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'Texas Instruments employees have to be aware of the changing retirement landscape and adjust their strategies to ensure financial security into old age,' says Tyson Mavar, of The Retirement Group, a division of Wealth Enhancement Group. Planning ahead and getting professional help may also improve your retirement readiness, 'she said.
As the demographic shift increases the number of retirees, Texas Instruments employees need to plan for the future, 'says Wesley Boudreaux of The Retirement Group, a division of Wealth Enhancement Group. Stepping up now will help secure an enjoyable retirement, 'she said.
In this article we will discuss:
1. The idea of retirement age: Perception and Reality. Find out how standard retirement age is perceived among Texas Instruments personnel and its history.
2. Demographic Shifts & Their Impacts: Look at major demographic changes as baby boomers enter retirement age and the growing share of the population they represent.
3. Retirement Financial and Health Considerations: Talk about retirement readiness, dependency on Social Security and health stats affecting lifestyle choices.
For Texas Instruments personnel, retirement has many meanings. Others will travel and visit relatives. Some will see it as a time to start a new business or a charitable endeavor. But whatever your plan is, nine things about retirement might surprise you.
Some in Texas Instruments consider 65 the standard retirement age. Key influencers on that age were Germany, which set its retirement age at 70 and lowered it to 65.
Between now and the end of next decade, another 10,000 baby boomers will turn 65 every day. About one person every 8 seconds.
People over 65 are expected to make up more than one in four Americans by 2060.
Social Security was first earned by Ernest Ackerman. The Cleveland streetcar motorman received a 17¢ lump-sum payment in March 1937. Ackerman worked 1 day on Social Security. He earned USD 5 for the day and paid a nickel in payroll taxes. His lump-sum payout was 3.5% of wages.
67 percent of retirees say they feel confident they can live comfortably in retirement. Texas Instruments companies should recognize that statistic and plan for retirement.
And people over 65 account for 34% of all prescription and 30% of all over the counter medication use.
About nine out of 10 adults over age 65 say they have taken at least one prescription drug in the last 30 days.
59 percent of Texas Instruments retirees relied on Social Security for major income. The average monthly Social Security benefit in January 2019 was USD 1,461. Centenarians - in 1980 there were 32,000 of them. Today we have more than 86,248 people, 79% of them women.
Over 4 hours a day are spent watching TV among seniors over age 65.
Texas Instruments employees might ponder why these statistics and trends point to one conclusion: the 65 and older age group will grow in size and influence in the future. Have you arranged health care? Are you confident with your investments? In the event you are unsure of your options, you may need to craft a solid future strategy.
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Sources:
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Soldofsky, Robert M. 'On Determining the Optimal Retirement Age.' JSTOR , vol. 72, no. 4, July-Aug. 1986, pp. 17-21. JSTOR, www.jstor.org/stable/40251322 .
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Soniak, Matt. 'Why is the Retirement Age 65?' Mental Floss , 7 Jan. 2015, www.mentalfloss.com/article/60958/why-retirement-age-65 .
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'German Pension Entitlements & Retirement Age.' Welcome Center Germany , www.welcome-center-germany.com/german-pension-entitlements-and-retirement-age/ .
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Börsch-Supan, Axel, et al. 'They Will Definitely Need Us, When We Are 64: Old-Age Provision in Germany.' Intereconomics , vol. 54, no. 3, May-June 2019, pp. 170-174. Intereconomics , www.intereconomics.eu/contents/year/2019/number/3/article/they-will-definitely-need-us-when-we-are-64-old-age-provision-in-germany.html .
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'Germany Faces Challenges as Population Ages.' The Local , 23 Sept. 2020, www.thelocal.de/20200923/germany-faces-challenges-as-population-ages .
What type of retirement savings plan does Texas Instruments offer to its employees?
Texas Instruments offers a 401(k) retirement savings plan to its employees.
Is there a company match for contributions to the Texas Instruments 401(k) plan?
Yes, Texas Instruments provides a company match for employee contributions to the 401(k) plan, subject to certain limits.
At what age can employees of Texas Instruments start contributing to the 401(k) plan?
Employees of Texas Instruments can start contributing to the 401(k) plan as soon as they are eligible, typically upon hire or after a short waiting period.
How can Texas Instruments employees enroll in the 401(k) plan?
Texas Instruments employees can enroll in the 401(k) plan through the company's online benefits portal or by contacting the HR department for assistance.
What investment options are available in the Texas Instruments 401(k) plan?
The Texas Instruments 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Does Texas Instruments allow employees to take loans from their 401(k) accounts?
Yes, Texas Instruments allows employees to take loans from their 401(k) accounts, subject to specific terms and conditions.
What is the vesting schedule for the company match in the Texas Instruments 401(k) plan?
The vesting schedule for the company match in the Texas Instruments 401(k) plan typically follows a graded vesting schedule, which means employees earn ownership of the match over a period of time.
Can Texas Instruments employees change their contribution percentage at any time?
Yes, Texas Instruments employees can change their contribution percentage at any time, usually through the online benefits portal.
What happens to the 401(k) plan if an employee leaves Texas Instruments?
If an employee leaves Texas Instruments, they can choose to roll over their 401(k) balance to another retirement account, leave it in the Texas Instruments plan (if eligible), or withdraw the funds, subject to taxes and penalties.
Are there any fees associated with the Texas Instruments 401(k) plan?
Yes, there may be fees associated with the Texas Instruments 401(k) plan, which can include administrative fees and investment-related fees. Employees are encouraged to review the plan documents for details.
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