Sherwin-Williams Employees: 11 Questions You Should Ask Yourself When Planning for Retirement

Table of Contents

What Will Be Your Sources of Retirement Income?

 

 

About The Retirement Group

 

Sources

Introduction

From working with a large amount of Sherwin-Williams clients, we have developed a good understanding as to what it takes for a Sherwin-Williams 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?

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  • If you are married, when will your spouse retire?

  • When will you start receiving Social Security benefits?

Where Will You Live?

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  • 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

How Will You Spend Your Time in Retirement?

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  • Make a bucket list

  • Volunteering opportunities?

  • 2nd career or part-time work?

  • Business interests

  • Hobbies & travel

  • Estimate costs and resources

  • Be sure to prioritize

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Do You Want to Leave a Financial Legacy to Your Family or a Charity?

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  • 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?

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  • Exercise plan

  • Socialize

  • Prioritize mental health

  • Longevity expectations

  • Do you have health care directives in place?

What Will Be Your Sources of Retirement Income?

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  • 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?

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  • 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?

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  • 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?

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  • 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?

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  • 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?

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  • 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    

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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.

Sources

(Ebook)-2
  1. What to do with an Early Retirement Ebook

  2. Social Security Ebook

  3. Lump Sum vs. Annuity Ebook

  4. 401(k) Rollover Strategies Ebook

  5. Closing the Retirement Gap Ebook

  6. Average Retirement Income By State.' World Population Review, 2021

  7. Powell, Robert. 'How to pay for healthcare costs in retirement.' MarketWatch, April 10, 2021

What is the Sherwin-Williams 401(k) plan?

The Sherwin-Williams 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax or after-tax basis for their future retirement.

How can I enroll in the Sherwin-Williams 401(k) plan?

Employees can enroll in the Sherwin-Williams 401(k) plan by accessing the company’s benefits portal or contacting the HR department for guidance on the enrollment process.

What is the employer match for the Sherwin-Williams 401(k) plan?

Sherwin-Williams offers a competitive employer match for contributions made to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

At what age can I start contributing to the Sherwin-Williams 401(k) plan?

Employees can start contributing to the Sherwin-Williams 401(k) plan as soon as they are eligible, which is generally after completing a certain period of service with the company.

Can I take a loan against my Sherwin-Williams 401(k) plan?

Yes, Sherwin-Williams allows employees to take loans against their 401(k) plan balance under certain conditions. Employees should review the plan’s specific loan provisions for details.

What investment options are available in the Sherwin-Williams 401(k) plan?

The Sherwin-Williams 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees grow their retirement savings.

How often can I change my contribution amount to the Sherwin-Williams 401(k) plan?

Employees can change their contribution amount to the Sherwin-Williams 401(k) plan at designated times throughout the year, typically during open enrollment or after a qualifying life event.

Is there a vesting schedule for the Sherwin-Williams 401(k) employer match?

Yes, Sherwin-Williams has a vesting schedule for the employer match, meaning employees must work for the company for a certain period to fully own the matched contributions.

How can I check my Sherwin-Williams 401(k) balance?

Employees can check their Sherwin-Williams 401(k) balance by logging into the benefits portal or contacting the plan administrator for assistance.

What happens to my Sherwin-Williams 401(k) if I leave the company?

If you leave Sherwin-Williams, you have several options for your 401(k) balance, including rolling it over to an IRA or a new employer’s plan, cashing it out, or leaving it in the Sherwin-Williams plan if eligible.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Sherwin-Williams provides a defined contribution plan for its salaried employees, which includes a pension investment plan (PIP). This plan involves company contributions to an employee's account based on a percentage of their income, which increases with age and service. For union employees, there is a defined benefit pension plan based on years of service and specific contractual amounts. Both plans aim to provide stable retirement income for employees. Additionally, Sherwin-Williams offers a 401(k) plan with matching contributions to further support employee retirement savings.
Financial Performance and Layoffs: Sherwin-Williams reported modest sales growth of 0.5% for Q2 2024. The company is closing its Bedford Heights plant, resulting in 51 job cuts, as part of its efforts to streamline operations and reduce costs. Despite a softer macroeconomic environment, Sherwin-Williams is focusing on maintaining profitability and shareholder value through disciplined capital allocation and strategic market positioning (Sources: Sherwin-Williams, Cleveland.com).
Sherwin-Williams grants RSUs that vest over a period, providing shares upon vesting. Stock options are also available, allowing employees to purchase shares at a set price.
Sherwin-Williams has made significant updates to its employee healthcare benefits to align with the current economic, investment, tax, and political environment. In 2022, the company emphasized enhancing its occupational health and safety initiatives through the "S-W Cares" safety culture program. This program aims to reduce ergonomic injuries and workplace hazards by implementing comprehensive safety action plans and conducting monthly training sessions. These efforts reflect Sherwin-Williams' commitment to creating a safe and supportive work environment for its employees, which is crucial for maintaining productivity and morale. In 2023, Sherwin-Williams continued to build on these initiatives by launching a new data management system to improve reporting and oversight capabilities related to health and safety issues. This system includes dedicated learning and training modules designed to promote continuous improvement in workplace safety. Additionally, the company's sustainability framework highlights the integration of health and wellness programs into its overall strategy. By investing in comprehensive healthcare and safety benefits, Sherwin-Williams aims to attract and retain top talent, ensuring long-term business success and resilience amid economic uncertainties.