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

Healthcare Provider Update: Compass offers comprehensive medical, dental, and vision insurance, plus HSAs, FSAs, and supplemental coverage like accident and critical illness insurance 3. With ACA premiums rising and enhanced subsidies expiring, Compasss robust benefits help employees maintain coverage without facing steep out-of-pocket costs. 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 Compass.

1. Mental Benefits

Working during your Compass 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 Compass 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 Compass 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 Compass.

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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 is the 401(k) plan offered by Compass?

The 401(k) plan at Compass 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 Compass 401(k) plan?

You can enroll in the Compass 401(k) plan by completing the online enrollment form available on the employee portal.

Does Compass match contributions to the 401(k) plan?

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

What is the maximum contribution limit for the Compass 401(k) plan?

The maximum contribution limit for the Compass 401(k) plan is in line with IRS guidelines, which are updated annually.

When can I start contributing to the Compass 401(k) plan?

Employees at Compass can start contributing to the 401(k) plan after completing their eligibility period, typically within the first few months of employment.

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

The Compass 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Can I take a loan against my Compass 401(k) plan?

Yes, Compass allows employees to take loans against their 401(k) plan, subject to certain terms and conditions.

What happens to my Compass 401(k) if I leave the company?

If you leave Compass, you have several options for your 401(k), including rolling it over to an IRA or a new employer's plan, or cashing it out.

Is there a vesting schedule for the Compass 401(k) plan?

Yes, Compass has a vesting schedule for employer contributions, which determines how much of the company's contributions you own based on your years of service.

How often can I change my contributions to the Compass 401(k) plan?

Employees can change their contribution amounts to the Compass 401(k) plan at any time, subject to payroll processing deadlines.

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

Compass has announced a significant restructuring plan, including a 10% reduction in workforce and changes to employee benefits. The restructuring aims to streamline operations and improve profitability in a competitive real estate market. These changes are crucial to address due to the current economic uncertainty, which affects investment stability and may impact tax policies.