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Prioritizing Personal Fulfillment: A New Retirement Approach for HP Employees

HP employees should take Jay Zigmont’s message to heart by embracing a retirement centered on personal fulfillment rather than obligatory inheritance, says Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement, who emphasizes the importance of aligning financial plans with values that bring meaning and joy in the present.

HP employees should recall that true financial success isn't just about preserving wealth for others. As noted by Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement, who echoes Jay Zigmont's message, it's about using that wealth to create a fulfilling, experience-rich retirement that honors the life you've worked so hard to build.

In this article, we will discuss:

Why Jay Zigmont challenges the traditional notion of leaving large inheritances.
How HP employees can prioritize personal happiness over leaving a financial legacy.
The growing trend of valuing meaningful experiences over wealth transfer in retirement.

Jay Zigmont, a licensed financial planner and author, challenges traditional views on inheritance and wealth accumulation when it comes to financial management. In an episode of Morningstar's podcast, The Long View, Zigmont introduced a persuasive perspective that questions the merit of leaving sizable inheritances, particularly under strained family conditions. Instead, he emphasizes using accumulated wealth to improve one's own life rather than as a means to mend relationships or to gain affection.

In his book The Childfree Guide to Life and Money, Zigmont initially targeted childless individuals. Now, his insights extend to HP employees and others who may have heirs less appreciative of their efforts to amass wealth. He critiques the traditional financial planning approach that emphasizes leaving a monetary legacy for such heirs as overly idealistic.

Zigmont promotes prioritizing personal happiness over leaving financial legacies. He encourages spending on activities that bring joy, freedom, and comfort, and supporting those who genuinely value such generosity. His clear message: HP employees who have spent years building their wealth should feel entitled to enjoy their earnings without the obligation of leaving an inheritance, particularly to those who may seem indifferent or ungrateful.

Zigmont's philosophy prompts a reevaluation of one's financial planning objectives. He suggests using wealth to improve personal living standards rather than repairing broken relationships or leaving a financial legacy for future generations. Ultimately, he proposes that a life rich in satisfaction and meaningful experiences is the most valuable legacy one can leave.

Research by the National Endowment for Financial Education reveals that about 70% of seniors who focused on enriching personal experiences reported higher satisfaction in retirement compared to those who concentrated on wealth transfer. This correlation underscores the significance of personal fulfillment in one's later years. The emerging trend of prioritizing living fully over leaving inheritances is gaining traction, suggesting a shift towards more rewarding post-career lives.

Explore Jay Zigmont's innovative financial approach, which advocates for relishing life's simple pleasures rather than accumulating wealth for ungrateful heirs. Discover how you, as a HP employee, can redefine your retirement years by focusing more on meaningful experiences and personal satisfaction. Understand why an inheritance is not mandatory and learn the benefits of investing wisely in what truly enriches your life.

Consider the wealth you've accumulated like a beautiful, expansive garden you've nurtured over many years. You could open the gates for garden parties, enjoying the colors, fragrances, and company of those who truly appreciate the garden's splendor, or you could keep the gates closed, preserving every bloom for future generations who may not value its beauty. Zigmont's advice leans towards the former: rather than saving everything for successors who may not recognize the effort and love invested, use your resources to enhance your life now and create joyful memories. This approach allows your golden years to flourish beautifully, filled with cherished moments and personal happiness.

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Sources:

1. Business Insider. Spend More to Avoid Dying Rich If You Don’t Have Kids, Says This Financial Guru. Business Insider , 5 Apr. 2025.

2. Business Insider. I Asked 200 Retirees for Their Best Advice. The Biggest Tip Had Nothing to Do with Money. Business Insider , 6 Apr. 2025.

3. Morningstar Podcast Team. Dr. Jay Zigmont: Handling Your Finances When You Don’t Have Kids. Morningstar , 2 Apr. 2025.

4. Zigmont, Jay, PhD, MBA, CFP®. The Childfree Guide to Life and Money: Make Your Finances Simple So Your Life Without Kids Can Be Amazing . The American College, 31 Dec. 2024.

5. Fortune. Retirement Is Becoming Just the 'Third Half' of Life. Here Are the 4 Key Mindsets We've Identified Among the New Generation of Retirees. Fortune , 7 Mar. 2024.

How does HP Inc. ensure that the pension plan benefits will remain stable and secure for employees in the future, and what measures are being implemented to mitigate financial volatility associated with these benefits? Employees of HP Inc. should be particularly aware of how the transition of their pension payments to Prudential will affect their financial security and what protections are in place to ensure that these payments are maintained without disruption.

