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

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The Least Favorable U.S. States for Retirees from [Company Name]: What You Need to Know

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Healthcare Provider Update: Healthcare Provider for Broadridge Financial Solutions Broadridge Financial Solutions does not directly provide healthcare services; instead, it typically partners with major health insurers to offer comprehensive health insurance options to its employees. Employees at Broadridge often have access to plans from insurers like UnitedHealthcare, Anthem, Cigna, and others, depending on their location and specific employer agreements. Potential Healthcare Cost Increases in 2026 As 2026 approaches, significant healthcare cost increases loom for those enrolled in Affordable Care Act (ACA) marketplace plans. Premium rates are projected to rise sharply, with some states anticipating hikes of over 60%. This surge is influenced by escalating medical costs, such as hospital services and prescription drugs, alongside the potential expiration of enhanced federal subsidies. If these enhancements are not renewed, individuals could see their out-of-pocket healthcare expenses rise by over 75%, severely impacting access to affordable health coverage. For Broadridge Financial Solutions employees, it is crucial to assess the implications of these potential increases on their healthcare budgeting and coverage decisions. Click here to learn more

Choosing the ideal place to retire is a critical decision that impacts both financial stability and quality of life. While smaller states are often seen as ideal retirement destinations, Alaska has been ranked the least favorable region for the third consecutive year in  Bankrate's 2024 study  of the best U.S. states for retirement.

To determine the most and least favorable states for retirement, Bankrate employed a comprehensive method that included multiple data sources such as the Council for Community and Economic Research, the U.S. Census Bureau, the Tax Foundation, and the National Oceanic and Atmospheric Administration. The study evaluates each state across five key dimensions with weights assigned that reflect their importance to future retirees: affordability (40%), overall well-being (25%), health quality and costs (20%), weather (10%), and crime (5%).

In terms of affordability, Alaska poses significant challenges, especially for those on fixed incomes like many retirees from Broadridge Financial Solutions. The cost of living in Alaska is about 30% higher than the national average, according to RentCafe. Specifically, housing expenses exceed the national average by 17%, while energy and healthcare costs are nearly twice as high. Despite these expenses, Alaska offers some financial benefits due to the absence of state income tax, inheritance tax, and it does not tax pensions or Social Security retirement benefits.

However, the country's weather conditions negatively impact its ranking. Summers can be mild with temperatures ranging from 45 to 75 degrees Fahrenheit, while winters are harsh, with temperatures dropping to as low as -10 degrees Fahrenheit. These extreme conditions can be a barrier for those seeking a comfortable and accessible living environment in their later years, including former Broadridge Financial Solutions employees looking for a peaceful retirement.

Crime rates also play a role in the evaluation, with Alaska considering its rate of property and violent crimes per 100,000 residents. Safety is a paramount concern for retirees, making states with lower crime rates more attractive for those transitioning from careers at Broadridge Financial Solutions to retirement.

The study highlights not only the least favorable states but also underscores the importance of considering multiple factors beyond just costs when selecting a retirement location. It is crucial to have strong social and community engagement opportunities. Kerry Hannon, a retirement specialist mentioned in the study, emphasizes the importance of community and human connections for healthy aging, advising against isolation and loneliness.

For those facing complex decisions related to retirement planning, tools such as CNBC Make It's  retirement calculator  are indispensable. This tool helps assess the savings needed for retirement based on current age, savings, income, and desired retirement age. It is essential to consider both financial and non-financial aspects when planning for retirement, to ensure a balanced approach that promotes both financial security and a fulfilling life post-career, particularly for Broadridge Financial Solutions professionals.

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Individuals seeking more information on financial planning and retirement strategies could benefit from resources like CNBC's online course titled 'Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure.' This course offers tips on managing financial stress, establishing good habits, and optimizing savings and investments to ensure future stability. An introductory discount is available, offering early access benefits until September 2, 2024.

In summary, although Alaska may offer some tax advantages, its high cost of living, challenging weather conditions, and security concerns make it less attractive for retirees. This analysis highlights the importance of a comprehensive approach to selecting a local retirement location, balancing economic factors with lifestyle preferences and community characteristics.

Despite the drawbacks highlighted in states like Alaska, an often-overlooked aspect is the opportunity to enjoy natural beauty and serenity, which can significantly enhance psychological well-being—an essential element for retirees. A  2021 study  by the American Psychological Association noted that natural environments are associated with lower levels of stress hormones, making it an appealing reason for retirees to consider the beauty of their retirement destination alongside other practical aspects.

What type of retirement savings plan does Broadridge Financial Solutions offer to its employees?

Broadridge Financial Solutions offers a 401(k) retirement savings plan to help employees save for their future.

How does Broadridge Financial Solutions match employee contributions to the 401(k) plan?

Broadridge Financial Solutions provides a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions, up to a certain limit.

Can employees of Broadridge Financial Solutions choose how to invest their 401(k) contributions?

Yes, employees at Broadridge Financial Solutions can choose from a variety of investment options for their 401(k) contributions, including stocks, bonds, and mutual funds.

What is the eligibility requirement for employees to participate in the 401(k) plan at Broadridge Financial Solutions?

Employees of Broadridge Financial Solutions are generally eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.

Does Broadridge Financial Solutions offer any educational resources for employees regarding their 401(k) plan?

Yes, Broadridge Financial Solutions provides educational resources and tools to help employees understand their 401(k) options and make informed investment decisions.

What is the vesting schedule for the company match in Broadridge Financial Solutions' 401(k) plan?

The vesting schedule for the company match at Broadridge Financial Solutions typically follows a graded vesting schedule, meaning employees earn ownership of the match over a period of time.

Are there any fees associated with the 401(k) plan at Broadridge Financial Solutions?

Yes, there may be administrative and investment fees associated with the 401(k) plan at Broadridge Financial Solutions, which are disclosed in the plan documents.

Can employees take loans against their 401(k) balance at Broadridge Financial Solutions?

Yes, Broadridge Financial Solutions allows employees to take loans against their 401(k) balance, subject to certain terms and conditions outlined in the plan.

What happens to an employee's 401(k) account if they leave Broadridge Financial Solutions?

If an employee leaves Broadridge Financial Solutions, they can either roll over their 401(k) balance to another retirement account, leave it in the plan, or withdraw the funds, subject to tax implications.

Is there an automatic enrollment feature in the 401(k) plan at Broadridge Financial Solutions?

Yes, Broadridge Financial Solutions may offer an automatic enrollment feature, which automatically enrolls eligible employees in the 401(k) plan unless they opt out.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Broadridge Financial Solutions announced a major restructuring plan, including significant layoffs and changes to their pension plans. This includes a shift towards a more technology-focused workforce and adjustments to their defined benefit plans.
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For more information you can reach the plan administrator for Broadridge Financial Solutions at 2 Journal Square Plaza Jersey City, NJ 7306; or by calling them at +1 201-907-3000.

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