MillerKnoll Employees: Discover the Hidden Potential of Your 401(k) for a Brighter Retirement

Healthcare Provider Update: MillerKnoll offers health insurance coverage through PPO plans with Blue Cross Blue Shield of Michigan. Employees benefit from low deductibles, preventive care at no cost, and access to a broad provider network. The company also provides dental and vision coverage, FSAs, HSAs, and prescription drug benefits through Express Scripts. Additional perks include wellness programs, mental health support, and a 401(k) with employer match 1. MillerKnoll Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

• This translates into the need for comprehensive financial planning and education as the challenge of ensuring a secure retirement for MillerKnoll employees. For example, Michael Corgiat is a financial advisor at The Retirement Group, a division of Wealth Enhancement Group.

  For MillerKnoll employees, the way to retirement is full of financial uncertainties and therefore needs planning. To this end, the help of experienced professionals like Brent Wolf from The Retirement Group, a division of the Wealth Enhancement Group, should be sought.

• In this article, we will discuss:

• 1. The challenges of the current American retirement system, and how it is based on individual financial contributions and lacks financial literacy.

• 2. Some specific issues that MillerKnoll employees face, such as the need for better employer-sponsored retirement plans and the need for financial education.

• 3. The effects of under-saving for retirement on the population as a whole, according to recent studies which show that a large proportion of Americans are unprepared for retirement.

• The problem is that the financially illiterate average person will never be able to save enough to fund their retirement. So how do you pay for it if you’re not sure how much something will cost or how long you’ll need it? That is the present American retirement system, and many people think it is wrong. Is the American dream of retirement unattainable for MillerKnoll employees in an environment where the normal individual picks up the majority of the cost?

• This is because retirement planning is complicated due to financial ignorance and mismanagement, increasing healthcare costs, and extended life expectancy. It is important for MillerKnoll employees to overcome these challenges through their employer’s retirement plans and financial literacy programs. While many people struggle with their 401(k)s, according to recent studies, a vast majority of Americans have even fewer retirement savings.

• The Employee Benefit Research Institute (EBRI) issued a 2023 study indicating that 39% of households with adults aged 40 or over have no retirement savings. This is a very worrying figure which underscores the importance of sound financial planning and education. It means that MillerKnoll employees can ensure a better retirement future by making sure they keep contributing to their 401(k)s and seeking the advice of professionals.

• It is like being on a long car journey with no GPS or map. In regard to their retirement plans, a large number of Americans are confused and have low financial literacy or resources. However, some people may think that their 401(k) is doing badly, but it is still better than others whose cars have not even been started.

• You can think of it as having an older car that has been well-maintained. The road ahead is steep, with nearly 40% of households having no retirement savings. This means that for MillerKnoll employees, financial planning and education are crucial to a secure retirement, just as a good navigation system would bring you to your destination safely.

  Sources:

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Articles you may find interesting:

1. The State of American Retirement Savings: How the shift to 401(k)s has increased gaps in retirement preparedness based on income, race, ethnicity, education, and marital status. In 2016, the Economic Policy Institute issued a report, which can be found at  www.epi.org/publication/retirement-in-america/#charts.

2. Margo. 'Are Americans Financially Educated on Retirement Savings?' On December 1, 2022, from blog.ssa.gov/are-americans-financially-educated-on-retirement-savings.

3. Clark, Robert L., and Olivia S. Mitchell. The effectiveness of employer-sponsored financial education programs. Journal of Financial Literacy and Wellbeing, Cambridge Core, 2023, The author of this paper argues that © Cambridge University Press. All rights reserved. To read more, please visit  https://www.cambridge.org/core/journals/journal-of-financial-literacy-and-wellbeing/effectiveness-of-employer-provided-financial-education-programs .

4. 'A Dream Deferred: An Analysis of the Current Retirement Landscape and the Changes Needed to Save the American Retirement Dream.' In 2023, the American Bar Association published ABA reporting ABA reporting.

5. Jeszeck, Charles A. The Nation's Retirement System: A Comprehensive Re-evaluation Is Needed to Better Promote Future Retirement Security. As of 2023, the U.S. Government Accountability Office has issued a report called The GAO's report can be found at  www.gao.gov/nations-retirement-system-2023-report .