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 Edwards Lifesciences.
1. Mental Benefits
Working during your Edwards Lifesciences 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 Edwards Lifesciences 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 Edwards Lifesciences 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 Edwards Lifesciences.
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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?
- 11 Questions You Should Ask Yourself When Planning for Retirement
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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 plan does Edwards Lifesciences offer to its employees?
Edwards Lifesciences offers a 401(k) savings plan to help employees save for retirement.
Does Edwards Lifesciences match employee contributions to the 401(k) plan?
Yes, Edwards Lifesciences provides a matching contribution to employee 401(k) contributions, subject to certain limits.
How can I enroll in the 401(k) plan at Edwards Lifesciences?
Employees can enroll in the Edwards Lifesciences 401(k) plan through the company's benefits portal during the open enrollment period or upon hire.
What is the eligibility requirement for the 401(k) plan at Edwards Lifesciences?
Generally, all full-time employees of Edwards Lifesciences are eligible to participate in the 401(k) plan after completing a specified period of service.
Can I change my contribution percentage to the Edwards Lifesciences 401(k) plan?
Yes, employees can change their contribution percentage to the Edwards Lifesciences 401(k) plan at any time through the benefits portal.
What investment options are available in the Edwards Lifesciences 401(k) plan?
The Edwards Lifesciences 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance.
When can I start withdrawing from my Edwards Lifesciences 401(k) plan?
Employees can typically begin withdrawing from their Edwards Lifesciences 401(k) plan without penalty at age 59½, subject to plan rules.
Is there a loan option available through the Edwards Lifesciences 401(k) plan?
Yes, Edwards Lifesciences allows employees to take loans against their 401(k) balance, subject to specific terms and conditions.
How often can I make changes to my investment allocations in the Edwards Lifesciences 401(k) plan?
Employees can typically make changes to their investment allocations in the Edwards Lifesciences 401(k) plan on a quarterly basis or as specified in the plan documents.
What happens to my Edwards Lifesciences 401(k) plan if I leave the company?
If you leave Edwards Lifesciences, you can roll over your 401(k) balance to another retirement account, withdraw the funds, or leave the balance in the plan, depending on the plan’s rules.
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5. BenefitsPRO, 2017