Healthcare Provider Update: Offers medical, dental, and vision insurance, with HSA/FSA options and employer contributions 10. With ACA premiums expected to rise by 1518%, Oneoks comprehensive benefits and financial support provide a strong buffer against marketplace instability. Click here to learn more
For Oneok employees, the proper handling of retirement funds in the context of inflation is a pretty complex process and this requires some knowledge of the financial markets and a lot of attention to asset management,” said Patrick Ray of The Retirement Group at Wealth Enhancement Group.
“We advise our employees to seek professional advice on the management of their portfolios on a regular basis and to diversify their investments to minimize risks that come with economic shifts.”
“In this article, we will discuss.”
1. Strategies for Managing Retirement Finances Amid Inflation. This article explores investment diversification, emergency savings, and Social Security timing to cope with financial uncertainties caused by inflation.
2. The Impact of Healthcare Costs on Retirement Budgeting. The focus is on the rise in healthcare expenditures for retirees, which are significantly higher than the rate of inflation, and the need to include these expenses in retirement planning.
3. Investment Risks and Considerations. Discussed are the uncertainties of investing, the basics of asset division, and the necessity of investment recommendations based on personal circumstances.
This is especially important for a Oneok employee who has to navigate the uncertainty of inflation. It is possible to have a secure and comfortable retirement if you know how to manage your finances in this way.
For example, let’s look at a typical retirement age for a couple who are 60 years old, and have a $145,000 annual pension that rises by two percent every year. They own their property and have no debts, and they have $105,000 remaining each year for travel, entertainment, and house maintenance. Moreover, they generate enough from their side hustles to cover their health insurance premiums.
These side jobs will end when they turn 65 and become eligible for Medicare and start to receive their $10,000 per year in Social Security benefits. They also pay for long-term care insurance and have invested $1.5 million in moderate growth assets that are not currently used.
This is why, like many of their Oneok colleagues, they are concerned about how inflation will impact their retirement plans. The consumer price index for urban wage earners and clerical workers (CPI-W), which measures the price of a basket of goods and services, came in at 3.3% in May. It had been 3% for the past year but surged to 9.8% in June 2022, showing that inflation can be volatile and unpredictable.
To reduce the possible financial effects of inflation, they could do the following:
-
Investment Diversification: They can reduce the risk of losing money on their surplus funds (what’s left over after subtracting income from expenses) by putting the money in CDs, money market accounts, balanced investment portfolios, and high yield savings accounts. This is currently a good time to invest as rates are still high.
-
Emergency Savings: It is wise to have three to six months’ worth of living expenses in an emergency fund when plans are made to exit side businesses. Retirees will need a larger emergency fund than other people because they are more likely to encounter unexpected expenses.
-
Social Security Strategy: When it comes to collecting Social Security benefits, the time of claiming them is critical. Although the benefits are adjusted for inflation, taking them after the FRA will result in higher monthly payments. For instance, if you begin receiving benefits at 65 instead of 67, you will receive about 87.22% of your benefits, and an additional 8% boost for each year you delay between the age of 65 and the age of 70.
-
Long-Term Care Insurance: If it is possible to align the long-term care insurance for inflation, this can be a good approach to the increasing healthcare expenditures. However, this will be accompanied by higher premiums.
Although they are currently in good financial shape, wise financial planning and adaptations are crucial to maintain their standard of living in the face of volatile economic conditions. Their retirement financial stability will depend on making sure that their savings and investment plans are sufficiently robust to withstand inflationary pressures.
If you want to get more information, or if you have any questions about your retirement planning, you may want to attend financial forums or meet with financial advisers that focus on retirement planning. Such discussions can offer specific recommendations and tips on how to minimize losses and risks in the current economic environment.
Furthermore, the availability of healthcare expenses of the Oneok employees who are the main focus of this report as well as the rate of their increase are important factors that cannot be ignored in retirement planning. According to the HealthView Services’ report, the healthcare expenses are likely to grow by an average of 5.9% annually in the next 10 years – a rate that is significantly higher than the inflation rate. This difference shows that medical costs must be taken into consideration when developing a budget, which may require the help of a financial expert.
Managing retirement finances in an environment of inflation is like controlling a ship in a storm. To safely navigate through the turbulent economic waters, Oneok employees must tighten their financial strategies—such as diversifying investments, timing Social Security benefits, and preparing for rising healthcare expenditures. This ensures a smooth journey, allowing them to maintain their desired lifestyle without being derailed by unexpected economic shifts.
*There is no guarantee that asset allocation or diversification will enhance overall returns, outperform a non-diversified portfolio, nor ensure a profit or protect against a loss. Investing involves risk, including possible loss of principal. There can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Investing involves risk, including possible loss of principal.
Featured Video
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!
This information is not intended as a recommendation. The opinions are subject to change at any time and no forecasts can be guaranteed. Investment decisions should always be made based on an investor’s specific circumstances. Investing involves risk, including possible loss of principal.
The sources of the information:
-
Reddick, Chris. 'How to Effectively Save for Retirement in Oneok Companies.' Chris Reddick Financial Planning, LLC, October 2021, www.chrisreddickfp.com . Accessed 4 Feb. 2025.
-
'Oneok and Large Company Employees.' Warren Street Wealth Advisors, 2025, www.warrenstreetwealth.com . Accessed 4 Feb. 2025.
