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 Domtar.
1. Mental Benefits
Working during your Domtar 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 Domtar 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 Domtar 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 Domtar.
Articles you may find interesting:
- 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!
- 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 Domtar's 401(k) Savings Plan?
The purpose of Domtar's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary to a tax-advantaged account.
How can I enroll in Domtar's 401(k) Savings Plan?
You can enroll in Domtar's 401(k) Savings Plan by completing the enrollment process through the company's HR portal or by contacting the HR department for assistance.
What types of contributions can I make to Domtar's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in Domtar's 401(k) Savings Plan.
Does Domtar offer a company match for the 401(k) Savings Plan?
Yes, Domtar offers a company match for contributions made to the 401(k) Savings Plan, which helps employees increase their retirement savings.
What is the vesting schedule for Domtar's 401(k) company match?
The vesting schedule for Domtar's 401(k) company match typically follows a graded schedule, meaning employees gradually earn ownership of the matching contributions over time.
How often can I change my contribution amount to Domtar's 401(k) Savings Plan?
Employees can change their contribution amount to Domtar's 401(k) Savings Plan at any time, subject to the plan's guidelines and limits.
What investment options are available in Domtar's 401(k) Savings Plan?
Domtar's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock, allowing employees to choose based on their risk tolerance.
Can I take a loan from my Domtar 401(k) Savings Plan?
Yes, Domtar's 401(k) Savings Plan may allow participants to take loans against their account balance, subject to specific terms and conditions outlined in the plan.
What happens to my Domtar 401(k) Savings Plan if I leave the company?
If you leave Domtar, you have several options for your 401(k) Savings Plan, including leaving the funds in the plan, rolling them over to another retirement account, or cashing out, though cashing out may incur taxes and penalties.
How can I access my Domtar 401(k) account information?
You can access your Domtar 401(k) account information online through the plan's dedicated website or by contacting the plan administrator for assistance.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)
5. BenefitsPRO, 2017