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

Healthcare Provider Update: Caleres provides employees with medical, dental, and vision insurance, along with HSA and FSA options. The company offers a 401(k) plan with up to 6.5% contribution, life and disability insurance, education assistance, and paid time off. Additional benefits include pet insurance, employee discounts, and charitable match programs 4. Caleres As ACA premiums climb, Caleres diverse benefits and employer contributions offer employees a cost-effective alternative to individual coverage. Strategic planning in 2025 can help employees maximize these offerings before marketplace costs spike. 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 Caleres.

1. Mental Benefits

Working during your Caleres 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 Caleres 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 Caleres 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 Caleres.

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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 Caleres offer to its employees?

Caleres offers a 401(k) retirement savings plan to its employees.

How can employees at Caleres enroll in the 401(k) plan?

Employees can enroll in the Caleres 401(k) plan by completing the enrollment process through the company's designated benefits portal or by contacting the HR department for assistance.

Does Caleres provide any matching contributions to the 401(k) plan?

Yes, Caleres offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the eligibility requirement for employees to participate in Caleres' 401(k) plan?

Employees must meet specific eligibility criteria, such as age and length of service, to participate in Caleres' 401(k) plan.

Can employees at Caleres change their contribution amounts to the 401(k) plan?

Yes, employees at Caleres can change their contribution amounts to the 401(k) plan at any time, subject to the plan's rules.

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

The Caleres 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance and retirement goals.

Is there a vesting schedule for employer contributions in Caleres' 401(k) plan?

Yes, Caleres has a vesting schedule for employer contributions, which determines when employees have full ownership of those contributions.

How can employees at Caleres access their 401(k) account information?

Employees can access their 401(k) account information through the online portal provided by the plan administrator or by contacting Caleres' HR department.

What happens to an employee's 401(k) account if they leave Caleres?

If an employee leaves Caleres, they have several options for their 401(k) account, including rolling it over to another retirement account, cashing it out, or leaving it in the Caleres plan if allowed.

Are loans available through the Caleres 401(k) plan?

Yes, Caleres allows employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.

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

Caleres has announced a significant restructuring plan, including layoffs across several departments. The company is focusing on streamlining operations and reducing overhead costs.

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For more information you can reach the plan administrator for Caleres at 8300 Maryland Ave. St. Louis, MO 63105; or by calling them at +1 314-854-4000.