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 Concentrix.
1. Mental Benefits
Working during your Concentrix 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 Concentrix 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 Concentrix 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 Concentrix.
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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 401(k) plan offered by Concentrix?
The 401(k) plan offered by Concentrix is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can I enroll in the Concentrix 401(k) plan?
Employees can enroll in the Concentrix 401(k) plan by completing the enrollment process through the company’s benefits portal during the open enrollment period or within 30 days of their hire date.
Does Concentrix match contributions to the 401(k) plan?
Yes, Concentrix offers a matching contribution to the 401(k) plan, which helps employees grow their retirement savings.
What is the maximum contribution limit for the Concentrix 401(k) plan?
The maximum contribution limit for the Concentrix 401(k) plan is determined by the IRS and is subject to change annually. Employees should check the latest IRS guidelines for the current limit.
Can I change my contribution amount to the Concentrix 401(k) plan?
Yes, employees can change their contribution amount to the Concentrix 401(k) plan at any time through the benefits portal.
When can I access my funds in the Concentrix 401(k) plan?
Employees can access their funds in the Concentrix 401(k) plan upon reaching retirement age, or in certain circumstances such as financial hardship or termination of employment.
What investment options are available in the Concentrix 401(k) plan?
The Concentrix 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Does Concentrix provide financial advice for 401(k) participants?
Yes, Concentrix may offer access to financial advisors or resources to help employees make informed decisions about their 401(k) investments.
Is there a vesting schedule for the Concentrix 401(k) matching contributions?
Yes, Concentrix has a vesting schedule for matching contributions, which means that employees must work for a certain period before they fully own the matched funds.
How do I check my 401(k) balance with Concentrix?
Employees can check their 401(k) balance by logging into the benefits portal or contacting the plan administrator for assistance.
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5. BenefitsPRO, 2017