5 Benefits of Working in Retirement for PG&E Employees

Healthcare Provider Update: Healthcare Provider for Pacific Gas & Electric The primary healthcare provider for employees of Pacific Gas and Electric (PG&E) is often covered under large insurance carriers that offer comprehensive plans, including offerings from Blue Cross Blue Shield and UnitedHealthcare; the exact provider may vary depending on the employee's specific plan and regional options available. Projected Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare costs are anticipated to rise significantly due to a combination of factors. Insurers are reporting average premium increases that could exceed 20%, driven largely by ongoing inflation in healthcare services and the potential expiration of enhanced subsidies provided under the Affordable Care Act. This perfect storm of rising medical costs and diminished financial support could shock many consumers, with estimates suggesting that out-of-pocket premiums might surge by as much as 75% for individuals reliant on marketplace plans. As such, both employees and employers within PG&E should prepare for heightened expenses, taking proactive steps now to mitigate potential financial impacts. Click here to learn more

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 PG&E 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 PG&E 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 PG&E 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 PG&E 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 PG&E, 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