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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 CMS Energy.
1. Mental Benefits
Working during your CMS Energy 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 CMS Energy 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 CMS Energy 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 CMS Energy.
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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 CMS Energy 401(k) Savings Plan?
The CMS Energy 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How can I enroll in the CMS Energy 401(k) Savings Plan?
Employees can enroll in the CMS Energy 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
What are the contribution limits for the CMS Energy 401(k) Savings Plan?
The contribution limits for the CMS Energy 401(k) Savings Plan are determined by the IRS and may change annually. Employees should check the current limits for the specific year.
Does CMS Energy offer a company match for the 401(k) Savings Plan?
Yes, CMS Energy offers a company match for employee contributions to the 401(k) Savings Plan, helping to enhance the overall savings for retirement.
When is the best time to start contributing to the CMS Energy 401(k) Savings Plan?
The best time to start contributing to the CMS Energy 401(k) Savings Plan is as soon as you are eligible, as early contributions can significantly impact your retirement savings over time.
Can I change my contribution percentage in the CMS Energy 401(k) Savings Plan?
Yes, employees can change their contribution percentage at any time by accessing their account through the CMS Energy HR portal.
What investment options are available in the CMS Energy 401(k) Savings Plan?
The CMS Energy 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to choose based on their risk tolerance.
How often can I make changes to my investments in the CMS Energy 401(k) Savings Plan?
Employees can make changes to their investment allocations in the CMS Energy 401(k) Savings Plan on a regular basis, typically quarterly or as specified in the plan documents.
What happens to my CMS Energy 401(k) Savings Plan if I leave the company?
If you leave CMS Energy, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA, transferring it to a new employer's plan, or cashing it out, though cashing out may have tax implications.
Is there a loan option available in the CMS Energy 401(k) Savings Plan?
Yes, the CMS Energy 401(k) Savings Plan may allow employees to take loans against their account balance, subject to specific terms and conditions outlined in the plan.
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5. BenefitsPRO, 2017