Goodyear Tire & Rubber Employees: Navigating Your Future When Medicare Isn't Enough

Healthcare Provider Update: Healthcare Provider for Goodyear Tire & Rubber Goodyear Tire & Rubber typically partners with various health insurance providers to deliver employee healthcare benefits. Notable providers often include major national insurers like UnitedHealthcare, Anthem, and Aetna, among others. Specific provider information may vary by location and employee plan. Potential Healthcare Cost Increases for Goodyear in 2026 As Goodyear Tire & Rubber braces for anticipated healthcare costs in 2026, employees should prepare for substantial premium hikes linked to the Affordable Care Act (ACA). With many states expecting increases exceeding 60% and the potential expiration of enhanced federal subsidies, Goodyear may introduce adjustments to benefit plans to mitigate rising expenses. Furthermore, the broader trend of increasing medical costs along with changes in plan design could mean that employees face a larger portion of out-of-pocket healthcare expenses, necessitating careful evaluation of their benefits and cost-management strategies. Click here to learn more

As Goodyear Tire & Rubber employees approach retirement, it is very important to discuss with your family the financial and legal implications that they will incur,' says Brent Wolf of The Retirement Group, a division of Wealth Enhancement Group.

"Planning for retirement is not only about individual preparation; it involves creating a strategy that reflects both the prepared and the unprepared," says Kevin Landis from The Retirement Group, a division of Wealth Enhancement Group, who works closely with Goodyear employees.

In this article, we will discuss:

1. Legal and Financial Preparations: The importance of giving legal authority to children for financial and medical decisions and sharing detailed financial plans.

2. Property and Asset Management: Learn how to manage and transfer property and how debt affects inheritance.

3. Healthcare and Incapacity Planning: Healthcare requirements and how to make legal arrangements for the event of incapacity.

Goodyear retirees must consider how their retirement benefits, such as the Goodyear Pension Plan and 401(k) Savings Plan, will support their long-term needs. For eligible employees, Goodyear offers a defined benefit pension plan, which can be paid out either as a monthly annuity or a lump sum, depending on the individual's election at retirement. Union employees often have different pension formulas and may have negotiated enhancements, so it's important to review the terms specific to your union agreement.

Additionally, Goodyear provides the Savings Plan for Salaried Employees, a 401(k) plan managed by Fidelity, offering traditional and Roth contribution options, plus a company match for eligible participants. This plan is a cornerstone of Goodyear’s retirement readiness strategy, particularly for non-union employees who may not have access to the same pension benefits as their union counterparts.

When planning your future, be sure to inform those who may be affected by your retirement, especially children or dependents. It is recommended that Goodyear employees designate a Durable Power of Attorney and Healthcare Proxy to handle financial and medical matters if they become incapacitated. Union retirees, in particular, should also review any Collective Bargaining Agreement (CBA) clauses that relate to retiree medical or legal assistance benefits.

Goodyear offers retiree medical coverage to eligible former employees, although the availability and cost of this benefit can vary depending on hire date, retirement status, and whether the employee was part of a union contract. While Medicare becomes primary at age 65, Goodyear’s retiree health coverage may help cover gaps, but employees should explore Medicare Advantage and Part D options to supplement their plan.

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Your House

Many Goodyear retirees choose to downsize, especially after reviewing the financial impact of ongoing maintenance, property taxes, and long-term real estate planning. This move may stem from practical needs or a desire to relocate—perhaps closer to family, or into a retirement-friendly community. Some may even explore Goodyear retiree relocation support resources, depending on prior employment status and eligibility.

Such a transition can be emotional—particularly if your home holds sentimental value or is part of a planned inheritance. Employees should consider whether their Goodyear Life & Legacy Planning Toolkit (available to some retirement-eligible employees) can help streamline documentation and clarify their wishes for property ownership, asset transfers, and estate management.

If the home is a large part of your assets, Goodyear Tire & Rubber retirees may be able to use the equity in your home to fund a comfortable retirement. On the other hand, if you are financially able, you could transfer the property title to your child. It is crucial to know the tax consequences of such a transfer. Your child may be taxed highly if they later sell the property after you gift the house while alive since they will not be able to take a step-up in cost basis on the property.

