From working with a large amount of The Southern Company clients, we have developed a good understanding as to what it takes for a The Southern Company employee or retiree to achieve a successful retirement. Below are some questions to ask yourself that we feel are important in building towards a successful retirement.
When Do You Want to Retire?
If you are married, when will your spouse retire?
When will you start receiving Social Security benefits?
Where Will You Live?
Will you have one home or multiple? Downsizing or upsizing?
Consider housing cost based on type (house, condo, retirement community)
Family & social network considerations
State income, real estate & estate tax implications
Do You Want to Leave a Financial Legacy to Your Family or a Charity?
Are there loved ones you need to take care of financially?
Are there charities you are passionate about?
Do you have a will and/or trust in place?
What Will You Do to Stay Healthy?
Exercise plan
Socialize
Prioritize mental health
Longevity expectations
Do you have health care directives in place?
What Will Be Your Sources of Retirement Income?
Will you continue to work?
Do you expect an inheritance?
Itemize your income-generating assets
How will you draw down your investment assets?
When will you start collecting Social Security?
What Expenses Will You Need to Cover in Retirement?
Are there items you expect will cost more than your current expense level?
Are there costs you will eliminate in retirement?
Evaluate post-retirement insurance needs
Are there any celebrations you want to finance?
What will your transportation needs be in retirement?
Do you have funds to cover an emergency?
Have you paid off any debt or have a plan to pay it off?
Will you have a mortgage to pay?
The average amount of savings required to retire comfortably in the United States is $904,452 [6]
Do You Own a Business?
Will you stay involved?
What’s your transition plan?
Will you sell your company to fund your retirement?
Business income? Business sale proceeds?
Appraise the future value of your business
How Will You Cover Medical Expenses?
Will you purchase a Medigap or Medicare Advantage plan?
What’s your plan for financing long-term care?
The average retiree should save about $295,000 to cover medical expenses in retirement [7]
Have You Considered Tax Strategies To Improve Retirement Cash Flow?
Compare state tax rates
Roth conversion strategies
Tax efficient charitable giving
Planned gifts to family
Asset location of investments
Do You Have a Relative or Friend That You Trust to Provide Financial or Health Advice?
Who can you talk to about medical issues?
Who do you trust with financial decisions?
Have you established medical and property POAs?
About The Retirement Group
The Retirement Group is a nation-wide group of financial advisors who work together as a team.
We focus entirely on retirement planning and the design of retirement portfolios for transitioning corporate employees. Each representative of the group has been hand selected by The Retirement Group in select cities of the United States. Each advisor was selected based on their pension expertise, experience in financial planning, and portfolio construction knowledge.
TRG takes a teamwork approach in providing the best possible solutions for our clients’ concerns. The Team has a conservative investment philosophy and diversifies client portfolios with laddered bonds, CDs, mutual funds, ETFs, Annuities, Stocks and other investments to help achieve their goals. The team addresses Retirement, Pension, Tax, Asset Allocation, Estate, and Elder Care issues. This document utilizes various research tools and techniques. A variety of assumptions and judgmental elements are inevitably inherent in any attempt to estimate future results and, consequently, such results should be viewed as tentative estimations. Changes in the law, investment climate, interest rates, and personal circumstances will have profound effects on both the accuracy of our estimations and the suitability of our recommendations. The need for ongoing sensitivity to change and for constant re-examination and alteration of the plan is thus apparent.
Therefore, we encourage you to have your plan updated a few months before your potential retirement date as well as an annual review. It should be emphasized that neither The Retirement Group, LLC nor any of its employees can engage in the practice of law or accounting and that nothing in this document should be taken as an effort to do so. We look forward to working with tax and/or legal professionals you may select to discuss the relevant ramifications of our recommendations.
Throughout your retirement years we will continue to update you on issues affecting your retirement through our complimentary and proprietary newsletters, workshops and regular updates. You may always reach us at (800) 900-5867.
Average Retirement Income By State.' World Population Review, 2021
Powell, Robert. 'How to pay for healthcare costs in retirement.' MarketWatch, April 10, 2021
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
The Southern Company offers a traditional defined benefit pension plan and a cash balance pension plan. The cash balance plan credits a percentage of the employee's salary annually to an account that grows with interest. Additionally, the company provides a defined contribution 401(k) plan with company matching contributions. The plan includes various investment options such as target-date funds and mutual funds. Financial planning resources and tools are available to help employees manage their retirement savings.
Operational Restructuring: The Southern Company has not announced major layoffs recently but continues to focus on strategic initiatives to streamline operations and enhance efficiency. The company has been investing in clean energy projects and expanding its income-qualified discount programs to assist more customers. These efforts are part of Southern Company's commitment to sustainability and operational excellence (Sources: Intellizence, Southern Company).
The Southern Company offers RSUs as part of its equity compensation plan. These RSUs vest over a specified period, providing shares upon vesting. Stock options are also available, allowing employees to purchase shares at a fixed price and benefit from potential stock price appreciation.
Southern Company has been actively enhancing its employee healthcare benefits to meet the demands of the current economic, investment, tax, and political environment. In 2022, Southern Company focused on providing comprehensive healthcare plans that include medical, dental, vision, and various wellness programs. These initiatives are designed to support the overall well-being of employees, ensuring they have access to necessary resources to maintain their health. The company also emphasized the importance of mental health by integrating mental health support into their Employee Assistance Programs (EAP), reflecting a broader commitment to holistic employee care. In 2023, Southern Company continued to expand its healthcare offerings by implementing advanced digital health solutions and increasing access to telemedicine services. These enhancements are part of the company's broader strategy to support a flexible and resilient workforce. Additionally, Southern Company has placed a strong emphasis on sustainability and community engagement, which includes initiatives aimed at promoting environmental stewardship and supporting local communities. By investing in robust healthcare and wellness programs, Southern Company aims to attract and retain top talent, ensuring long-term business success and resilience amid economic uncertainties.
Other Articles of Interest
Articles Relevant to The Southern Company Employees
For more information you can reach the plan administrator for The Southern Company at 1932 wynnton road Columbus, GA 31999; or by calling them at 800-227-4756.
Tractor Supply Company is an American retail chain of stores that offers products for home improvement, agriculture, lawn and garden maintenance, and livestock, equine, and pet care
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