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Discover the Top 5 Advantages of Continuing to Work in Retirement for BWX Technologies Employees

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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 BWX Technologies.

1. Mental Benefits

Working during your BWX Technologies 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 BWX Technologies 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 BWX Technologies 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 BWX Technologies.

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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 BWX Technologies offer to its employees?

BWX Technologies offers a 401(k) retirement savings plan to help employees save for their future.

Is there a company match for contributions made to the BWX Technologies 401(k) plan?

Yes, BWX Technologies provides a company match for employee contributions to the 401(k) plan, which helps boost retirement savings.

How can employees enroll in the BWX Technologies 401(k) plan?

Employees can enroll in the BWX Technologies 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What is the eligibility requirement to participate in the BWX Technologies 401(k) plan?

Employees of BWX Technologies are typically eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the plan documents.

Can employees change their contribution percentage to the BWX Technologies 401(k) plan?

Yes, employees can change their contribution percentage to the BWX Technologies 401(k) plan at any time, subject to plan rules.

What investment options are available in the BWX Technologies 401(k) plan?

BWX Technologies offers a range of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.

Does BWX Technologies offer financial education resources for employees regarding the 401(k) plan?

Yes, BWX Technologies provides financial education resources, including workshops and online tools, to help employees make informed decisions about their 401(k) savings.

What is the vesting schedule for the company match in the BWX Technologies 401(k) plan?

The vesting schedule for the company match in the BWX Technologies 401(k) plan may vary; employees should refer to the plan documents for specific details.

Can employees take loans against their 401(k) savings at BWX Technologies?

Yes, BWX Technologies allows employees to take loans against their 401(k) savings, subject to the terms and conditions of the plan.

What happens to my 401(k) savings if I leave BWX Technologies?

If you leave BWX Technologies, you can choose to roll over your 401(k) savings to another retirement account, cash out, or leave the funds in the BWX Technologies plan, depending on the plan's rules.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

BWX Technologies has announced a significant restructuring plan to streamline operations and reduce costs. This includes layoffs and adjustments to employee benefits. Additionally, changes are being made to their pension and 401(k) plans.

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For more information you can reach the plan administrator for BWX Technologies at 800 Oak Ridge Turnpike, Suite A Oak Ridge, TN 37830; or by calling them at +1 865-220-4879.