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Retirement Planning for Moog Employees Without Children

'Retirement planning for those without children requires a proactive approach to building a support network, preparing for long-term care, and properly directing your legacy—critical for Moog employees seeking to navigate this unique journey.' – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.

'Moog employees without children face unique retirement challenges that demand careful planning for long-term care, housing, and legacy, making it essential to create a comprehensive strategy to plan for a well-supported future.' – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

The importance of building a support network for retirees without children.
Strategies for preparing for long-term care and future housing.
The significance of enhancing retirement savings and planning a legacy.

As Moog employees approach retirement, those without children may find themselves facing unique challenges in planning for the future. While many retirees may find comfort in knowing their children can help with caregiving or other responsibilities, employees without children must proactively address their needs, particularly regarding housing, health care, and long-term care. According to a 2024 Pew Research Center analysis, 23% of adults in their 50s never had children, ¹ highlighting the growing number of older Americans who must navigate retirement without this traditional family support system.

Building Your Support Network

One of the primary challenges for those without children is deciding who will manage their affairs if they become incapacitated. Michael Corgiat, a financial advisor with The Retirement Group, underscores the importance of assembling a reliable team to handle critical decisions, particularly for health care and legal matters. 'Moog retirees without children need to think through who should make decisions for them if they can no longer do so for themselves,' Corgiat explains.

This responsibility could fall on extended family members or close friends, who may serve as your power of attorney or health care proxy. Many Moog employees without children maintain close relationships with nieces and nephews, and these younger family members may step in as caregivers if needed. In some cases, life care professionals or geriatric care managers can provide crucial support, offering services to help with caregiving and accessing other necessary resources.

However, Corgiat cautions that if no one is formally designated, the state or health care organizations may make decisions on your behalf, potentially causing unwanted complications. It's critical to have these discussions early, confirming your chosen proxy is both willing and suitable for the role.

Preparing for Long-Term Care Needs

Long-term care is a reality for most people, with the U.S. Department of Health and Human Services estimating that about 70% of individuals who reach age 65 will need some form of long-term care during their lives. ² This statistic underscores the importance of preparing for future care needs, particularly for couples without children who may not have immediate family members to lean on for assistance.

Long-term care insurance is a valuable option for those looking to manage the high costs of care. Insurance coverage can help cover a range of services, from in-home care to nursing home stays, allowing individuals to remain independent for as long as possible. Planning for these eventualities provides peace of mind, knowing that financial support is in place when needed most.

Planning Housing for the Future

When considering retirement, it is crucial to think ahead about where you will live as you age. For Moog employees without children, planning for the future of your home can significantly impact your quality of life. Setting aside funds for potential home modifications, such as the installation of ramps or a walk-in shower, can make aging in place more comfortable. This foresight can also help if relocation becomes necessary in the future.

Another option to consider is continuing care retirement communities (CCRCs), also known as life-plan communities. These facilities provide varying levels of care, from independent living to assisted living and nursing care, all within one location. They are particularly appealing for individuals without children, as they offer a comprehensive solution to aging. While CCRCs typically require a large up-front payment, they offer the benefit of establishing a future living arrangement, providing access to appropriate care as needs evolve over time. More people, including those in their 50s, are beginning to make deposits to reserve their spot in these communities, recognizing the long-term value of such an investment.

Social Engagement in Retirement

As Moog employees retire, staying socially engaged becomes an essential aspect of maintaining mental and emotional well-being. Without the daily interactions of a workplace, it's important to create opportunities for social connection. This could include taking local classes or upgrading technology to participate in virtual gatherings with friends and community groups. Setting aside funds for these social activities not only helps prevent isolation but also enhances the enjoyment and fulfillment of retirement life.

Enhancing Retirement Savings

For those without children, building robust retirement savings is vital. Every dollar invested in a retirement account can make a real difference. For the 2025 tax year, individuals aged 50 and over can contribute up to $8,000 to an individual retirement account (IRA), and up to $31,000 to employer-sponsored plans such as 401k, 403b, or 457 accounts. These higher contribution limits enable individuals to save more aggressively, strengthening their financial position and supporting a comfortable retirement.

