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

How Dana Employees Can Discover a 24% Boost in Their Social Security Benefits

Healthcare Provider Update: For the company Dana, the healthcare provider is likely UnitedHealthcare. This insurer is known for offering a range of health coverage options, including plans in several ACA marketplaces. Looking ahead to 2026, significant increases in healthcare costs are anticipated. Rising medical expenses, combined with the potential expiration of enhanced federal subsidies, could lead to steep premium hikes for ACA marketplace enrollees. Reports suggest that some states may experience increases exceeding 60%, resulting in many individuals facing more than 75% higher out-of-pocket costs. Such drastic changes could create considerable financial strain for millions, emphasizing the importance of proactive healthcare planning in 2025. Click here to learn more

For Dana employees planning to stretch their retirement dollars as much as possible, it is important to realize the importance of untouched Social Security benefits,' said Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement Group.

Managing investment planning in a market that is prone to changes and fluctuations is not a piece of cake, especially for the Dana employees,' explains Wesley Boudreaux from The Retirement Group, a division of Wealth Enhancement Group.

1. Strategies for Maximizing Social Security Benefits: Methods such as delayed retirement credits that can help in increasing Social Security benefits for the Dana employees.

2. Analysis of the Current State of the Stock Market and Investment Consequences: Examination of the impact of the recent movements in the S&P 500 and the Nasdaq on the investment plans of the Dana employees.

3. Analysis of the Current Labor Market and Its Implications for Investment Decision Making: Review of the current employment trends and their consequences for financial planning and systemic risk among the Dana employees.

According to Fidelity Investments, Dana employees can take advantage of a strategy that can help boost Social Security benefits by as much as 24%. This strategy becomes a crucial consideration for those who want to get the most out of their retirement financial plans especially if they have already started claiming benefits.

The financial events that are most likely to affect the investment portfolios of the Dana employees, the S&P 500 led the stock futures higher on Thursday, and the Nasdaq Composite also set new highs, powered by a massive pop in Nvidia. Markets were not in session the immediately preceding Wednesday due to the observance of the Juneteenth holiday. Except for small businesses, which have been rather inactive and are waiting for some events to occur in the near future, all the major indexes have been rising and showing positive trends.

The labor market statistics show that there was a marginal increase in the initial claims for unemployment benefits last week; however, the numbers were not as high as the ones reported the week before, which suggests that the labor market is stable. This stability is in line with the overall positive market trends this year although the performance differs across industries. This information should be used when making investment decisions by the Dana employees.

Earnings reaction, Accenture’s shares rose after strong market reaction to its AI innovations. Likewise, Qualcomm has also seen its stock price rise after being upgraded by CFRA and having strong support from Wall Street, with its late entry into the AI market and the company’s technologies and market position gaining the investors’ confidence.

For any Dana employee who is contemplating when to start collecting Social Security, it is important to know that retiring late will result in higher monthly benefits. The Social Security Administration points out that benefits rise by about 8 percent every year until age 70 for each year that retirement is postponed after full retirement age. This strategy, referred to as “delayed retirement credits,” is essential for enhancing financial security in old age (Social Security Administration, 2022).

The process of optimizing your Social Security benefits by leaving them undeclared is a slow and steady process, similar to tending to a vineyard. As with any grapes, there are times when the vines need careful attention to produce the best fruit, and in the same way, your Social Security benefits will appreciate if you allow them to ripen by not claiming retirement too early. It is the same as a winery not picking the grapes at a time when they are not quite ready but knowing that by waiting for the perfect moment, the end product will be worth it, you can stand to gain up to 24% more from your monthly benefits. This patience is like a good wine that is supposed to get better with age and can help to improve your financial situation, so that you can enjoy a more comfortable retirement from Dana.

Featured Video

Articles you may find interesting:

Disclosure:

This information is not intended as recommendation. The opinions are subject to change at any time and no forecasts can be guaranteed. Investment decisions should always be made based on an investor's specific circumstances. Investing involves risk, including possible loss of principal.

