In the past, retirement has been depicted as a conclusion, a grand departure from the workforce. However, the regulations are changing. The labor force participation rate for those aged 65 to 74 is projected to reach 32% by 2022, up from 20% in 2002. (1) As the Baby Boomer generation ages, an increasing number of individuals view retirement as an opportunity to experience the benefits of work in a novel manner. Following are some of the benefits that Luxottica retirees can look forward to.
1. Mental Benefits
Recent research has shown that working longer can be linked to better cognitive function in old age. According to a study by the National Bureau of Economic Research, individuals who delayed retirement by one year experienced an increase in cognitive performance equivalent to two and a half months of aging.
Continuing to learn new skills during your Luxottica retirement can help you maintain mental agility. Engaging in productive activity helps create 'mental muscle,' which can reduce the risk of developing dementia and Alzheimer's (2) and delay the onset of senescence.
2.. Physical Benefits
For sustained health, it is essential for Luxottica retirees to maintain an active lifestyle. Whether you choose to work full-time or volunteer a few days per week, engaging in some form of work will keep your body active and provide opportunities to maintain balance, strength, and health.
3. Financial Benefits
In addition to the apparent additional income, working during your Luxottica retirement may enable you to delay Social Security benefits. Your Social Security benefits can grow by an average of 8 percent per year for every year you delay receiving them. (3) Finding a successful strategy can be very profitable.
4. Emotional Benefits
According to studies, a sense of purpose increases both lifespan and quality of life.4 During your years or retirement from Luxottica, working on a project you care about, starting a new business, or mentoring others can prevent depression and provide a healthy sense of fulfillment and direction.
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5. Social Benefits
One of the risks associated with retirement is an increase in social isolation, which has been compared to smoking nearly a carton of cigarettes per day. (5) Working with others mitigates this risk, allowing you to develop relationships and engage in meaningful interactions.
Conclusion
Retirement can be seen as a 'half-time break' during a long and fulfilling career. Just like in sports, it's a chance to rest, recover, and reassess your strategies. However, staying on the bench for too long can lead to a loss of skills and stamina. Continuing to engage in work or productive activities during retirement is like getting back on the field for the second half of the game. It keeps your mind and body in shape, allows you to develop new skills, and provides a sense of purpose and fulfillment. So, if you're looking to make the most of your retirement, consider staying in the game!
Sources
1. AARP.org, February/March 2015
2. Forbes, 2017
3. Social Security Administration, 2017
4. Association for Psychological Science, 2017
What is the purpose of Luxottica's 401(k) Savings Plan?
The purpose of Luxottica's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.
How can I enroll in Luxottica's 401(k) Savings Plan?
You can enroll in Luxottica's 401(k) Savings Plan by completing the enrollment process through the company's HR portal or by contacting the HR department for assistance.
What types of contributions can I make to Luxottica's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older in Luxottica's 401(k) Savings Plan.
Does Luxottica offer a company match on 401(k) contributions?
Yes, Luxottica provides a company match on employee contributions to the 401(k) Savings Plan, which helps employees increase their retirement savings.
What is the vesting schedule for Luxottica's 401(k) company match?
The vesting schedule for Luxottica's 401(k) company match typically follows a graded schedule, where employees earn ownership of the match over a specified period of service.
Can I change my contribution amount in Luxottica's 401(k) Savings Plan?
Yes, employees can change their contribution amount at any time during the year by submitting a request through the HR portal or contacting HR.
What investment options are available in Luxottica's 401(k) Savings Plan?
Luxottica's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How often can I reallocate my investments in Luxottica's 401(k) Savings Plan?
Employees can reallocate their investments in Luxottica's 401(k) Savings Plan as often as they wish, subject to any specific trading restrictions set by the plan.
Is there a loan option available in Luxottica's 401(k) Savings Plan?
Yes, Luxottica's 401(k) Savings Plan may allow employees to take loans against their account balance under certain conditions.
What happens to my Luxottica 401(k) Savings Plan if I leave the company?
If you leave Luxottica, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or another employer's plan, or cashing it out, though cashing out may incur taxes and penalties.
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5. BenefitsPRO, 2017
6. National Bureau of Economic Research, May 2021