores the deep financial concerns plaguing many individuals in this demographic. Notably, about one in four respondents reported having no retirement savings whatsoever, exposing the formidable challenges they face in securing financial stability for their later years.

Key hindrances to saving adequately for retirement include high housing costs—both rent and mortgage payments—and daily living expenses, which intensify financial pressures.  The data reveals  that 12% of older adults are burdened with credit card debts exceeding $20,000, and a third have balances over $10,000. Moreover, 37% voiced concerns about their ability to afford basic necessities such as housing and food.

These financial strains have far-reaching implications, affecting not only individual retirement strategies but also the broader economic landscape. 'The lack of accessible retirement saving options combined with inflation is making it increasingly difficult for individuals to decide when they can retire,'  noted Indira Venkateswaran, AARP's senior vice president of research .


Continued polling by AARP  shows a steady number of adults aged 50 and older who foresee an inability to retire—23% in January 2022, slightly rising to 24% by July. David John, Senior Strategic Policy Advisor at the AARP Public Policy Institute, points out that a significant number of older adults remain in the workforce primarily due to inadequate retirement funds.

Political leaders have also taken note of these issues, given the high voter turnout rates among older Americans. President Joe Biden has focused on policies like allowing Medicare to negotiate directly with drug companies to reduce prescription costs and capping insulin prices at $35 for Medicare beneficiaries. Conversely, former President Donald Trump hinted at potential entitlement program reforms in a CNBC interview in March, although his campaign later assured that, if reelected, he would uphold Social Security and Medicare.

The sustainability of Social Security and Medicare remains a pressing concern.  According to the latest trustees' report, Medicare may not fully cover nursing home stays and inpatient hospital visits by 2031.  Social Security faces similar challenges, with its fund expected to deplete before it can continue full payments by 2033.

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Public sentiment strongly opposes any cuts to Medicare or Social Security, as reflected in a March 2023 AP-NORC poll.  The majority of respondents favor imposing higher taxes on the wealthiest Americans to maintain Medicare's solvency.

The necessity for robust policy measures to ensure the financial well-being of America's elderly population is more urgent than ever, as demographic and economic pressures converge. Recent trends indicate many older Americans, including Public Storage employees, are turning to part-time entrepreneurship—a viable means to supplement income and remain active. A 2021 study by the Ewing Marion Kauffman Foundation found individuals over 55 increasingly starting their own businesses, driven by desires for flexible work schedules, personal fulfillment, and financial security.

For many Public Storage employees approaching retirement, the journey increasingly resembles navigating a sailboat through stormy seas. Facing financial turbulence, these near-retirees must frequently adjust their course, akin to sailors adapting to changing winds and currents. For about 25% of these individuals, the lack of sufficient retirement funds means they must keep sailing, working into old age and exploring alternative income sources such as side jobs. This ongoing journey is not only a necessity but also an opportunity for personal growth and redefining life goals.

What type of retirement savings plan does Public Storage offer to its employees?

Public Storage offers a 401(k) retirement savings plan to help employees save for retirement.

Does Public Storage match employee contributions to the 401(k) plan?

Yes, Public Storage provides a matching contribution to employee 401(k) contributions, subject to certain limits.

When can employees at Public Storage enroll in the 401(k) plan?

Employees at Public Storage can enroll in the 401(k) plan during their initial eligibility period or during the annual open enrollment period.

What is the eligibility requirement for Public Storage employees to participate in the 401(k) plan?

To participate in the 401(k) plan at Public Storage, employees must meet specific service and age requirements as outlined in the plan documents.

How can Public Storage employees make changes to their 401(k) contributions?

Public Storage employees can make changes to their 401(k) contributions by logging into the employee benefits portal or by contacting the HR department.

What investment options are available in the Public Storage 401(k) plan?

The Public Storage 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Can Public Storage employees take loans against their 401(k) savings?

Yes, Public Storage allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.

What happens to my 401(k) account if I leave Public Storage?

If you leave Public Storage, you can choose to roll over your 401(k) balance to another retirement account, cash out your account, or leave it in the Public Storage plan if you meet the minimum balance requirement.

Are there any fees associated with the Public Storage 401(k) plan?

Yes, there may be administrative fees and investment-related expenses associated with the Public Storage 401(k) plan, which are disclosed in the plan documents.

How often can Public Storage employees change their investment allocations within the 401(k) plan?

Public Storage employees can change their investment allocations at any time, subject to the plan's trading restrictions.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
401(k) plan with company match, discretionary profit sharing, stock purchase plan.
Public Storage provides RSUs to its executives and key employees. RSUs typically vest over a period of three years, promoting retention and alignment with company goals.
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For more information you can reach the plan administrator for Public Storage at , ; or by calling them at .

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