-
'How Many Oneok Companies Have a Pension Plan? (2025).' Investguiding, 2025, www.investguiding.com . Accessed 4 Feb. 2025.
-
'The Benefits of Pooled Employer Plans for Retirement Outcomes.' Aon, April 2025, www.aon.com . Accessed 4 Feb. 2025.
-
'Planning for the Future: Four Changing Retirement Trends.' Forbes, 13 Nov. 2018, www.forbes.com . Accessed 4 Feb. 2025.
What specific factors does ONEOK, Inc. consider when determining an employee's eligibility for retirement benefits, and how do these factors align with commonly understood retirement planning principles in the context of the ONEOK, Inc. Retirement Plan?
Eligibility Factors: ONEOK, Inc. considers several factors when determining eligibility for its retirement plan, such as date of hire, age, and participation in certain programs like the Profit Sharing Plan. Employees must have been hired before January 1, 2005, and must meet the minimum age of 21 to be eligible(ONEOK_Inc_Retirement_Pl…). These factors align with common retirement planning principles, such as ensuring long-term employment and participation in benefit programs.
How does the structure of the ONEOK, Inc. Retirement Plan impact the financial planning strategies of employees who are nearing retirement age, particularly in relation to their final average earnings and years of credited service?
Plan Structure and Financial Planning: The ONEOK Retirement Plan uses a formula based on Final Average Earnings and Years of Credited Service. This structure impacts employees' financial planning, as it encourages maximizing years of service and optimizing earnings in the final years before retirement(ONEOK_Inc_Retirement_Pl…). Employees nearing retirement should focus on maximizing both variables for a stronger financial outcome.
In what ways can changes to the IRS limits in 2024 affect the retirement planning of employees participating in the ONEOK, Inc. Retirement Plan, and how can they adapt their strategies to accommodate these changes?
IRS Limits and Impact on Planning: Changes to IRS limits, such as increases in contribution caps or income thresholds, could affect employees’ ability to defer taxes and maximize savings(ONEOK_Inc_Retirement_Pl…). Employees can adapt by adjusting their contributions to their 401(k) or other retirement accounts in line with new limits, ensuring they stay within allowable tax advantages.
For employees considering early retirement, what are the implications of selecting this option under the ONEOK, Inc. Retirement Plan compared to waiting for normal retirement benefits, and what should they consider regarding potential reductions in benefits?
Early Retirement vs. Normal Retirement: Opting for early retirement under the ONEOK Plan can lead to a reduction in benefits, as payments are reduced based on the Early Retirement Benefit Reduction Schedule(ONEOK_Inc_Retirement_Pl…). Employees should consider their financial needs and health before making this decision, as waiting until normal retirement age results in higher monthly benefits.
How does the process for applying for retirement benefits at ONEOK, Inc. work, and what specific documentation and timelines should employees be prepared to navigate in order to ensure a smooth transition into retirement?
Retirement Application Process: Employees must request a retirement estimate online or through HR, and submit retirement forms and documentation to initiate benefits(ONEOK_Inc_Retirement_Pl…). Timely submission is key to ensure a smooth transition, and benefits usually begin the first of the month after retirement.
What options are available to employees of ONEOK, Inc. if they wish to change their designated beneficiaries in the retirement plan, and how can they ensure that these changes are executed properly?
Changing Beneficiaries: Employees can change their designated beneficiaries by submitting a pre-retirement death beneficiary form(ONEOK_Inc_Retirement_Pl…). Spousal consent is required for changes that involve someone other than the spouse, and notarization is needed to ensure proper execution.
How does ONEOK, Inc. manage the investment of its retirement plan assets, and what guidelines are in place to ensure that participants' funds are invested prudently and in alignment with their retirement goals?
Investment Management: ONEOK manages its retirement plan assets in a trust, with investments overseen by plan fiduciaries following an investment policy(ONEOK_Inc_Retirement_Pl…). This policy ensures that funds are invested prudently, balancing risk and returns in alignment with participants' retirement goals.
In terms of employee rights under ERISA, what recourse do employees of ONEOK, Inc. have if they believe their benefits are being mismanaged or if they encounter issues when filing claims related to their retirement benefits?
ERISA Rights and Recourse: Employees have rights under ERISA, including the ability to file claims and appeals if they believe their benefits are being mismanaged(ONEOK_Inc_Retirement_Pl…). If claims are denied, they can appeal and ultimately take legal action under Section 502(a) of ERISA if necessary.
What procedures does ONEOK, Inc. have in place for communicating changes to the retirement plan, and how can employees stay informed about updates that may affect their benefits or retirement planning?
Plan Updates and Communication: ONEOK communicates changes to its retirement plan through electronic and physical notices(ONEOK_Inc_Retirement_Pl…). Employees are encouraged to stay updated by regularly reviewing these communications and contacting HR if they need clarification.
How can employees of ONEOK, Inc. reach out for additional information regarding the retirement plan, and what are the best practices for utilizing the resources available for retirement planning assistance?
Accessing Retirement Information: Employees can contact ONEOK HR Solutions or access the Employee Self-Service platform for detailed information about their retirement plan(ONEOK_Inc_Retirement_Pl…). Best practices include regular consultations with HR to stay informed and plan effectively for retirement.