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 Equitable Holdings.
1. Mental Benefits
Working during your Equitable Holdings 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 Equitable Holdings 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 Equitable Holdings 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 Equitable Holdings.
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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 is the 401(k) plan offered by Equitable Holdings?
The 401(k) plan at Equitable Holdings is a retirement savings plan that allows employees to save and invest a portion of their paycheck before taxes are taken out.
How can employees enroll in the 401(k) plan at Equitable Holdings?
Employees can enroll in the Equitable Holdings 401(k) plan by accessing the benefits portal or contacting the HR department for guidance on the enrollment process.
Does Equitable Holdings offer a company match for the 401(k) contributions?
Yes, Equitable Holdings provides a company match for employee contributions to the 401(k) plan, which helps to enhance retirement savings.
What are the contribution limits for the 401(k) plan at Equitable Holdings?
The contribution limits for the Equitable Holdings 401(k) plan are in line with IRS regulations, which can change annually. Employees should check the latest guidelines for the current limits.
Can employees take loans against their 401(k) plans at Equitable Holdings?
Yes, Equitable Holdings allows employees to take loans against their 401(k) balance, subject to certain terms and conditions outlined in the plan documents.
What investment options are available in the Equitable Holdings 401(k) plan?
The 401(k) plan at Equitable Holdings offers a range of investment options, including mutual funds, index funds, and other investment vehicles to suit different risk tolerances.
Is there a vesting schedule for the company match in the Equitable Holdings 401(k) plan?
Yes, Equitable Holdings has a vesting schedule for the company match, which means employees must work for the company for a certain period before they fully own the matched contributions.
How can employees change their contribution percentage to the 401(k) plan at Equitable Holdings?
Employees can change their contribution percentage by logging into the benefits portal or contacting HR to submit their request.
What happens to the 401(k) plan if an employee leaves Equitable Holdings?
If an employee leaves Equitable Holdings, they have several options for their 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Equitable Holdings.
Are there any penalties for early withdrawal from the Equitable Holdings 401(k) plan?
Yes, early withdrawals from the Equitable Holdings 401(k) plan may incur penalties and taxes, as per IRS regulations, unless certain conditions are met.
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5. BenefitsPRO, 2017