Make sure you're retirement ready

If you’re thinking about retirement, you probably have a lot of questions: What options do I have? When will I be ready financially? What steps do I take next? Through our partnership with Vanguard, you have access to support to help you prepare for the transition to retirement.

• Now is a good time to review your contributions to the 401(k) plan and increase them if you can. Make sure you’re taking advantage of the company match…otherwise you’re turning down free money! Vanguard has an automatic increase feature that allows you to increase your contribution from 1% - 3% on an annual basis. Your investment needs may change over time. It’s a good idea to make sure your 401(k) asset mix is on track to provide income in retirement. Online tools and resources from Vanguard can help.

• When you log into the Vanguard website, click on the “My Financial Wellness” and “Help Center” links for a comprehensive collection of resources, tools, and calculators to help you balance your retirement saving priorities whether you are looking to get started, want to stay on track or are looking to invest your retirement account funds.

• It’s also not too late to give your retirement savings a final boost with "catch-up contributions." Since you’re over 50, you can contribute up to an additional $7,500 in before-tax dollars to your 401(k) in 2024. Catch up on your retirement contributions today by visiting Vanguard.

• Be sure to have a transition plan for when you’re ready to retire. If you’d like some support with personal and work/life concerns, the free Employee Assistance Program (EAP) is here to help you. The EAP, provided by Corporate Counseling Associates, is a confidential resource that offers online seminars, help finding providers, ways to manage your finances, assistance with alcohol and substance abuse and makes referrals to professionals like counselors or financial planners. Access free, confidential counseling or assistance by phone at 1-800-833-8707 or online (Company Code: National Grid).
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• National Grid also has several Employee Resource Groups that can be a good resource if you need some help. To find out more about the ERGs, go to Grid:home.

Know all of your retirement income sources

If you have a defined benefit pension plan (traditional or cash balance), you can go to the National Grid Pension Service Center and use the pension modeler to see how much you will be entitled to in retirement. You can add other savings you may have to the modeler to view your total retirement income and you can also use it to estimate expenses and Social Security benefits. You can even include your 401(k) balance from Vanguard in the modeler.

You can call the National Grid Pension Service Center at 1-855-464-2367 to speak to a representative who will take the time to answer any questions you may have about your pension benefit or the retirement process. Also, it is important to understand your Social Security benefits.

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Review or update your will (For Management, Local 101, Local 1049, Local 3, Local 318, 350/369, Local 13507, Local 12003, 12012-04)

A carefully prepared and up-to-date will is an important way to ensure your loved ones will benefit from your assets in the way you intend. If you’re enrolled in MetLife Legal Plans, you’ve got coverage for the cost of a variety of common legal services, such as will preparation. If you’re not enrolled, think about legal services you might need and see if the plan is right for you.

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Increase life or accidental death & dismemberment insurance

Your disability or death could present a significant financial hardship for your family. All employees receive company-paid basic life coverage and most receive basic AD&D, which provide valuable protection. But you may want to expand this coverage with optional life and AD&D insurance so your family will have the protection they need if the unexpected happens.

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Care for your pet — and your wallet (For Management Only)

Your pet’s health is important to you, but the cost of helping him or her if something goes wrong is hard to think about. Consider pet insurance, which provides coverage for veterinary care.

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Manage student loans for your children(For Management Only)

There are repayment options available for student loans for you and your children, as long as the loans are in your name, through the Student Loan Repayment Program. Through this valuable program administered by Tuition.io, the company will make payments toward the principal portion of your or your child’s student loans, if the loan is in your name.

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Be prepared for retiree medical expenses

Planning for health care expenses is a key consideration with any retirement plan. National Grid offers the following resources to help you plan ahead.

• Consider the Consumer Driven Health Plan (CDHP). The CDHP is the only plan that pairs with a personal tax-free Health Savings Account (HSA). An HSA not only saves you money on eligible health care expenses, but it has triple-tax advantages: Your contributions go into your account tax-free, can be withdrawn tax-free and earn interest tax-free. What’s more, National Grid makes contributions to your account to help you grow your balance.
• Consider adding more protection with a voluntary medical plan that pays cash benefits directly to you if you experience an accidental injury, certain critical illness or certain inpatient or outpatient hospital treatments. Separate plans are available for hospital stays, accidents, and critical illness. You have the opportunity to enroll during our benefits open enrollment. Learn more
• TrueCare 360 (for BCBS members only) is available to help you navigate the complex health care system and save money. TrueCare 360 can assist with resolving billing issues, finding providers, scheduling appointments and more. It’s a free service available to you and your family members (including your parents). Call 1-800-287-8757, Monday through Friday, 8:00 a.m. to 9:00 p.m. ET.

Note: Health care will be one of your biggest expenses in retirement. So it’s important to also know what to expect from Medicare.