Healthcare Provider Update: Healthcare Provider for ON Semiconductor ON Semiconductor partners with various health insurance providers to administer employee healthcare benefits. While the specific provider may vary based on location and employee needs, large national insurers such as UnitedHealthcare and Anthem BlueCross BlueShield are often utilized by companies of ON Semiconductor's size. This partnership emphasizes ON Semiconductor's commitment to providing comprehensive healthcare benefits to its workforce. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, ON Semiconductor, along with other companies, may face substantial increases in healthcare costs due to anticipated record hikes in premiums for Affordable Care Act (ACA) marketplace plans. Reports indicate that some states could experience premium increases over 60%, driven by factors such as rising medical costs and the potential expiration of enhanced federal premium subsidies. This perfect storm of challenges is expected to push out-of-pocket premiums up by 75% or more for a significant number of enrollees, thereby amplifying the financial burden on employers and employees alike. Companies like ON Semiconductor will need to prepare for these increased costs in their healthcare budgets, particularly as the healthcare landscape continues to evolve dramatically. Click here to learn more
'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, “ON Semiconductor 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 ON Semiconductor 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.
ON Semiconductor 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 ON Semiconductor 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 ON Semiconductor 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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Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 is the ON Semiconductor 401(k) plan?
The ON Semiconductor 401(k) plan is a retirement savings plan that allows employees to save for retirement through pre-tax contributions, with the option for after-tax contributions as well.
How can I enroll in the ON Semiconductor 401(k) plan?
Employees can enroll in the ON Semiconductor 401(k) plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.
What is the employer match for the ON Semiconductor 401(k) plan?
ON Semiconductor offers a competitive employer matching contribution to the 401(k) plan, which typically matches a percentage of employee contributions, up to a certain limit.
At what age can I start contributing to the ON Semiconductor 401(k) plan?
Employees can start contributing to the ON Semiconductor 401(k) plan as soon as they meet the eligibility requirements, which generally begin upon employment.
Can I change my contribution amount to the ON Semiconductor 401(k) plan?
Yes, employees can change their contribution amount to the ON Semiconductor 401(k) plan at any time by accessing their account online or by contacting HR.
Does ON Semiconductor offer a Roth 401(k) option?
Yes, ON Semiconductor offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.
What investment options are available in the ON Semiconductor 401(k) plan?
The ON Semiconductor 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
When can I access my ON Semiconductor 401(k) funds?
Employees can access their ON Semiconductor 401(k) funds upon reaching retirement age, or in certain circumstances such as financial hardship, termination of employment, or other qualifying events.
Is there a vesting schedule for the ON Semiconductor 401(k) employer match?
Yes, ON Semiconductor has a vesting schedule for the employer match, meaning employees must work for a certain period before they fully own the matching contributions.
How do I check my balance in the ON Semiconductor 401(k) plan?
Employees can check their balance in the ON Semiconductor 401(k) plan by logging into their account on the plan's administrative website or through the mobile app.