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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 Cintas.
1. Mental Benefits
Working during your Cintas 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 Cintas 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 Cintas 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 Cintas.
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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 is the purpose of the Cintas 401(k) Savings Plan?
The Cintas 401(k) Savings Plan is designed to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.
How can Cintas employees enroll in the 401(k) Savings Plan?
Cintas employees can enroll in the 401(k) Savings Plan through the company’s benefits portal or by contacting the HR department for assistance.
What types of contributions can Cintas employees make to the 401(k) Savings Plan?
Cintas employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for employer matching contributions.
Is there a company match for contributions made to the Cintas 401(k) Savings Plan?
Yes, Cintas offers a company match on employee contributions, which helps employees save more for retirement.
What is the maximum contribution limit for the Cintas 401(k) Savings Plan?
The maximum contribution limit for the Cintas 401(k) Savings Plan is determined by IRS regulations, which can change annually. Employees should check the latest guidelines for the current limit.
When can Cintas employees start contributing to the 401(k) Savings Plan?
Cintas employees can typically start contributing to the 401(k) Savings Plan after completing their eligibility period, which is outlined in the employee handbook.
Can Cintas employees change their contribution percentage at any time?
Yes, Cintas employees can change their contribution percentage at any time through the benefits portal, subject to certain restrictions.
What investment options are available in the Cintas 401(k) Savings Plan?
The Cintas 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How often can Cintas employees review their investment choices in the 401(k) Savings Plan?
Cintas employees can review and adjust their investment choices in the 401(k) Savings Plan at any time, allowing them to align their investments with their retirement goals.
Are there any fees associated with the Cintas 401(k) Savings Plan?
Yes, there may be fees associated with managing the Cintas 401(k) Savings Plan, including administrative fees and investment fund expenses. Employees can review the fee structure in the plan documents.
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5. BenefitsPRO, 2017