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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 AutoZone.
1. Mental Benefits
Working during your AutoZone 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 AutoZone 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 AutoZone 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 AutoZone.
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- 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 type of retirement savings plan does AutoZone offer to its employees?
AutoZone offers a 401(k) retirement savings plan to its employees.
Does AutoZone match employee contributions to the 401(k) plan?
Yes, AutoZone provides a matching contribution to employee contributions made to the 401(k) plan.
What is the maximum contribution limit for AutoZone's 401(k) plan?
The contribution limit for AutoZone's 401(k) plan is subject to IRS limits, which can change annually.
Can AutoZone employees choose between traditional and Roth 401(k) contributions?
Yes, AutoZone employees have the option to contribute to either a traditional 401(k) or a Roth 401(k).
How often can AutoZone employees change their 401(k) contribution amounts?
AutoZone employees can change their contribution amounts at any time, subject to plan rules.
What investment options are available within AutoZone's 401(k) plan?
AutoZone's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.
Is there a vesting schedule for AutoZone's 401(k) matching contributions?
Yes, AutoZone has a vesting schedule for its matching contributions, which determines when employees fully own those funds.
Can AutoZone employees take loans against their 401(k) savings?
Yes, AutoZone allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
What happens to AutoZone employees' 401(k) accounts if they leave the company?
If AutoZone employees leave the company, they can roll over their 401(k) account balance to another retirement account or withdraw the funds, subject to taxes and penalties.
Does AutoZone provide financial education resources for employees regarding their 401(k) plan?
Yes, AutoZone offers financial education resources to help employees make informed decisions about their 401(k) savings.
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5. BenefitsPRO, 2017