But have you actually spent time planning for the day you leave the store or warehouse for the last time?
Truth is, many people spend more time planning their next vacation, than they spend planning their retirement.
At the same time, chances are, most - if not all of your retirement assets have been set aside and managed by the company in your Profit Plan. While you've been busy doing what you do, Publix has been providing this essential benefit for your future.
And at some crossover point in the future, Publix will hand the responsibility over to you, and on that day you will need to make one of the largest financial decisions you'll ever make.
Once the decision is made, it cannot be reversed and determines virtually all of the following:
The amount of taxes and tax penalties you'll pay:
On your distribution
On any future growth
If and when you diversify
The amount of taxes your heirs will pay and how easy it will be to inherit
Where your retirement income will come from, and it's tax-ability
The amount of risk you're taking
Whether or not it will be protected from creditors (varies depending on which state you live in)
Whether or not you'll be forced to begin taking distributions at age 70½ (even if you don't need the money)*
What if you could access your ESOP and 401(k) at age 55 without paying the 10% penalty?
One of the things we hear most often is "I'd like to retire but I need to keep working till I'm 59½, don't I?" This is usually because of the fear of the 10% tax penalty associated with their retirement distributions prior to 59½, or the belief that they simply can't access the proceeds. While their concerns are valid -- and for many people it simply makes more sense to wait -- there are others who have positioned themselves to seriously consider retiring before age 59½.*
The good news is we're here to help you determine which option is right for you! If you have reached age 55 and are still employed with Publix, your options may be better than you think. It's never to early to begin planning for Life After Publix
If you've been with Publix two or more decades...
- You've gotten up before dawn more times than you care to remember.
- You're beginning to think about your retirement.
- You have the majority of your retirement assets fully invested in Publix stock - even your 401(k).
- It's been an excellent investment over time but you realize -- even though its not actually in the market -- its not immune to market fluctuations.
- You feel Publix stock is virtually risk free and you're completely unaware of some of the risks associated with the stock
- You're wondering why the stock hasn't done better recently when the markets are so good.