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”.
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.