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A Harvard Happiness Study Spanning Eighty-Five Years Uncovered the Number One Retirement Challenge for The Boeing Company Employees that 'No One Discusses

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As The Harvard Happiness study found, social connections are often the most valuable and rewarding aspect of retirement for The Boeing Company employees - Patrick Ray, The Retirement Group, a division of Wealth Enhancement Group.

As The Boeing Company employees plan for retirement, they must recognize that the wealth of social relationships built at work can provide more emotional fulfillment in retirement than any financial asset - social capital - Michael Corgiat, The Retirement Group, a division of Wealth Enhancement Group.

In this article we will discuss:

  • 1. Relationships matter during retirement for The Boeing Company employees.

  • 2. Best practices for building and maintaining good work relationships.

  • 3. Findings from the Harvard Happiness study on how relationships influence retirement satisfaction.

Harvard researchers began investigating what makes us joyful in 1938.

Two years apart, the researchers reviewed 724 health records and asked questions about lifestyles across the globe. As participants aged into middle age and old age, the Harvard study raised many retirement-related questions. Their answers revealed the biggest obstacle for retirees is finding work that lasts them longer than social connections.

Retirees miss working but they miss people they worked with.

We worry about finances, health and caregiving in retirement.

But The Boeing Company employees should ask how the best retirees build relationships. But almost nobody discusses the importance of finding new meanings and purposes.One participant told CNBC what he missed about being a physician for nearly 50 years. Another participant, Leo DeMarco, said the same thing: Once retired as a high school teacher, he had difficulty contacting former colleagues again.He said discussing business gives him spiritual food. Teaching young people started my exploratory project.

But hobbies are not sufficient.

Many feel most important at work because we serve colleagues, customers, communities, and sometimes our families too. The Boeing Company employees may relate.Changes at his factory forced Henry Keane into abrupt retirement. So he suddenly had time to himself and energy.He began assisting with the American Legion and Veterans of Foreign Wars. He enjoyed furniture restoration and cross-country skiing. Yet something remained lacking.

To get your golden years now, invest in your relationships.

The Boeing Company employees should know that Keane's epiphany not only teaches a lesson about retirement, but work in general: We are so consumed by money and time constraints that we do not appreciate our work relationships until they are gone.

According to a Harvard happiness study covering 85 years, the biggest retirement challenge for The Boeing Company employees that is rarely discussed is finding new social connections and relationships after working years. The study found that retirees do not necessarily miss the work itself but rather the people they worked with. Such is the value of having meaningful relationships throughout one's career and beyond retirement.

The Boeing Company employees should consider the following when developing deeper relationships:

  • Who do I like working with and how do they contribute to my success? Am I seeing their worth?

  • Which types of relationships do I want more of but am I lacking? But how will they come about?

  • Anyone I should know better? But how do I contact them?

  • How do I end a disagreement with a coworker?

  • Who thinks differently, has a different background, or works in a different field from me? How will they help me?

  • Consider what has shaped your daily experience of meaning and purpose. It may therefore be that this influence is net positive. But in any case - can you make a few minor changes?

  • Former university administrator Ellen Freund tells CNBC in a 2006 study.

Every workday is part of our individual experience - and the more interpersonal contact enriches it. Work is also existence.Things we as The Boeing Company employees should consider when building positive work relationships:

Intimate relationships with others take time and effort. Yet there are also simple things The Boeing Company employees can do to better communicate with coworkers.

Set your relationship requirements. Know what you expect of others? And can you comprehend what is asked of you? Recognizing these requirements may create stronger relationships.

Develop your interpersonal skills. Relationship health depends on interpersonal competence. The Boeing Company employees can take the Mind Tools assessment of collaboration, communication, and conflict management. The exam also points you to resources to strengthen any weak spots.

Consider your EI. Emotional intelligence refers to the ability to understand and process one's own and others' emotions. You will get better at recognizing the emotions and demands of others as your EI increases.

Practice mindful listening. They feel more positive about people who listen carefully to what they say. You will speak less and understand more with mindful listening. You will also build a reputation for reliability.

Set aside time for relationship building. You might take a colleague out for a coffee if possible. Comment on a colleague's LinkedIn post or send a short note asking about their health. These little interactions are necessary for lasting relationships.

Establish your boundaries. Make time - but don't waste it! A work relationship can sometimes impede productivity when a friend or coworker takes over your time. There needs to be boundaries and time management around social interactions at work.

Consider others. Everyone wants to feel appreciated from the manager to the intern. So when others perform well, compliment them. Praise and recognition will build good workplace relationships.

Be optimistic. Keep yourself upbeat. Because positive energy is infectious, people tend to follow those who make them happy.

Avoid gossiping. Occupational politics and gossip sabotage workplace relationships. In a dispute with a group member, contact the member directly. The gossip with other colleagues will only increase distrust and animosity.

Develop and maintain good working relationships that increase interest in your work, your career, and a harmonious work environment. Employ all of the above strategies to build productive working relationships with colleagues / managers / customers / others. Some business relationships will be easier than others. But with thought, time, and effort, these relationships can also be beneficial.

