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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 Hyatt Hotels.
1. Mental Benefits
Working during your Hyatt Hotels 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 Hyatt Hotels 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 Hyatt Hotels 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 Hyatt Hotels.
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- 401K, Social Security, Pension – How to Maximize Your Options
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- 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 is the 401(k) plan offered by Hyatt Hotels?
The 401(k) plan at Hyatt Hotels is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
How can Hyatt Hotels employees enroll in the 401(k) plan?
Employees of Hyatt Hotels can enroll in the 401(k) plan through the company's HR portal or by contacting the HR department for assistance.
Does Hyatt Hotels offer any matching contributions to the 401(k) plan?
Yes, Hyatt Hotels offers matching contributions to the 401(k) plan, which helps employees grow their retirement savings.
What is the eligibility requirement to participate in Hyatt Hotels' 401(k) plan?
Employees of Hyatt Hotels are generally eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the plan documents.
Can Hyatt Hotels employees change their contribution rate to the 401(k) plan?
Yes, employees at Hyatt Hotels can change their contribution rate to the 401(k) plan at any time, subject to certain guidelines.
What investment options are available in the Hyatt Hotels 401(k) plan?
The Hyatt Hotels 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Is there a vesting schedule for Hyatt Hotels' matching contributions to the 401(k) plan?
Yes, Hyatt Hotels has a vesting schedule for matching contributions, which means employees must work for the company for a certain period before they fully own the matching funds.
How can Hyatt Hotels employees access their 401(k) account information?
Employees can access their 401(k) account information through the online portal provided by Hyatt Hotels or by contacting the plan administrator.
Are there any fees associated with the Hyatt Hotels 401(k) plan?
Yes, like most 401(k) plans, the Hyatt Hotels 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.
Can Hyatt Hotels employees take loans against their 401(k) savings?
Yes, Hyatt Hotels allows employees to take loans against their 401(k) savings, subject to the terms and conditions of the plan.
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5. BenefitsPRO, 2017