Sources:

1. Should You Delay Your Social Security? Benefits & Considerations. Thrivent, 18 Dec. 2024, www.thrivent.com/news/should-you-delay-your-social-security-benefits-considerations.html.

2. The Delay of Social Security Delayed Retirement Credits – What Happens If I File After My Full Retirement Age? Social Security Intelligence, www.socialsecurityintelligence.com/delayed-retirement-credits-explained.

3. Benefits Planner: Retirement | Delayed Retirement Credits. Social Security Administration, www.ssa.gov/benefits/retirement/planner/delayret.html.

4. Carroll, Devin. Understanding Social Security Delayed Retirement Credits. Social Security Intelligence, www.socialsecurityintelligence.com/understanding-delayed-retirement-credits. Accessed 18 Jan. 2025.

5. Johnson, Richard K. Delaying Social Security: The Financial Advantages. The Center for Retirement Research at Boston College, www.crr.bc.edu/briefs/delaying-social-security-the-financial-advantages. Accessed 20 Jan. 2025.

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

The 401(k) plan at Dana is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

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

Dana offers a matching contribution up to a certain percentage of the employee's salary, which helps to enhance the retirement savings.

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

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

What are the eligibility requirements for Dana's 401(k) plan?

To be eligible for Dana's 401(k) plan, employees must be at least 21 years old and have completed a minimum period of service with the company.

Can employees at Dana take loans against their 401(k) savings?

Yes, Dana allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What investment options are available in Dana's 401(k) plan?

Dana's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

How can employees at Dana access their 401(k) account information?

Employees can access their 401(k) account information through Dana's online benefits portal or by contacting the HR department.

What is the vesting schedule for Dana's 401(k) matching contributions?

Dana has a vesting schedule for matching contributions, meaning employees earn ownership of the matched funds over a specified period of service.

Can employees at Dana change their contribution percentage to the 401(k) plan?

Yes, employees at Dana can change their contribution percentage at any time, subject to the plan's guidelines.

What happens to the 401(k) savings if an employee leaves Dana?

If an employee leaves Dana, they can choose to roll over their 401(k) savings to another retirement account or withdraw the funds, subject to taxes and penalties.

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

For Dana Inc., the primary pension plan was the "Dana Retirement Plan," which underwent significant changes in 2019 when Dana transferred its pension liabilities to insurance companies through annuity purchase agreements. This action involved securing pension obligations for plan participants without altering their benefits. The company has not made significant updates to its pension plan offerings since this transfer, focusing instead on fully funding existing obligations. Regarding the 401(k) plan, Dana offers a competitive 401(k) with matching contributions. Employees can contribute up to 8% of their salary, with Dana providing a 4.5% match. This plan is available to all full-time employees. Dana emphasizes the stability and security of its retirement offerings, aligning with the company’s broader strategy to maintain financial health and meet its obligations.

Restructuring Layoffs: Dana Incorporated has been undergoing restructuring efforts in 2023 and 2024, which included several layoffs across different divisions to streamline operations and reduce costs. These layoffs are part of the company's strategy to remain competitive amid economic uncertainties and evolving market conditions. It's important to address this news because the current economic environment, characterized by high inflation and geopolitical tensions, requires companies to adjust their workforce to maintain financial stability. Benefit and Pension Changes: Dana has also made significant changes to its employee benefits and pension plans. In 2023, the company revised its pension formula and adjusted the contribution limits for 401(k) plans in response to the SECURE Act 2.0. The changes were made to align with new federal regulations and to provide more robust retirement options for employees. This news is crucial as the investment climate and tax regulations are evolving, and such changes directly impact employees' retirement planning. Employees should be aware of how these changes affect their future financial security and retirement readiness.