Planning Your Legacy

While estate planning may feel less urgent for those without children, it remains an essential aspect of retirement planning. Without a will, state intestacy laws will determine who inherits your assets, which may not align with your wishes. As Brent Wolf, a financial advisor with The Retirement Group, notes, 'An estate plan is the best way to make sure your assets are distributed as you choose and you leave the legacy you desire. That's true whether or not you have children.'

Wolf recommends an exercise to help clients with assets to leave but no obvious heirs. 'Ask yourself both who and what matters to you,' he says. 'This could include extended family members, close friends, or causes near and dear to your heart. Answering that question will give you a sense of how to allocate your assets.' This thoughtful approach can help you plan for a meaningful legacy, whether through charitable donations, friends, or other causes you would like to support.

When planning for retirement, it's also important to consider the role of digital assets in estate planning. With each passing year, a larger percentage of the population will rely on a growing range of digital assets, from online banking accounts to social media profiles. As part of your estate plan, it's essential to create a digital inventory and designate a trusted person to manage these assets after your passing. This will help make sure your online accounts are properly handled and your digital legacy is managed according to your wishes.

Conclusion

Planning for retirement without children is like preparing for a long journey without a guide. You need a detailed map (your support network), a well-maintained vehicle (long-term care insurance and housing plans), and a reliable set of tools (a solid retirement savings strategy). Without a guide, you must take extra steps to make your journey smooth, including planning for unexpected detours (health care needs) and directing your legacy to its intended destination (estate planning). Just as you wouldn't embark on a journey without preparation, your retirement should be thoughtfully planned to provide stability in the years to come.

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Sources:

1. Minkin, Rachel; Menasce Horowitz, Juliana; Aragao, Carolina. ' The Experiences of U.S. Adults Who Don't Have Children .' Pew Research Center, 25 July 2024.

2. U.S. Department of Health and Human Services. ' Caregiver Resources & Long-Term Care .' 29 Apr. 2022.

Other Resources:

1. Marak, Carol. 'Solo Aging and Building a Local Support Network.' ASA Generations , 21 June 2023, www.asaging.org/solo-aging-and-building-local-support-network/ .

2. Kawashima, Chris. 'Planning for Long-Term Care.' Schwab Center for Financial Research , 12 Mar. 2024, www.schwab.com/planning-for-long-term-care .

3. Fuchs Financial Team. 'The Importance of Legacy Planning.' Fuchs Financial , 15 July 2024, www.fuchsfinancial.com/importance-of-legacy-planning .

4. myLifeSite Editorial Team. 'The Value of a Solid Support System During Retirement.' myLifeSite , 10 Sept. 2023, www.mylifesite.net/solid-support-system-retirement .

5. AARP Editorial Team. 'Planning for Retirement When You Don’t Have Kids.' AARP , 5 Mar. 2025, www.aarp.org/retirement-planning-without-kids .

How does the transition from the Moog Pension Plan to the RSP(+) Program affect my retirement savings strategy, and what steps should I take to optimize my contributions in light of the changes Moog has implemented to its retirement programs?

Transition from Pension Plan to RSP(+): The transition from the Moog Pension Plan to the RSP(+) Program offers greater flexibility and portability, as the RSP(+) includes both a retirement contribution and a matching contribution. To optimize your contributions, aim for the maximum percentage of your eligible compensation to take full advantage of Moog's increasing match, which phases up to 10% by October 2021. Evaluate your long-term goals and consult a financial advisor for personalized advice.

In what scenarios would remaining in the Current Retirement Program offered by Moog provide a greater benefit compared to the new RSP(+) program, and what factors should I consider when assessing my long-term retirement goals in relation to these two options?

Benefits of Staying in the Current Program: Remaining in the Current Retirement Program may provide greater benefits for long-term employees close to retirement. The Moog Pension Plan offers a defined benefit that provides predictable, stable income, which can be beneficial if you're near retirement age or value a guaranteed income. Weigh the security of the pension against the flexibility and growth potential of the RSP(+) based on your retirement goals.

