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 Change Healthcare.
1. Mental Benefits
Working during your Change Healthcare 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 Change Healthcare 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 Change Healthcare 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 Change Healthcare.
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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!
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 Change Healthcare offer?
Change Healthcare offers a 401(k) retirement savings plan to help employees save for their future.
How can I enroll in the 401(k) plan at Change Healthcare?
Employees can enroll in Change Healthcare's 401(k) plan by accessing the benefits portal and following the enrollment instructions provided.
Does Change Healthcare provide a company match for the 401(k) contributions?
Yes, Change Healthcare offers a company match for employee contributions to the 401(k) plan, subject to specific terms and conditions.
What is the eligibility requirement to participate in Change Healthcare's 401(k) plan?
Employees are typically eligible to participate in Change Healthcare's 401(k) plan after completing a certain period of service, as outlined in the plan documents.
Can I change my contribution percentage to the Change Healthcare 401(k) plan?
Yes, employees can change their contribution percentage to the Change Healthcare 401(k) plan at any time through the benefits portal.
What investment options are available in Change Healthcare's 401(k) plan?
Change Healthcare's 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.
Is there a vesting schedule for the company match in Change Healthcare's 401(k) plan?
Yes, Change Healthcare has a vesting schedule for the company match, which means employees must work for a certain period to fully own the matched contributions.
How often can I make changes to my investment allocations in Change Healthcare's 401(k) plan?
Employees can make changes to their investment allocations in Change Healthcare's 401(k) plan on a regular basis, typically quarterly or as specified in the plan documents.
What happens to my Change Healthcare 401(k) if I leave the company?
If you leave Change Healthcare, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the plan if eligible.
Does Change Healthcare offer financial planning resources for employees regarding the 401(k) plan?
Yes, Change Healthcare provides access to financial planning resources and tools to help employees make informed decisions about their 401(k) savings.
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5. BenefitsPRO, 2017