Gabe Lapito and Ryan Gomendi go into a few key factors to consider when retiring as an employee with Peabody Energy.
Best Way to Retire as a Peabody Energy Employee
For over two decades, we have worked with retirees from Peabody Energy. For that reason we wanted to touch base with other Peabody Employees on the basics of your plan. There is a pension plan available, a retiree medical account, as well as a 401k and retiree stock options.
Pension Plan for Peabody Energy Employees
The pension available for retirees of Peabody offers an annuity option. If you are eligible for the pension, we’ve seen, historically, that you take a pension in the form of monthly annuity. This option allows for someone significant in your life i.e. your spouse, to be covered for the rest of their life. The other option would be to lump sum the entire pool of money that was invested. Right now, it’s more favorable to take the pension in the form of annuity. Reach out to us, and we can guide you through the process.
Peabody Energy Retiree Healthcare
One big question we get for retirees is what to do for health care. Some Peabody team members are eligible for RMA accounts. A “Retiree medical account” is a 10,000-dollar value per person, up to 20,000 for a couple, pre-age 65. This money is annual. This can be a good option; however, it cannot be used for subsidized health care like Obama care. Meaning, it has to be used for insurance on the open-market or cobra. If you have questions as a Peabody Retiree on what to do for health care in retirement, especially pre-age 65, we have the answers for you.
Peabody Energy 401K
The final component of your employee benefits is a 401k. As many know, your company has a match for you up to a specific percentage. You can put in a specific dollar amount. There may even be some Peabody Energy stock options available for some employees. These are a key components of your retirement plan.
When looking at health care solutions, investable assets, Peabody stocks, or 401k options, things can get complex. Our job is to bring all of that together and build a great financial plan where we look at all the details, such as tax implications, withdrawal rates, and estate plans. We want to walk our retirees through the ups and downs of life as well as the ups and downs of the market.