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

Healthcare Provider Update: Healthcare Provider for PerkinElmer PerkinElmer, a key player in the diagnostics and life sciences industry, offers its employees access to various healthcare providers through employer-sponsored health plans. Typically, these plans include options from prominent national insurers such as UnitedHealthcare, Anthem, and Cigna, but specific provider networks may vary based on the region and the type of plan selected. Potential Healthcare Cost Increases in 2026 As we approach 2026, PerkinElmer and its employees may face significant increases in healthcare costs amidst a challenging landscape. Predicted healthcare premiums for Affordable Care Act (ACA) marketplace plans are set to rise sharply, with some states anticipating hikes exceeding 60%. Contributing factors include the expiration of enhanced federal subsidies, rising medical inflation, and aggressive rate requests from major insurers. With over 22 million marketplace enrollees expected to see their out-of-pocket premiums surge by more than 75%, strategic planning for healthcare expenses will be critical for individuals and families in the coming year. 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, “PerkinElmer 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 PerkinElmer 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.

PerkinElmer 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 PerkinElmer 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 PerkinElmer 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:

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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 .