To help you think about how your life change will affect you, review the following list.
| Ask Yourself |
Take Action |
| I’m ready to retire. How do I start the retirement process? |
* Keep in mind that you must request your pension paperwork by the 15th of the month before your Benefit Commencement Date.
|
| I would like to retire in five years. How do I know if I will be ready? |
- Review your Pension and Retiree Medical benefits on UPoint or call the Benefits Center
- Monitor your Savings Plan account balances at Vanguard
- Review your financial plans and retirement goals with an Ayco financial coach and utilize their online Retirement Planning tools and resources
- Attend quarterly Ayco retirement readiness webinars
- Consider hiring a personal financial advisor
|
| I’m an early career to mid-career employee, what do I need to consider for retirement savings? |
- Understand both your Pension and Savings benefits, including company matching and Success Share contributions
- Consider potential tax savings and investment earning opportunities of maximizing contributions to both the Savings Plan and your Health Savings Account (for those participating in a HDHP)
- Review your financial plans and retirement goals with an Ayco financial coach and utilize their online tools and resources to help you build your savings
- Consider using Vanguard’s Advice Services to be sure your investment portfolio reflects your time horizon and risk tolerance and that you stay on track for retirement
|
| Where do I learn more about my benefits under the Phillips 66 Retirement Plan? |
|
| Where do I learn more about my benefits under the Phillips 66 Savings Plan? |
|
| Where can I learn more about my options for health coverage in retirement? |
|
| Do I need a financial advisor? |
- Many people find it to be helpful to work with a financial advisor, however there are costs associated with these services
- You may review your financial plans and retirement goals with an Ayco financial coach and utilize their online Retirement Planning tools and resources at no cost
- Advice services are available through Vanguard to help you be sure your investment portfolio reflects your time horizon and risk tolerance, and help you stay on track for retirement – costs vary by program
- Phillips 66 provides employees within 24 months of retirement up to 3 sessions with an Ayco PFM advisor - visit Ayco Personal Financial Management to register with your work email address and access code P66. Learn more here.
|
| Is my Ayco financial coach the same as a financial advisor or planner? |
- Ayco financial coaches available through the Phillips 66 Well-Being program are not financial advisors, but they are trained and knowledgeable in Phillips 66 compensation and benefits - visit the Ayco Financial Coaching FAQs for more details
|
| Does Phillips 66 offer financial advisor services? |
- Employees within 24 months of retirement have the opportunity to work directly with an Ayco PFM advisor for up to 3 sessions at no cost - visit Ayco Personal Financial Management to register with your work email address and access code P66. Learn more here.
|
| Am I feeling anxious about this life change? |
- Daylight is a digital medicine app for managing anxiety available to active employees and dependents age 18+ enrolled in the HDHP or PPO medical plan.
|