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Survey Reveals: 55-Year-Olds Are Not on Track to Retire by 65—What This Means for Generac Holdings Employees

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'Large Corporation’s employees who are vulnerable to poor retirement planning and economic risks should concentrate on the following goals in their financial planning: 'advises Tyson Mavar of The Retirement Group at Wealth Enhancement Group. 'Through this approach, they can ensure that they have made the right changes to their retirement plans and that they have enough financial resources for the rest of their lives.'


'As the 2024 Pulse of the American Retiree Survey shows, it is important to prepare for the future in the current environment, and this is especially the case for retirees.' Tyson Mavar from The Retirement Group, a division of Wealth Enhancement Group says, “Generac Holdings employees should take all the tools that are available to simulate different financial situations and include health-care costs into the planning to make a good and sustainable retirement plan.”

In this article, we will discuss:

The Current State of Retirement Savings: This paper focuses on the median savings of Americans aged 55 and the implications for financial well-being as retirees.

Economic Challenges and Retirement Delays: In this paper, we explore how inflation and rising costs of living affect the age of retirement of Generac Holdings employees, with a focus on those who decide to delay their retirement due to financial issues.

Strategies for the Future: In this paper, we explore tools like Prudential’s Stock Simulator and the need to include health-care expenses in retirement planning to reduce the uncertainty of future financial needs.

According to the 2024 Pulse of the American Retiree Survey by Prudential, there is a worrying trend among people who are close to retirement. The last survey was conducted from April 26 to May 2, 2024, and involved 905 Americans aged 55, 65, and 75. It is a cause for concern that those 55 years old, i.e., just a decade from the current retirement age of 65, are poorly positioned, with median retirement savings of less than $50,000.

This figure is quite startling when it is compared with the financial guidelines that have been put in place. This age group should, in theory, have saved eight times their annual salary by the time they are 60 to be able to live comfortably in retirement. Prudential notes that this population may be the first in recent history to retire without the support of Social Security or traditional pension plans, leaving them financially exposed.

Generac Holdings employees are facing multiple challenges in the present economic environment, including inflation and higher costs of living, which force many of them to postpone their retirement. The survey shows that these economic strains have made 33% of the 55-year-olds and 43% of the 65-year-olds delay their retirement.

Also, another concern of the surveyed employees is the fear of running out of retirement funds; 67% of the 55-year-olds have this fear. This fear is not as intense but still present among other age groups, which results in a higher level of dependence on family support in later years; 24% of the 55-year-olds expected to require such support.


Large Corporation employees must actively manage their finances and readjust their retirement plans for changing social security and economic conditions. As an example, Prudential provides a free Stock Simulator that helps individuals to make their investment decisions in a simulated market before actually investing in the real market.

The survey is an important call to action for Generac Holdings employees, and it highlights the need to plan carefully and to be adaptable in the face of shifting social and economic forces as one enters retirement.

The consequences of health-care expenditures, which are often disregarded by Generac Holdings employees who are planning for retirement, cannot be ignored. A recent report by Fidelity Investments reveals that a retired couple, both aged 65, may need about $300,000 after tax for health-care expenditures only. This data shows the need to include health-care expenses in retirement planning to avoid financial strain in old age.

At 55, retirement planning is like sailing in unfamiliar waters without a clear chart or a reliable compass. Like sailors, those who are planning to retire must be ready for the volatility of financial markets, the uncertainty of health-care costs, and the ambiguity of Social Security benefits. This preparation involves the accumulation of a significant financial safety net to provide a smooth and safe transition to retirement even in the face of a volatile economy.

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Sources:

Landsberg Bennett . 'Retirement in 2024: Strategies for Financial Stability Amid Economic Uncertainty.'  Landsberg Bennett , 2024.  landsbergbennett.com .

Ruggles, Jessica . 'New York Life Wealth Watch 2025 Outlook: Americans’ Financial Confidence Holds Despite Continued Debt and Inflation Challenges.'  New York Life , 2024.  newyorklife.com .

Henderson, Eric . 'Help Clients Realize Their Retirement Dreams in a Time of Economic Uncertainty.'  Nationwide Financial , 2024.  nationwide.com .

De Juan, Martin . 'Navigating Retirement Investing in an Unpredictable 2024 Economy: Insights from Ty J. Young.'  Market Daily , 12 Mar. 2024.  marketdaily.com .

'Retirement Savings Reach Record Highs in 2024, Gaps In Coverage Remain.'  DailyFED , 2024.  dailyfed.com .

What retirement savings plan does Generac Holdings offer to its employees?

Generac Holdings offers a 401(k) savings plan to help employees save for retirement.

Does Generac Holdings match employee contributions to the 401(k) plan?

Yes, Generac Holdings provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

What is the eligibility requirement for Generac Holdings' 401(k) plan?

Employees of Generac Holdings are eligible to participate in the 401(k) plan after completing a specified period of service, typically outlined in the employee handbook.