Your Indebtedness

Goodyear Tire & Rubber retirement with various debts, including credit card balances, mortgages, and even student loans, is becoming more common. You need to inform your children about these liabilities as they will affect their share of the inheritance. All non-assumable debts or home equity loans will require new financing to be settled.

Your Other Financial Assets and Retirement Accounts

Many retirees rely on the savings that they have accumulated in their working years, Social Security, and any pension that they have. The SECURE Act 2.0 has increased the age of required distributions from retirement accounts to 73, affecting the management of these assets. This is important so that your children know where your assets are located to avoid them being inaccessible when you die or become incapacitated.

Your Policy for Life

It is important to disclose the information regarding any life insurance policies since these will pay for the funeral and remaining medical expenses after your death.

Your Medical Plans

Retirement from Goodyear Tire & Rubber is a major problem in terms of healthcare as many retirees rely on Medicare or other private health insurance. These details have to be discussed with your children, including those for long-term care needs that are not covered by Medicare.

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In the Event of Your Incapacity

Having legal documents like power of attorney is important in case of incapacitation that is unexpected. This ensures that your wishes on where you want to be and what you want to do with your health are respected.

Your Choice

It is crucial to review and revise your will every now and then. This can help avoid confusion and can convey to everyone any special provisions or questionable provision of resources that may lead to conflict.

Any Company You Manage

If you own a business, then the future of the business, whether it will be sold or if it will be transferred to the next generation, needs to be discussed with your children to ensure a smooth transition and to set expectations.

Overarching Thoughts

It is important to know the typical retirement age in order to make informed financial decisions. Due to the fact that people live longer than before, retirement can stretch for many years, which calls for better financial planning.

Using Tools for Financial Planning

Virtual tools like stock trading simulators can be useful to gain real life experience of handling investments with real money consequences that can be useful for current and future retirees.

Ensuring that your children know the basics of your pension and other healthcare that you will get as a retiree when you were working at a Goodyear Tire & Rubber company makes the conversation easier. A 2020 report by the Employee Benefit Research Institute found that retirees are likely to be partially or completely wrong about these benefits, which means that they could have false ideas about their finances. This ensures that your children know these benefits, which are important in your retirement planning and may make them consider starting theirs.

Disclosing your retirement plans is a bit like giving the keys to a family car to your children. You can help your children understand the route you have in mind, the healthcare coverage you need, and the pension benefits you will be receiving – just as you would explain the condition and best features of a car before letting your children use it. It enables them to know what to do to continue the legacy and navigate the ‘vehicle’ correctly in the future.

Sources:

1. Warren Street Wealth Advisors: 'Goodyear Tire & Rubber and Large Company Employees.' In 2025, Warren Street Wealth Advisors offers specialized financial services for Goodyear Tire & Rubber employees, including one on one investment advice and retirement planning.

2. Chris Reddick Financial Planning, LLC: Reddick, Chris. 'How to Effectively Save for Retirement in Goodyear Tire & Rubber Companies.' Chris Reddick Financial Planning, LLC was established in 2018 March 2, from  www.chrisreddickfp.com . This article examines the saving behaviours of different generations of Goodyear Tire & Rubber companies, the movement from pensions to 401(k) plans, and other changes.

3. Willis Towers Watson: 'DB Plans a Thing of the Past for Most Goodyear Tire & Rubber Companies.' The article, published on PLANSPONSOR on March 2, 2018, is available at  www.plansponsor.com . This source is cited to show the decrease of defined benefit plans in Goodyear Tire & Rubber companies and other general changes in retirement planning.

4. Willis Towers Watson: 'Evolution of DB Plan Sponsorship for Goodyear Tire & Rubber Companies, 1998 – 2019.' The document provided by Willis Towers Watson is the historical data of the management of pension plans by Goodyear Tire & Rubber companies over the years, including the shift from traditional to hybrid plans.

5. HR Search & Rescue: 'F500 Benefits.' On the HR Search & Rescue website, you will find information on how Goodyear Tire & Rubber companies can improve their benefit packages to attract and retain employees, with emphasis on retirement and other benefits.