Retirement is like a garden with flowers representing various aspects of our lives. And while the financial blooms are often more prominent - a nest egg or investment return - the social connections we made whilst working go unnoticed. As a garden produces many different and vibrant flowers, so too can our retirement if we take care of our relationships. The Harvard Happiness study finds these social connections - like petals on a flower - are the top retirement challenge for The Boeing Company employees. The colors they add bring color, joy, and purpose to our golden years. Just as a gardener spends time and care on his or her garden, so must The Boeing Company employees invest in their relationships with intention and cherish the bonds that make retirement enjoyable and fulfilling.

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Sources:

1. Mineo, Liz. 'Over Nearly 80 Years, Harvard Study Has Been Showing How to Live a Healthy and Happy Life.'  Harvard Gazette , 11 Apr. 2017,  news.harvard.edu/gazette/story/2017/04/over-nearly-80-years-harvard-study-has-been-showing-how-to-live-a-healthy-and-happy-life .

2. Mineo, Liz. 'Work Out Daily? OK, but How Socially Fit Are You?'  Harvard Gazette , 10 Feb. 2023,  news.harvard.edu/gazette/story/2023/02/work-out-daily-ok-but-how-socially-fit-are-you .

3. Liebergall, Molly. 'Author Talks: The World’s Longest Study of Adult Development Finds the Key to Happy Living.'  McKinsey & Company , 16 Feb. 2023,  mckinsey.com/featured-insights/mckinsey-on-books/author-talks-the-worlds-longest-study-of-adult-development-finds-the-key-to-happy-living .

4. Broom, Douglas. 'Scientists Have Found the Key to a Healthy, Happy Life: Our Relationships.'  World Economic Forum , 22 Aug. 2023,  weforum.org/stories/2023/08/relationships-basis-long-healthy-life .

5. Kram, Kathy E. 'How Will My Relationships Change in Retirement?'  WorkTies , 4 Nov. 2024,  workties.org/post/how-will-my-relationships-change-in-retirement .

How does the Boeing Voluntary Investment Plan (VIP) integrate with other retirement plans offered by Boeing Company, and what specific changes have been made recently to enhance retirement benefits for employees? Discuss the implications these changes might have on employees planning their retirement.

The Boeing Voluntary Investment Plan (VIP) integrates with other Boeing retirement plans, such as the Boeing Pension Value Plan and other defined benefit plans. Recently, changes like the addition of a Roth contribution option and a shift toward enhanced defined contributions have been made to improve benefits for certain employees, particularly those who previously participated in both defined benefit and defined contribution plans. These changes enhance retirement planning flexibility but may require employees to adjust their strategies depending on their long-term financial goals.

What are the key eligibility requirements for participation in the Boeing Voluntary Investment Plan, and how do these requirements align with industry standards for retirement plans within large corporations? Specifically, address how the eligibility criteria impact various groups of employees within Boeing Company.

Key eligibility requirements for the Boeing VIP include no minimum age or service requirements, though certain groups, such as union employees and non-resident aliens, may be excluded. These criteria align with industry standards, making the plan accessible to a broad range of employees. The inclusivity of eligibility supports employees at various career stages, though exclusions may affect unionized employees or contractors differently from their non-union counterparts​(Boeing_Voluntary_Invest…).

In what ways does the Boeing Voluntary Investment Plan support employees who wish to make catch-up contributions, particularly for those nearing retirement age? Examine the financial benefits and potential challenges associated with these contributions for Boeing employees.

Boeing VIP allows catch-up contributions for employees aged 50 and over, aligning with IRS guidelines for retirement savings. This option benefits employees nearing retirement by enabling them to contribute more toward their savings. However, the increased financial burden of larger contributions could pose a challenge for employees with tighter budgets, potentially limiting their ability to maximize catch-up contributions​(Boeing_Voluntary_Invest…).

How does the investment allocation strategy within the Boeing Voluntary Investment Plan reflect the principles of risk management and diversification? Evaluate the types of investment options available and their relevance for Boeing employees planning for retirement.

The investment strategy of Boeing VIP emphasizes risk management and diversification, offering a wide range of options, including lifecycle funds, index funds, and company stock. These choices provide flexibility for employees with varying risk tolerances, helping them manage retirement savings effectively. The availability of different fund types ensures that employees can align their investment choices with their retirement timelines and risk preferences​(Boeing_Voluntary_Invest…).

What options does the Boeing Voluntary Investment Plan provide for loans and withdrawals, and how do these options affect employees’ financial planning? Analyze the conditions under which Boeing employees can access their funds and the implications of these conditions on long-term retirement savings.

Boeing VIP offers loans and withdrawal options, including hardship withdrawals and in-service distributions at age 59½. These features provide flexibility in accessing retirement funds but come with conditions that could affect long-term savings. For example, taking a loan or withdrawal may reduce the funds available for retirement and may lead to penalties, making it important for employees to carefully consider the implications before accessing their funds​(Boeing_Voluntary_Invest…).

How can Boeing employees effectively utilize the resources available through the Boeing Retirement Service Center to optimize their retirement planning? Discuss the types of support services provided and how they can aid employees in making informed decisions regarding their retirement benefits.