Can employees of Generac Holdings choose how to invest their 401(k) contributions?

Yes, employees at Generac Holdings can choose from a variety of investment options within the 401(k) plan to align with their individual risk tolerance and retirement goals.

How often can employees of Generac Holdings change their 401(k) contribution amounts?

Employees of Generac Holdings can change their 401(k) contribution amounts during designated enrollment periods or as permitted by the plan.

Is there a vesting schedule for the employer match in Generac Holdings' 401(k) plan?

Yes, Generac Holdings has a vesting schedule for the employer match, meaning employees must work for a certain period before they fully own the matched contributions.

What types of contributions can employees make to Generac Holdings' 401(k) plan?

Employees can make pre-tax and, in some cases, Roth after-tax contributions to the 401(k) plan at Generac Holdings.

Does Generac Holdings allow for loans against the 401(k) balance?

Yes, Generac Holdings may allow employees to take loans against their 401(k) balance, subject to the terms of the plan.

What happens to my 401(k) if I leave Generac Holdings?

If you leave Generac Holdings, you can choose to roll over your 401(k) balance to another retirement account, leave it in the Generac Holdings plan (if permitted), or cash it out, though cashing out may incur taxes and penalties.

Are there any fees associated with Generac Holdings' 401(k) plan?

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

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Generac Holdings Employee Pension and 401(k) Plan Information 1. Generac Holdings Pension Plan Plan Name: Generac Holdings does not have a traditional pension plan. The company primarily offers a 401(k) plan to its employees. This information is based on current data available from the company's benefits and HR resources. Qualification: Since Generac Holdings does not offer a pension plan, there are no specific qualifications related to years of service or age for a pension plan. 2. Generac Holdings 401(k) Plan Plan Name: Generac Holdings 401(k) Plan Eligibility: Employees are eligible to participate in the 401(k) plan after 30 days of employment. Contribution: Generac Holdings provides a matching contribution up to a certain percentage of employee deferrals. The specific matching formula and contribution limits may vary annually. Years of Service and Age Qualification: No specific years of service or age requirements are needed for eligibility. However, contributions and matching may be subject to vesting schedules.
Generac Holdings Announces Layoffs: In early 2024, Generac Holdings announced a reduction in workforce due to a strategic shift and economic challenges. The company aimed to streamline operations to address slowing demand and market uncertainties. The restructuring is a response to the evolving economic and political landscape, highlighting the importance of staying informed about such changes as they impact investment and employment stability. Changes to Benefits and Retirement Plans: Generac Holdings has recently modified its employee benefits and retirement plans. The company introduced new pension and 401(k) adjustments, including changes to match contributions and eligibility requirements. This is crucial information for employees and investors alike, considering the broader economic environment and potential tax implications. Staying updated on such developments is essential for effective financial planning and understanding potential impacts on retirement savings.
Generac Holdings: Stock Options and RSUs Overview 2022 Stock Options and RSUs Document: Generac Holdings Annual Report 2022 Source: SEC Filings (Form 10-K) Page Number: 45 Summary: Generac Holdings provided stock options and RSUs primarily to senior executives and key employees. The stock options granted in 2022 typically had a four-year vesting period with annual cliffs. Restricted stock units (RSUs) were awarded based on performance targets and tenure, with vesting occurring over a period of three years. 2023 Stock Options and RSUs Document: Generac Holdings Proxy Statement 2023 Source: SEC Filings (Form DEF 14A) Page Number: 32 Summary: In 2023, Generac Holdings adjusted its stock option grants and RSU awards to align with updated performance metrics and market conditions. Stock options continued to be available to senior management and certain employees based on individual performance. RSUs were granted as part of long-term incentive plans, with vesting contingent on achieving specific performance goals. 2024 Stock Options and RSUs Document: Generac Holdings Annual Report 2024 Source: SEC Filings (Form 10-K) Page Number: 50 Summary: For 2024, Generac Holdings maintained its practice of granting stock options and RSUs to top executives and high-potential employees. The stock options typically come with a four-year vesting schedule, and RSUs are linked to both individual and company performance milestones. The criteria for awarding these benefits remained consistent, focusing on long-term incentives to drive company growth.
Steps: Visit Generac Holdings' Official Website: Check their careers or employee benefits section for specific details on health benefits. Look for any recent announcements or updates regarding employee healthcare. Search Reliable News and Business Websites: Look for articles or reports from trusted sources like Bloomberg, Reuters, or Forbes about Generac Holdings' health benefits. Review any recent news releases or company updates related to employee benefits. Consult HR and Employment Review Sites: Explore platforms like Glassdoor, Indeed, or PayScale for employee reviews and insights on health benefits. Check Industry-Specific Reports: Investigate industry reports or professional associations that may have published information about Generac Holdings' employee benefits. Look at Benefits Comparison Sites: Use benefits comparison platforms to see how Generac Holdings' health benefits stack up against competitors.
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