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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 Constellation Brands.
1. Mental Benefits
Working during your Constellation Brands 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 Constellation Brands 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 Constellation Brands 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 Constellation Brands.
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- 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!
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- Have You Looked at Your 401(k) Plan Recently?
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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 type of retirement savings plan does Constellation Brands offer to its employees?
Constellation Brands offers a 401(k) retirement savings plan to help employees save for their future.
Does Constellation Brands match employee contributions to the 401(k) plan?
Yes, Constellation Brands provides a matching contribution for eligible employees who participate in the 401(k) plan.
What is the maximum contribution limit for the Constellation Brands 401(k) plan?
The maximum contribution limit for the Constellation Brands 401(k) plan aligns with IRS guidelines, which can change annually.
Are there any vesting schedules for the Constellation Brands 401(k) matching contributions?
Yes, Constellation Brands has a vesting schedule for matching contributions, which determines how much of the employer match you own based on your years of service.
Can employees of Constellation Brands take loans against their 401(k) savings?
Yes, employees may have the option to take loans against their 401(k) savings, subject to the plan's rules and limits.
What investment options are available in the Constellation Brands 401(k) plan?
The Constellation Brands 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How can employees at Constellation Brands enroll in the 401(k) plan?
Employees can enroll in the Constellation Brands 401(k) plan through the company's HR portal or by contacting the HR department for assistance.
Is there an automatic enrollment feature in the Constellation Brands 401(k) plan?
Yes, Constellation Brands may offer an automatic enrollment feature for new employees, automatically enrolling them in the 401(k) plan at a specified contribution rate.
What happens to my Constellation Brands 401(k) if I leave the company?
If you leave Constellation Brands, you can choose to roll over your 401(k) balance to another retirement account, cash out, or leave it in the plan if allowed.
Can employees at Constellation Brands change their contribution percentage to the 401(k) plan?
Yes, employees can change their contribution percentage to the Constellation Brands 401(k) plan at any time, subject to the plan's rules.
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5. BenefitsPRO, 2017