HP Inc. ensures pension plan benefits remain stable and secure by transferring the payment obligations to Prudential, a highly-rated insurance company selected through a careful review by an Independent Fiduciary. This move is aimed at reducing financial volatility associated with HP's pension obligations while maintaining the same benefit amount for retirees. Prudential's established financial stability provides additional security to employees(HP Inc_November 1 2021_…).

What specific details can HP Inc. employees expect to learn in the Welcome Kit from Prudential, and how will these details help them understand their new payment system? HP Inc. pension participants will need to familiarize themselves with the information outlined in the Welcome Kit to make informed decisions regarding their pension benefits going forward.

The Welcome Kit from Prudential will provide HP Inc. employees with instructions to set up an online account, along with details on managing payments, tax withholdings, and other resources. This information will allow employees to familiarize themselves with Prudential’s system and ensure a seamless transition without disruptions(HP Inc_November 1 2021_…).

In what ways does the selection process for Prudential as the insurance provider reflect the commitment of HP Inc. to the well-being of its employees? Understanding the rationale behind this decision will give HP Inc. employees insights into the fiduciary responsibilities and governance processes that protect their retirement benefits.

The selection of Prudential reflects HP Inc.'s commitment to employee well-being, as it involved the Independent Fiduciary conducting an extensive review of insurance providers. Prudential was chosen based on its financial strength and ability to manage pension payments securely, showing HP's focus on protecting retirement benefits(HP Inc_November 1 2021_…).

How will the annuity payments from Prudential differ from the previous pension payments in terms of tax implications and reporting for HP Inc. employees? It is crucial for employees of HP Inc. to comprehend the tax treatment of their new annuity payments to avoid any potential pitfalls in their personal financial planning.

The annuity payments from Prudential will be taxed similarly to the previous pension payments, though employees will receive two separate 1099-R forms for 2021 (one from Fidelity and one from Prudential). For future years, only a single form will be issued. This ensures employees are aware of how to manage tax reporting(HP Inc_November 1 2021_…).

What resources are available to HP Inc. employees seeking assistance regarding their pension benefits, and how can they effectively utilize these resources to address their concerns? Knowing how to access support and guidance will empower HP Inc. employees to manage their retirement benefits proactively.

HP Inc. employees seeking assistance can access live customer support through Fidelity or contact Prudential directly after the transition. Additionally, the Welcome Kit will include important contact information for managing their benefits, making it easy for employees to address concerns(HP Inc_November 1 2021_…).

How can HP Inc. employees verify the financial health and stability of Prudential, and why is this factor important in the context of their pension benefits? Employees must ask how Prudential's financial standing influences their view of long-term pension security and what metrics or ratings they should consider.

HP Inc. employees can verify Prudential’s financial health by reviewing Prudential's annual financial reports, which are publicly available. Prudential’s strong financial ratings were a key factor in its selection, assuring employees of long-term pension security(HP Inc_November 1 2021_…).

What steps should HP Inc. employees take to update their personal information, such as banking details and tax withholding preferences, following the transition to Prudential? Understanding these processes will ensure a smooth continuation of benefits for HP Inc. employees as they adapt to the new system.

Employees do not need to re-submit their personal information to Prudential, as HP will securely transfer all necessary data, including banking and tax withholding preferences. This ensures the continuation of pension payments without the need for employee intervention(HP Inc_November 1 2021_…).

How does HP Inc. plan to address potential changes in the financial landscape that may affect pension benefits, and what role does the insurance contract with Prudential play in this context? HP Inc. employees should be informed about the company's strategic outlook and how it aims to safeguard pension assets against economic uncertainties.

HP Inc. plans to address potential financial changes through its contract with Prudential, which guarantees pension payments will remain the same. Prudential manages these risks as part of its core business, providing added security against economic volatility(HP Inc_November 1 2021_…).

In what circumstances might HP Inc. employees see changes in their net pension payments following the transition to Prudential, despite assurances that payment amounts will remain unchanged? This understanding will help employees manage their expectations regarding future payments and any adjustments they may need to make.

Employees might see changes in their net pension payments due to tax adjustments or changes in withholding instructions, but the gross payment amount will remain unchanged. Any garnishments or other deductions will continue as before, ensuring consistency in payment structure(HP Inc_November 1 2021_…).

How can HP Inc. employees contact the company directly to learn more about the pension transition process, and what channels are available for them to have their questions addressed? Clear communication lines are essential for HP Inc. employees to ensure they receive timely and relevant information regarding their pension situations.

HP Inc. employees can contact the company through the Fidelity support line or directly through Prudential for any questions about the pension transition. The Welcome Kit and other resources will provide contact details, ensuring employees have access to timely support(HP Inc_November 1 2021_…).