<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=314834185700910&amp;ev=PageView&amp;noscript=1">

New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Learn More

Discovering Your Financial Magic Number: Securing Your Future as a Primoris Services Employee

image-table

Healthcare Provider Update: Healthcare Provider for Primoris Services: Primoris Services offers health insurance benefits through various insurance carriers, which may include larger providers like UnitedHealthcare, Cigna, and Anthem, among others. The specific provider may vary by location and the plan selected by employees. Healthcare Cost Increases in 2026: As Primoris Services looks ahead to 2026, employees should brace for significant healthcare cost increases. With the potential expiration of enhanced federal premium subsidies, many are anticipated to face a staggering rise in out-of-pocket expenses, with some states estimating hikes of over 60% in healthcare premiums. Employers, reacting to these financial pressures, are likely to adjust benefit structures, shifting more costs onto employees. This upcoming year may fundamentally challenge healthcare affordability for many households, making it essential for employees to review their healthcare options and strategies carefully. Click here to learn more

In the current financial landscape, understanding the essential 'magic number' for retirement—the amount needed to feel comfortable about retirement—is crucial, especially considering the projected challenges for Social Security.  It's predicted that Social Security reserves will be depleted by 2037, with ongoing taxes only covering 76% of the expected benefits, a decrease from the current 100%, according to data from the Social Security Administration (SSA) . This looming shortfall underscores the importance of robust personal planning for retirement, particularly for Primoris Services employees.

Statistics reveal that nearly half of American families are not investing for their retirement, which could lead to significant financial pressure during their golden years.  According to the 2022 Federal Reserve Survey of Consumer Finances, it's evident that 45.6% of families have not yet started planning their future, potentially leaving them inadequate as they age . For Primoris Services employees, this emphasizes the necessity of proactive financial planning.

Considering Social Security Benefits

The role of Social Security benefits in retirement planning cannot be overstated, as they currently support over 50 million elderly and disabled individuals. However, earning too much money while receiving benefits before reaching full retirement age can reduce the benefits one receives.  According to the SSA, for individuals at full retirement age throughout the year, $1 is deducted from benefits for every $2 earned above the annual limit of $22,320 . After reaching full retirement age, this deduction decreases to $1 for every $3 earned over $59,520, until the month of full retirement is reached. For Primoris Services staff, understanding these thresholds is critical to optimizing retirement benefits.

Setting Realistic Retirement Savings Goals

Addressing this complexity is essential by setting clear and attainable retirement savings goals.  According to financial consulting firm Fidelity, savings benchmarks evolve with age: it's recommended to save at least one year's salary by age 30, three times by 40, six times by 50, eight times by 60, and ten times by 67 . For a Primoris Services employee earning an annual income of $40,000 at age 30, they should aim to have $40,000 saved at that age. By 40, this amount should be tripled to $120,000, and by 50, it should reach $244,000. After reaching 60, savings should ideally be at $320,000, culminating in $400,000 by 67.

Concrete Steps to Reach Your Retirement Goals

Reaching these financial goals may seem daunting, but starting with a detailed retirement calculation can provide clarity and direction. Key elements for this calculation include:

- Current age and pre-tax income

- Existing retirement savings

- Planned monthly contributions for retirement

-Estimated monthly retirement budget, considering potential expense reductions such as transportation costs compared to current commitments like mortgage payments.

Featured Video

Articles you may find interesting:

Loading...

Moreover, considering other retirement income sources, such as funds from long-term rented properties or profits from investments like stocks or affiliate marketing, is prudent. Through this comprehensive approach, it's possible for Primoris Services employees to make a realistic assessment of their financial health and the steps needed to feel confident about your retirement income.

Exploring Additional Sources of Income

As the traditional employment landscape evolves, exploring additional income sources can also be a prudent strategy. This may involve leveraging specific skills to generate additional income, which can enhance traditional retirement savings. Whether through consulting, starting a profitable small business, or other entrepreneurial ventures, diversifying income sources can significantly bolster financial security later in life.

The Role of Financial Advisors

Since financial planning is complex, engaging a financial planning professional could be beneficial. They can provide individualized advice and strategies to optimize savings and steps towards financial goals. Adopting a strict budget and financial discipline are also crucial elements for successful retirement planning.

Conclusion

Understanding and pursuing your retirement 'magic number' is not merely a financial activity; it's a vital strategy to aid in the comfort and security for the future, especially in an era where Social Security benefits are uncertain. By proactively planning, setting realistic goals, and exploring various employment possibilities, to reach a retirement feasible for Primoris Services employees.

In addition to determining ideal retirement savings, those nearing retirement should consider the impact of healthcare costs, which can be a significant portion of post-retirement expenses.  According to a 2024 study by Fidelity, retirees are expected to spend an average of $295,000 on healthcare throughout their retirement life, not including long-term care . This figure highlights the importance of accounting for medical expenses when calculating your retirement 'magic number,' ensuring a comprehensive financial approach that considers potential medical needs and costs in the future.

What is the 401(k) plan offered by Primoris Services?

The 401(k) plan at Primoris Services is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.

How can I enroll in the Primoris Services 401(k) plan?

Employees can enroll in the Primoris Services 401(k) plan by completing the online enrollment process through the company’s benefits portal during the enrollment period.

Does Primoris Services offer matching contributions to the 401(k) plan?

Yes, Primoris Services offers matching contributions to the 401(k) plan, which helps employees grow their retirement savings.

What is the maximum contribution limit for the Primoris Services 401(k) plan?

The maximum contribution limit for the Primoris Services 401(k) plan follows the IRS guidelines, which can change annually. Employees should check the current limits for accuracy.

Can I change my contribution percentage to the Primoris Services 401(k) plan?

Yes, employees can change their contribution percentage to the Primoris Services 401(k) plan at any time through the benefits portal.

What investment options are available in the Primoris Services 401(k) plan?

The Primoris Services 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles suitable for retirement savings.

When can I start withdrawing funds from my Primoris Services 401(k) plan?

Employees can start withdrawing funds from their Primoris Services 401(k) plan upon reaching the age of 59½, subject to certain conditions.

Are there any penalties for early withdrawal from the Primoris Services 401(k) plan?

Yes, there are typically penalties for early withdrawal from the Primoris Services 401(k) plan, including a 10% penalty tax on amounts withdrawn before age 59½.

How often can I change my investment allocations in the Primoris Services 401(k) plan?

Employees can change their investment allocations in the Primoris Services 401(k) plan as frequently as allowed by the plan, typically on a daily basis.

Does Primoris Services provide financial education regarding the 401(k) plan?

Yes, Primoris Services offers financial education resources and workshops to help employees understand their 401(k) plan and make informed investment decisions.

New call-to-action

Additional Articles

Check Out Articles for Primoris Services employees

Loading...

For more information you can reach the plan administrator for Primoris Services at , ; or by calling them at .

*Please see disclaimer for more information

Relevant Articles

Check Out Articles for Primoris Services employees