Results for Retirement Planning
Identify all of your retirement income sources
This will help you decide if you are financially ready to retire. Take a look at both your Rockwell Automation retirement income sources and those available outside of Rockwell Automation. These may include savings accounts, IRAs, retirement benefits from former employers and Social Security (if eligible). At any time, you can get an idea of your Rockwell Automation retirement income sources. Here’s how:
- Pension Plan: Use the Pension Calculator on Your Benefits™ to get an estimate of your benefit from the Pension Plan. You can model many retirement date scenarios, including various assumptions regarding last day worked, pay and benefit payment start date, and compare your saved versions. You can also get help and request an estimate by calling the RASC and saying “pension” or “retirement” when prompted.
- Retirement Savings Plan: Check your account balance by going online to NetBenefits, the Retirement Savings Plan’s website through Fidelity. You also can call the Rockwell Automation Service Center at Fidelity to ask questions and get information.
Create your retirement budget
Some expenses will likely go down after you retire, such as clothing or restaurant meals. Others might increase, such as hobbies, travel and health care expenses. That’s why it’s important to have a budget so that you’ll know if your retirement income sources will be enough to cover your anticipated expenses. There are a number of helpful budget planning resources online. These resources can help you identify the types of anticipated expenses that should be included, such as retiree health care coverage costs. You can find these resources online using your preferred search engine and searching these terms: “retirement,” “planning” and “budget”.
Evaluate your health care needs
The Rockwell Automation medical and dental coverage you have today will end on the last day of the month in which you retire. Depending on your age and years of service when you retire, you may be eligible for retiree medical coverage from Rockwell Automation.
Prepare for a possible gap in cash flow
It takes time to process your Pension Plan and Retirement Savings Plan distribution elections, so you’ll want to plan your cash flow to accommodate a gap in time between your last paycheck and when you will receive those benefits (assuming you choose to receive them right after you retire). In general, here’s when you can expect to receive your Rockwell Automation retirement income benefits:
- Pension Plan: First of the month after you retire if you elect monthly payments, or 90 – 120 days after you retire if you elect a lump-sum cash payment. See “how and when to get your pension payments” for details.
- Retirement Savings Plan: As early as two weeks after you retire. See “distribution choices” for details.
Seek Financial Advice for Retirement
You have some important choices to make before you retire. Trusted investment advisors, tax specialists or attorneys can help you make decisions that are best for you and your financial situation. To give your financial advisors a better idea of the retirement benefits you get from Rockwell Automation, it’s a good idea to share your important benefits-related documents with them, such as:
- The Summary Plan Descriptions (SPDs) for your retirement benefits (Pension Plan, Retirement Savings Plan and Retiree Medical)
- Your most recent benefits statements (Pension Plan benefit estimate from Your BenefitsTM or the RASC and Retirement Savings Plan account statements from Fidelity)
- Your beneficiary designations (from Your BenefitsTM and Fidelity)
- Your Guide to a Hassle-Free Retirement
You can download copies of your SPDs and Your Guide to a Hassle-Free Retirement by going to Your BenefitsTM, or you can request copies be sent to you by calling the RASC.
Turn to Edelman Financial Engines for Advice
Through Rockwell Automation, you have access to retirement help from Edelman Financial Engines. Their Investment Advisor Representatives can help you understand how to start spending from your Social Security, pension and 401(k) benefits. Their Online Advice and Professional Management services may also be useful:
Online Advice: You have unlimited access to powerful retirement tools available to you at no additional cost through the Edelman Financial Engines link on NetBenefits® website.
Professional Management: For a fee, experts can create and implement a retirement planning strategy that includes your 401(k) plan and considers any other retirement sources you tell them about.
Call Fidelity and ask to be connected to an Edelman Financial Engines Investment Advisor Representative. Or, visit NetBenefits and click the Edelman Financial Engines link.
Review and update your legal documents
The following types of important legal documents are good to have updated before you retire:
- Powers of attorney: There are different types of powers of attorney, such as a power of attorney over health care and a power of attorney over property or finances. In these legal documents, you designate someone to make decisions for you in the event you’re unable to do so.
- Living will: This legal document outlines the types of medical treatment and life-sustaining measures you want or don’t want.
- Will: In this legal document, you designate someone to manage your estate and provide for the transfer of property at death.
- Beneficiary designations: With these forms, you identify who you want to receive any benefits that may be payable to a beneficiary following your death, such as any remaining balance in your Retirement Savings Plan account (on Fidelity’s website) and any life insurance benefits (on Your Benefits™). To review your life insurance beneficiary designations, go to Your Benefits™ or call the RASC.
Place your legal documents and other important information in a safe location and let family members know where to find them. It’s also a good idea to provide the RASC with copies of your financial-related powers of attorney. Call the RASC for details on how to submit this information.
Make Note of the Personal Information That’s Needed to Access Details About Your Rockwell Automation Benefits Before and After You Leave the Company
You will continue to use Your Benefits™ and the RASC for details about your benefits after you leave the Company—like access to personalized information or modeling tools, or to work with a retirement specialist. Before you leave the Company, it’s a good idea to make sure you know your user ID and/or password for using either of these resources. If new ones are needed, you can get them by visiting Your Benefits™ or calling the RASC. You may need to know other user IDs and passwords to access other benefits, too.