Healthcare Provider Update: Fortive Corporation partners with various healthcare providers through its Advanced Healthcare Solutions segment, focusing on delivering mission-critical technologies for medical instruments and healthcare facilities. As of 2025, Fortive is well-positioned to navigate the anticipated shifts in healthcare costs and innovations related to connected workflows. Looking ahead to 2026, healthcare costs are expected to rise significantly, potentially impacting many American families. Record premium increases for Affordable Care Act (ACA) marketplace plans are projected, with some state premiums soaring by over 60%. This surge in costs is largely driven by higher medical expenses, the potential cessation of federal premium subsidies, and increased rates from major insurers. Without congressional action to extend these subsidies, many policyholders could see their premiums spike by up to 75%, highlighting the urgent need for consumers to prepare for these financial changes. 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 Fortive. 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 Fortive 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 Fortive 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 Fortive professionals.
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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 plan does Fortive offer to its employees?
Fortive offers a 401(k) retirement savings plan to help employees save for their future.
Does Fortive provide a company match for contributions made to the 401(k) plan?
Yes, Fortive provides a company match on employee contributions to the 401(k) plan, enhancing the overall savings potential.
What is the eligibility requirement to participate in Fortive's 401(k) plan?
Employees are eligible to participate in Fortive's 401(k) plan after completing a specified period of employment, typically 30 days.
Can employees at Fortive choose their contribution percentage to the 401(k) plan?
Yes, employees at Fortive can choose their contribution percentage, allowing for flexibility in saving according to their financial goals.
What investment options are available in Fortive's 401(k) plan?
Fortive's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can employees change their contribution amounts to Fortive's 401(k) plan?
Employees can change their contribution amounts to Fortive's 401(k) plan at any time, subject to plan rules and limits.
Does Fortive allow for loans against the 401(k) balance?
Yes, Fortive's 401(k) plan may allow employees to take loans against their balance, subject to specific terms and conditions.
What happens to my 401(k) account if I leave Fortive?
If you leave Fortive, you can choose to leave your funds in the plan, roll them over to another qualified plan, or withdraw them, subject to tax implications.
Is there a vesting schedule for Fortive's company match in the 401(k) plan?
Yes, Fortive has a vesting schedule for the company match, meaning employees must work for a certain period to fully own the matched contributions.
Can I access my Fortive 401(k) funds in case of financial hardship?
Yes, Fortive allows for hardship withdrawals under certain conditions, following IRS guidelines and plan rules.