Dana Incorporated offers a variety of stock options and Restricted Stock Units (RSUs) as part of its compensation package to eligible employees. In 2022, 2023, and 2024, Dana continued to use stock options and RSUs to incentivize and retain key talent within the company. The specific stock options at Dana Incorporated are designed to allow employees to purchase shares at a predetermined price, often reflecting the stock price at the time of the grant. These options typically vest over a set period, ensuring that employees remain with the company to gain the full benefit. RSUs at Dana Incorporated are another critical part of the company's equity compensation. RSUs are granted with a vesting schedule, where the employee receives shares after meeting specific service conditions, usually tied to the employee’s tenure or company performance. The company's RSUs do not require employees to pay an exercise price, unlike stock options, which is advantageous for employees as they are guaranteed the value of the shares upon vesting. Eligibility for stock options and RSUs at Dana Incorporated is typically extended to employees who are in managerial or higher-level positions, though the exact criteria may vary by year and specific company needs. In 2022, 2023, and 2024, Dana continued to refine these programs to align employee incentives with company performance, which was evident in their continued financial growth and strategic achievements during these years. The detailed information on these stock options and RSUs, along with the company's ongoing updates, can be found in Dana's annual reports and investor communications, specifically in documents like the 10-K filings. These reports typically outline the terms, eligibility criteria, and the vesting schedules for these equity-based compensation plans. For further details, reviewing the annual reports and quarterly earnings releases on Dana's official website is recommended.

In 2022, Dana, like many companies, faced increasing healthcare costs due to various factors, including inflation and the ongoing impacts of the COVID-19 pandemic. These challenges led to an emphasis on high-deductible health plans (HDHPs), which remained popular among employees, with a notable increase in the median in-network deductible for these plans. Dana also focused on behavioral health benefits, recognizing the importance of supporting employees' mental health in the post-pandemic era. By 2023 and 2024, Dana continued to adapt its health benefits strategy by exploring self-insured health plans, a move aimed at giving the company more control over healthcare costs and the flexibility to tailor benefits to employees' needs. The company also highlighted the importance of accountable care organizations (ACOs) and personalized healthcare services, aiming to improve the quality of care while managing costs.

Additional Articles

Check Out Articles for Dana employees

For more information you can reach the plan administrator for Dana at 3939 Technology Dr Maumee, OH 43537; or by calling them at (419) 887-3000.

https://www.dana.com/ https://www.aarp.org/retirement/planning-for-retirement/info-2023/biggest-changes-impacting-retirement-finances-in-2024.html https://www.kiplinger.com/retirement/retirement-planning/ways-retirement-planning-is-changing-new-year https://en.wikipedia.org/wiki/Dana_Incorporated https://www.thelayoff.com/t/1qA0cYgm#google_vignette https://www.dana.com/newsroom/press-releases/dana-incorporated-reports-record-sales-for-2022-issues-guidance-for-2023-including-higher-sales-profit-and-record-three-year-sales-backlog-of-$900-million/ https://www.sec.gov/Archives/edgar/data/26780/000119312524039323/d707954dex991.htm https://www.milliman.com/en/insight/2023-lump-sums-defined-benefit-plans-much-lower-as-interest-rates-rise https://www.dana.com/ https://www.dana.com/newsroom/press-releases/dana-incorporated-reports-2024-first-quarter-financial-results-with-increased-sales-adjusted-ebitda-and-free-cash-flow-raises-full-year-free-cash-flow-guidance/ https://www.danacole.com/news/timely-opportunities/new-study-finds-rising-health-benefit-costs https://fortunefinancialadvisors.com/business-retirement-plans/introduction-to-nua-a-tax-saving-strategy/ https://carlsoncap.com/articles/nua-net-unrealized-appreciation/ https://pbnlaw.com/net-unrealized-appreciation-opportunities-in-your-companys-retirement-plan https://www.spglobal.com/en https://www.foxrothschild.com/ https://www.kiplinger.com/ https://www.dana.com/ https://pv-magazine-usa.com/ https://www.thelayoff.com/t/146Zov7K https://www.thelayoff.com/t/1jUwp2BM