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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 Aramark.
1. Mental Benefits
Working during your Aramark 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 Aramark 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 Aramark 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 Aramark.
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- 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 401(k) plan offered by Aramark?
The 401(k) plan offered by Aramark is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in Aramark's 401(k) plan?
Employees can enroll in Aramark's 401(k) plan by accessing the employee benefits portal or contacting the HR department for assistance.
Does Aramark match contributions to the 401(k) plan?
Yes, Aramark offers a matching contribution to the 401(k) plan, which helps employees grow their retirement savings.
What is the maximum contribution limit for Aramark's 401(k) plan?
The maximum contribution limit for Aramark's 401(k) plan is determined by IRS guidelines, which can change annually. Employees should check the latest limits for the current year.
When can I start withdrawing from my Aramark 401(k) plan?
Employees can typically start withdrawing from their Aramark 401(k) plan after reaching the age of 59½, or in accordance with the plan's specific rules.
Are there any penalties for early withdrawal from Aramark's 401(k) plan?
Yes, withdrawing funds from Aramark's 401(k) plan before age 59½ may incur penalties, as well as taxes on the withdrawn amount.
Can I take a loan against my Aramark 401(k) plan?
Yes, Aramark's 401(k) plan may allow employees to take loans against their balance, subject to specific terms and conditions.
How often can I change my contribution amount to Aramark's 401(k) plan?
Employees can typically change their contribution amount to Aramark's 401(k) plan at any time, subject to the plan's guidelines.
What investment options are available in Aramark's 401(k) plan?
Aramark's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
How can I check my balance in Aramark's 401(k) plan?
Employees can check their balance in Aramark's 401(k) plan by logging into the employee benefits portal or contacting the plan administrator.
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5. BenefitsPRO, 2017