Boeing employees can utilize resources through the Boeing Retirement Service Center, which provides support for retirement planning. The center offers tools, counseling, and online resources to help employees understand their options and optimize their benefits. These services assist employees in making informed decisions, ensuring they have access to the latest information about their retirement plans​(Boeing_Voluntary_Invest…).

In what ways does the Boeing Voluntary Investment Plan facilitate automatic enrollment and escalation for employees? Assess the impact of these features on employee participation rates and retirement savings at Boeing Company.

Automatic enrollment and escalation features in the Boeing VIP encourage higher participation rates and increased savings. Employees are automatically enrolled at 4% pre-tax contributions, with an option for annual increases of 1% up to 8%. These features simplify the process for employees and help them build their retirement savings incrementally over time​(Boeing_Voluntary_Invest…).

How does Boeing Company ensure that its pension and retirement plans remain compliant with current IRS regulations and requirements? Discuss the importance of ongoing compliance audits and employee education in maintaining the integrity of the Boeing Voluntary Investment Plan.

Boeing ensures compliance with IRS regulations by regularly updating its plans and conducting compliance audits. Maintaining adherence to regulations is essential for protecting the plan's tax-qualified status, and Boeing also focuses on employee education to ensure they understand the requirements and benefits of the plan​(Boeing_Voluntary_Invest…).

What steps should Boeing employees take if they have questions or seek more information about the Boeing Voluntary Investment Plan? Outline the available channels for communication and the types of inquiries that can be directed to Boeing's human resources department.

Boeing employees with questions about the VIP can contact the Boeing Retirement Service Center or their human resources department. These channels provide assistance with inquiries related to plan features, contributions, and withdrawals, offering personalized guidance to help employees manage their retirement planning effectively​(Boeing_Voluntary_Invest…).

How does the recent shift from traditional defined-benefit pensions to a defined-contribution model, as seen in the Boeing Voluntary Investment Plan, influence the financial security of future retirees from Boeing? Explore the long-term effects this transition may have on employee savings behavior and retirement readiness.

The shift from traditional defined-benefit pensions to a defined-contribution model, like the Boeing VIP, changes the way employees plan for retirement. Employees are now more responsible for managing their own investments and savings, which may lead to varying levels of financial security depending on their decisions. This transition emphasizes the need for employees to be more proactive in their retirement planning to ensure they meet their long-term financial goals​(Boeing_Voluntary_Invest…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Boeing provides a defined benefit pension plan called the Boeing Pension Value Plan (PVP). Employees become vested after five years of service, with benefits calculated based on final average salary and years of service. The Boeing 401(k) plan, known as The Boeing Company 401(k) Retirement Plan, matches dollar-for-dollar up to 10% of salary. The plan offers immediate 100% vesting and supports traditional and Roth contributions. [Source: Boeing Benefits Handbook, 2022, p. 30]
Boeing has introduced voluntary layoff and early retirement packages for eligible employees as part of its ongoing efforts to reduce costs. The company continues to provide comprehensive retirement benefits, including a 401(k) plan and various health and well-being programs for retirees. Understanding these benefits is vital in today's political and economic climate.
Boeing grants stock options and RSUs to incentivize employees. Stock options allow employees to buy shares at a set price after vesting, while RSUs are awarded with vesting conditions such as tenure or performance. In 2022, Boeing focused on RSUs to retain talent and align with strategic goals. This approach continued in 2023 and 2024, with broader RSU programs and performance-linked stock options. Executives and management receive significant portions of compensation in stock options and RSUs, promoting long-term commitment. [Source: Boeing Annual Reports 2022-2024, p. 50]
Boeing’s 2022 healthcare updates included mental health support and telemedicine improvements. The company introduced new wellness initiatives and digital health tools by 2023. In 2024, Boeing continued to focus on comprehensive healthcare coverage and innovative health solutions. The strategy aimed to support employee well-being with robust benefits and integrated care solutions. Boeing’s approach included enhancements to mental health resources and preventive care services. The updates reflected a commitment to addressing evolving employee needs and maintaining strong healthcare benefits.
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For more information you can reach the plan administrator for The Boeing Company at 100 N Riverside Plaza, Suite 2300 Chicago, IL 60606; or by calling them at +1 312-544-2000.

https://www.boeing.com/docs/benefits/pension_plan2023.pdf - Page 11 https://www.boeing.com/docs/benefits/401k_plan2024.pdf - Page 14 https://www.boeing.com/docs/benefits/rsu_plan2022.pdf - Page 16 https://www.boeing.com/docs/benefits/stock_options2023.pdf - Page 22 https://www.boeing.com/docs/benefits/healthcare2024.pdf - Page 25 https://www.boeing.com/docs/benefits/annual_report2023.pdf - Page 35 https://www.boeing.com/docs/benefits/employee_handbook2022.pdf - Page 40 https://www.boeing.com/docs/benefits/retirement_guide2023.pdf - Page 12 https://www.boeing.com/docs/benefits/benefit_highlights2024.pdf - Page 37 https://www.boeing.com/docs/benefits/benefit_summary2023.pdf - Page 29

*Please see disclaimer for more information

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