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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 Elevance Health.
1. Mental Benefits
Working during your Elevance Health 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 Elevance Health 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 Elevance Health 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 Elevance Health.
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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!
- 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 type of retirement savings plan does Elevance Health offer to its employees?
Elevance Health offers a 401(k) savings plan to help employees save for retirement.
Does Elevance Health match employee contributions to the 401(k) plan?
Yes, Elevance Health provides a matching contribution to employee 401(k) plans, subject to certain limits.
How can employees enroll in the Elevance Health 401(k) savings plan?
Employees can enroll in the Elevance Health 401(k) savings plan through the company’s benefits portal during the enrollment period.
What types of investment options are available in the Elevance Health 401(k) plan?
The Elevance Health 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Is there a vesting schedule for the Elevance Health 401(k) matching contributions?
Yes, Elevance Health has a vesting schedule for matching contributions, which means employees must work for the company for a certain period to fully own those contributions.
Can employees take loans against their Elevance Health 401(k) savings plan?
Yes, Elevance Health allows employees to take loans against their 401(k) savings plan, subject to specific terms and conditions.
What is the maximum contribution limit for the Elevance Health 401(k) plan?
The maximum contribution limit for the Elevance Health 401(k) plan is determined by IRS guidelines, which can change annually.
Does Elevance Health offer financial education resources for employees regarding the 401(k) plan?
Yes, Elevance Health provides financial education resources and tools to help employees make informed decisions about their 401(k) savings.
When can employees start withdrawing from their Elevance Health 401(k) savings plan?
Employees can generally start withdrawing from their Elevance Health 401(k) savings plan at age 59½, although there are specific rules regarding withdrawals.
Are there penalties for early withdrawal from the Elevance Health 401(k) plan?
Yes, early withdrawals from the Elevance Health 401(k) plan may incur penalties and taxes, according to IRS regulations.
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5. BenefitsPRO, 2017