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Discover the Top 5 Advantages of Continuing to Work in Retirement for GP Strategies Corporation Employees

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 GP Strategies Corporation.

1. Mental Benefits

Working during your GP Strategies Corporation 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 GP Strategies Corporation 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 GP Strategies Corporation 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 GP Strategies Corporation.

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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 GP Strategies Corporation?

The 401(k) plan at GP Strategies Corporation is a retirement savings plan that allows employees to contribute a portion of their salary on a pre-tax basis, helping them save for retirement.

How can I enroll in the GP Strategies Corporation 401(k) plan?

Employees can enroll in the GP Strategies Corporation 401(k) plan by completing the enrollment process through the company’s benefits portal during the designated enrollment period.

What types of contributions can I make to my GP Strategies Corporation 401(k) plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for employer matching contributions in the GP Strategies Corporation 401(k) plan.

Does GP Strategies Corporation offer matching contributions to the 401(k) plan?

Yes, GP Strategies Corporation provides a matching contribution to eligible employees participating in the 401(k) plan, enhancing their retirement savings.

What is the vesting schedule for GP Strategies Corporation's 401(k) matching contributions?

The vesting schedule for GP Strategies Corporation's matching contributions typically follows a graded vesting schedule, which means employees gain ownership of the contributions over a period of time.

Can I take loans from my GP Strategies Corporation 401(k) plan?

Yes, GP Strategies Corporation allows employees to take loans from their 401(k) plan, subject to certain terms and conditions outlined in the plan documents.

What investment options are available in the GP Strategies Corporation 401(k) plan?

The GP Strategies Corporation 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.

How often can I change my investment choices in the GP Strategies Corporation 401(k) plan?

Employees can change their investment choices in the GP Strategies Corporation 401(k) plan at any time, allowing for adjustments based on personal financial goals.

What happens to my GP Strategies Corporation 401(k) plan if I leave the company?

If you leave GP Strategies Corporation, you have several options for your 401(k) plan, including rolling it over to another qualified plan, cashing it out, or leaving it with GP Strategies Corporation for future growth.

Is there a minimum contribution requirement for the GP Strategies Corporation 401(k) plan?

Yes, GP Strategies Corporation may have a minimum contribution requirement for employees participating in the 401(k) plan, which can vary based on the plan specifics.