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Healthcare Provider Update: Provides medical plans through Kaiser Permanente and Aetna, along with dental, vision, HSAs, FSAs, and EAP services 4. APAs HSA-compatible plans align well with ACA trends, offering tax-advantaged savings as premiums and deductibles increase in the marketplace. Click here to learn more
In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002.(1) As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way. Read on to discover some of the benefits you can enjoy after you retire from APA.
1. Mental Benefits
Working during your APA retirement can help maintain mental agility as you learn new skills. Staying engaged in work helps build 'mental muscle,' which can lessen the risk of developing dementia and Alzheimers(2) and ward off the signs of aging.
2.. Physical Benefits
Staying active during your APA retirement years is crucial for continued health. Whether you choose to work full-time or volunteer a few days a week, engaging in some form of work will keep your body moving, and give you opportunities to stay balanced, strong, and healthy.
3. Financial Benefits
Besides the obvious extra income, working during your APA retirement may allow you to delay taking Social Security benefits. For every year you wait to take Social Security, your benefits can increase by an average of 8 percent annually.(3) Finding a strategy that works for you can truly pay off.
4. Emotional Benefits
Studies have shown that a sense of purpose has been found to lengthen lifespan and quality of life.4 Working on something you care about, starting a new business, or mentoring others in the workplace can ward off depression and provide a healthy sense of fulfillment and direction in your years or retirement from APA.
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- 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!
5. Social Benefits
One of the risks associated with retirement is increased isolation, which in terms of its impact on your health, has been equated with smoking nearly a pack of cigarettes a day.5 Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions.
Sources
1. AARP.org, February/March 2015
2. Forbes, 2017
3. Social Security Administration, 2017
4. Association for Psychological Science, 2017
What is the APA 401(k) plan?
The APA 401(k) plan is a retirement savings plan that allows employees of APA to save for retirement on a tax-deferred basis.
How can I enroll in APA's 401(k) plan?
Employees can enroll in APA's 401(k) plan by completing the enrollment form available on the APA employee portal or by contacting the HR department for assistance.
What is the employer match for APA's 401(k) plan?
APA offers a matching contribution of 50% on the first 6% of employee contributions to the 401(k) plan.
When can I start contributing to APA's 401(k) plan?
Employees at APA can start contributing to the 401(k) plan after completing 30 days of employment.
What types of investments are available in APA's 401(k) plan?
APA's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Can I take a loan from my APA 401(k) plan?
Yes, APA allows employees to take loans from their 401(k) accounts under certain conditions. Employees should consult the plan documents for specific terms.
What happens to my APA 401(k) if I leave the company?
If you leave APA, you have several options for your 401(k), including rolling it over to another retirement account, leaving it in the APA plan, or cashing it out, subject to taxes and penalties.
How often can I change my contribution amount to APA's 401(k) plan?
Employees can change their contribution amount to APA's 401(k) plan at any time, subject to the plan's guidelines.
Is there a vesting schedule for APA's employer match?
Yes, APA has a vesting schedule for employer contributions, which means that employees must work for a certain period before they fully own the employer match.
How can I check my balance in APA's 401(k) plan?
Employees can check their 401(k) balance by logging into the APA employee portal or by contacting the plan administrator.
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5. BenefitsPRO, 2017