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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 Edison International.
1. Mental Benefits
Working during your Edison International 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 Edison International 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 Edison International 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 Edison International.
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- 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 401(k) plan offered by Edison International?
The 401(k) plan offered by Edison International 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 Edison International 401(k) plan?
Employees can enroll in the Edison International 401(k) plan through the company's HR portal or by contacting the benefits department for assistance.
Does Edison International offer a company match for the 401(k) contributions?
Yes, Edison International offers a company match on employee contributions to the 401(k) plan, which helps employees save more for retirement.
What is the maximum contribution limit for the Edison International 401(k) plan?
The maximum contribution limit for the Edison International 401(k) plan is set by the IRS and may change annually. Employees should check the latest IRS guidelines for the current limit.
Can I change my contribution percentage to the Edison International 401(k) plan?
Yes, employees can change their contribution percentage to the Edison International 401(k) plan at any time, typically through the HR portal.
What investment options are available in the Edison International 401(k) plan?
The Edison International 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to choose based on their risk tolerance.
When can I access my funds from the Edison International 401(k) plan?
Employees can access their funds from the Edison International 401(k) plan upon reaching retirement age, or under certain circumstances such as financial hardship or termination of employment.
Are there any fees associated with the Edison International 401(k) plan?
Yes, there may be administrative fees associated with the Edison International 401(k) plan, which are disclosed in the plan documents provided to employees.
How does Edison International ensure the security of my 401(k) investments?
Edison International takes the security of 401(k) investments seriously by using reputable financial institutions and providing regular statements and updates to employees.
Can I take a loan against my 401(k) from Edison International?
Yes, employees may have the option to take a loan against their 401(k) balance with Edison International, subject to the plan's terms and conditions.
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5. BenefitsPRO, 2017