With the Moog Pension Plan being "frozen" as of December 31, 2019, how does this affect my accrued benefits, and what are the implications for my retirement planning as I approach retirement age and consider other income sources?

Frozen Moog Pension Plan Impact: Since the Moog Pension Plan was frozen on December 31, 2019, your accrued benefits will not grow, but you retain the value you’ve earned. This fixed benefit, payable as an annuity, can still play a role in your overall retirement strategy. As you approach retirement, plan for other income sources, like Social Security or RSP withdrawals, to supplement your frozen pension benefit.

What are the specific vesting timelines for the different retirement options available through Moog, and how do these timelines impact my ability to access benefits if I decide to leave the company before reaching retirement age?

Vesting Timelines: The Moog Pension Plan vests after five years of service, while the RSP(+) retirement contribution vests after three years. The RSP(+) matching contributions are immediately vested for current employees, but newly hired employees face a three-year vesting schedule. If you leave Moog before vesting, you risk losing unvested contributions, so factor in your tenure when planning your exit.

Can you explain the various payment options available when I decide to withdraw from the Moog Pension Plan or RSP(+) account, specifically discussing the benefits and drawbacks of lump-sum distributions versus annuity options offered by Moog?

Payment Options: For both the Pension Plan and RSP(+) Program, Moog offers various withdrawal options. Pension benefits are generally paid as a monthly annuity, whereas the RSP(+) offers lump sum, installments, or partial withdrawals. A lump sum offers flexibility but shifts the investment risk to you, while an annuity provides stable, lifelong payments but limits liquidity.

What investment decisions do employees have the power to make regarding their contributions to the RSP and RSP(+) at Moog, and how might these decisions impact the overall performance of my individual retirement accounts as I prepare for retirement?

Investment Decisions in the RSP(+): Employees control investment decisions within the RSP(+) Program. Moog’s initial contributions are invested in Moog Class B Stock Fund-Restricted, but you can reallocate to other funds. Your choices significantly impact the growth of your retirement savings, so regularly review your investment strategy to ensure it aligns with your retirement timeline and risk tolerance.

How does Moog ensure the security of my retirement benefits under the Pension Plan, and what protections are in place in the event of financial difficulties faced by the company, including the role of the Pension Benefit Guaranty Corporation (PBGC)?

Security of Retirement Benefits: Moog’s pension benefits are backed by the Pension Benefit Guaranty Corporation (PBGC), providing a safety net in case of company financial difficulties. However, the RSP(+) accounts are not PBGC-insured, and the value depends on investment performance. Your pension is protected, but careful management of your RSP investments is crucial.

In the event of my death before receiving retirement benefits, what provisions does Moog have in place for disbursing my accrued benefits to my beneficiaries, and how does marital status affect these benefits under the Moog Pension Plan and RSP?

Death Benefits: If you pass away before receiving your Pension Plan benefits and are married, your spouse receives a monthly lifetime benefit. For the RSP(+) Program, your designated beneficiary will receive your account balance as a lump sum. Spousal consent is required if you wish to name a non-spousal beneficiary. Marital status directly impacts the distribution of your retirement benefits.

How can I maximize the company match contributions offered in the RSP and RSP(+) plans, and what specific contribution levels should I aim for to ensure that I am fully leveraging the benefits provided by Moog?

Maximizing Company Match: To maximize Moog’s matching contributions, contribute at least 6% of your eligible compensation initially, increasing to 8% in 2020 and 10% in 2021 to receive the full match. By reaching these thresholds, you leverage the full benefits of Moog's matching, boosting your retirement savings potential.

If I have further questions or need more information on my retirement options, how can I contact Moog's HR Employee Support team for assistance, and what resources are available to help me navigate the transition between retirement plans effectively? These questions are designed to encourage deeper exploration of individual retirement situations and the specific policies within the companyâ€™s retirement programs.

Contacting Moog HR for Further Information: For more questions or additional guidance, you can contact Moog's HR Employee Support team via email at employeesupport@moog.com or by calling 844-367-5787. Empower Retirement’s Call Center is also available for technical questions regarding the RSP(+) Program. These resources ensure you have the support needed during your retirement transition(Moog_Choice_Guide_Retir…).