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 FM Global.
1. Mental Benefits
Working during your FM Global 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 FM Global 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 FM Global 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 FM Global.
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- 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!
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- 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 FM Global 401(k) Savings Plan?
The FM Global 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How can I enroll in the FM Global 401(k) Savings Plan?
Employees can enroll in the FM Global 401(k) Savings Plan through the company’s HR portal during the enrollment period or after completing their eligibility requirements.
What are the eligibility requirements for the FM Global 401(k) Savings Plan?
To be eligible for the FM Global 401(k) Savings Plan, employees must be at least 21 years old and have completed a certain period of service with the company.
Does FM Global match contributions to the 401(k) Savings Plan?
Yes, FM Global offers a matching contribution to the 401(k) Savings Plan, which can help employees grow their retirement savings.
What is the maximum contribution limit for the FM Global 401(k) Savings Plan?
The maximum contribution limit for the FM Global 401(k) Savings Plan is determined by IRS guidelines, which may change annually.
Can I change my contribution percentage for the FM Global 401(k) Savings Plan?
Yes, employees can change their contribution percentage to the FM Global 401(k) Savings Plan at any time, subject to the plan's rules.
What investment options are available in the FM Global 401(k) Savings Plan?
The FM Global 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
How often can I make changes to my investment choices in the FM Global 401(k) Savings Plan?
Employees can typically make changes to their investment choices in the FM Global 401(k) Savings Plan on a quarterly basis or as specified in the plan documents.
What happens to my FM Global 401(k) Savings Plan if I leave the company?
If you leave FM Global, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if you meet certain criteria.
Can I take a loan from my FM Global 401(k) Savings Plan?
Yes, FM Global allows employees to take loans from their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan.
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5. BenefitsPRO, 2017