We understand that it can feel overwhelming to find a financial advisor that fits your exact needs. Fill out the form below to speak with a Verizon retirement expert. Or, submit a question and the H&A team will be happy to help.
Determining which retirement planning play you’re going to run is what you can do to support yourself and your family if you’re early on or in the middle of your career. You have many options for retirement planning.
When you work with a financial advisor that is not affiliated with Verizon, such as Hapanowicz & Associates, you can rest assured that your best interests are the number one priority.
The right investment allocation is going to be different from one individual to another, but there are three main components we think you should take into account when choosing the investments in your 401(k): 1. Diversification 2. Risk tolerance 3. Time until retirement. We recommend using the resources available to you through Participant Services and/or working with your advisor to come up with your optimal investment allocation.
Three main factors affect the value of your pension benefit estimate: 1. How long you’ve been working for Verizon (the longer you have worked for Verizon, the higher your monthly pension benefit estimate) 2. Interest rates (higher interest rates result in lower pension lump sum estimates and vice versa) 3. Your age (the older you are, the lower the pension lump sum estimate)
Everybody’s ideal contribution amount is going to be different depending on monthly expenses compared to your income. If you’re able to, however, you should strive to contribute at least enough to your 401(k) to take advantage of the full employer match. This would be 6 percent of your income for all associates and managers.
Nearing retirement can be exciting and stressful at the same time, but it doesn’t have to be. Ensure you’re taking full advantage of your Verizon retirement plan benefits with these resources.
There are many components that go into planning for a successful retirement, and therefore many options available to you as you make the important decision to retire and execute your plan. Use the resources on this page, as well as additional ones available to you through your advisor, to maximize your retirement benefits and work towards your goals and objectives.
You can request a check (make sure it’s made payable to the institution at which your individual retirement account is at so that you don’t have to withhold taxes) and can then deposit that check into your retirement account. You can also request a direct rollover from your 401(k) to your retirement account without receiving a check first. 401(k) rollover initiation requests can be done by calling Fidelity at 1-888-457-9333.
Additional options include:
You must initiate your pension benefit commencement through the Pension Election and Authorization form. This will be provided to you by the Verizon Benefits Center. You can request this paperwork by calling them at 1-855-489-2367.
There are a lot of moving parts to the pension benefit commencement process, and it’s important to carry them out correctly so that you are maximizing your benefit and receiving that benefit in a timely manner. This is, therefore, usually a part of the retirement process that we assist our clients with. Please do reach out to us if you would like a partner in this process.
Not outliving your money in retirement is one of the biggest concerns and focuses when planning for retirement. We recommend if you haven’t already, take inventory of your expense components and income resources in retirement and project your monthly and annual cash flows. This will help determine a withdrawal game plan for your investments throughout your retirement.
Touchdown! Congratulations on your retirement. Here are the resources that will help you manage your Verizon retirement plan.
Even if you're retired from Verizon already, there are still some resources available to you directly from the Verizon Benefits Center. Use those resources and work with your advisor to review your progress and determine if you're on track to meet your goals and objectives throughout retirement.
Yes! You can always reach out to the Benefits Center if you’re not sure where to go to get a question answered or to gather information about your retirement benefits. A few reasons for a retiree to reach out to the Benefits Center include 1. Questions about healthcare coverage 2. If you elected the annuity payout option for the pension and you have service-related requests/questions 3. Life insurance questions
For those who take the lump sum distribution option, that asset is now yours outright and is not tied to the financial status of Verizon as the sponsoring company. For those who take the annuity option, a portion of your benefit may be in jeopardy if Verizon were to deal with financial troubles, depending on the extent of that financial hardship. The PBGC (Pension Benefit Guaranty Corporation) is meant to protect a portion of your annuity income so that the entire benefit is not lost.
The right date to start taking your Social Security benefit is different for everyone and is an extremely personal decision. There are several components everyone should keep in mind when making this decision: 1. Income needs in retirement 2. Income resources you can depend on besides Social Security 3. Family longevity history (and therefore your projected longevity). There are also several timing strategies that can be used between two spouses to start one’s benefits earlier and delay/grow the other spouse’s (eligibility for these strategies depends on the year in which you were born).
Christina Hapanowicz, Bobby Hapanowicz, and Casey Gibb discuss the Verizon Pension Benefit and the choice between the annuity and lump-sum payout options.
Hapanowicz & Associates' Verizon retirement experts Casey, Bobby, and Christina discuss what you should know when contacting the Verizon Benefits Center regarding your pension and employee benefits.
Members of the Hapanowicz & Associates' investment committee discuss the typical retirement benefits for Verizon associates and how those should work within your total financial plan and retirement plan.
The 401(k) savings plan is one of the most widely used tools in terms of saving for retirement. The H&A Verizon experts break down the Verizon 401(k) savings plan to help you better understand your options.
The official website of The United States Social Security Administration.
A helpful guide to help ensure you have everything you need for comprehensive estate planning.
Online access to your accounts, statements and secure documents.
Learn how fictional John Smith properly allocated his 401(K) between stocks and bonds, as well as diversified his plan across all asset classes and market sectors.
An in-depth look at how Verizon associates can properly make a pension election when retiring.
Contact information for the Verizon Benefits Center and other important contacts.
Learn how the H&A team helped fictional Jack Hill save $30,000 in pension benefits by identifying an error in his retirement commencement date.
The paperwork process to retire needs to be handled with care. Learn how the H&A team helped fictional Jacqui Thomas through the overwhelming retirement paperwork process and ensured she made the decisions that were right for her and her family.
2020 4th quarter pension memorandum for Verizon managers.
2020 4th quarter pension memorandum for Verizon east associates.
Follow fictional Jane Miller as she decides between the Lump Sum option or the Annuity option with the guidance of H&A.
The Investor Profile Questionnaire is designed to help you gain an in-depth understanding of your investment objective, which serves as the foundation of your portfolio and guides us in making investment recommendations.
In this video, Christina, Bobby and Casey discuss the expectations for Q2 2021 pension rates.