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Healthcare Provider Update: J.M. Smucker offers a wide range of benefits including medical, dental, vision, and prescription drug coverage. Employees also have access to FSAs, life and disability insurance, pet insurance, and wellness facilities. The company supports financial well-being through a 401(k) with matching contributions, stock purchase plans, and tuition assistance. Additional perks include flexible work schedules, on-site daycare, and paid leave for parental and adoption needs 3. J.M. Smucker With ACA premiums projected to rise sharply in 2026, Smuckers comprehensive benefits and family-focused support help employees avoid the financial strain of marketplace plans. The companys emphasis on preventive care and wellness education further reduces long-term healthcare costs. Click here to learn more
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 J.M. Smucker.
1. Mental Benefits
Working during your J.M. Smucker 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 J.M. Smucker 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 J.M. Smucker 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 J.M. Smucker.
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- 401K, Social Security, Pension – How to Maximize Your Options
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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!
- 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 J.M. Smucker offer to its employees?
J.M. Smucker offers a 401(k) retirement savings plan to help employees save for their future.
Does J.M. Smucker provide a company match for contributions made to the 401(k) plan?
Yes, J.M. Smucker provides a company match on employee contributions to the 401(k) plan, which helps to enhance retirement savings.
What is the eligibility requirement to participate in J.M. Smucker's 401(k) plan?
Employees are eligible to participate in J.M. Smucker's 401(k) plan after completing a specified period of service, typically within the first year of employment.
Can employees at J.M. Smucker choose how their 401(k) contributions are invested?
Yes, employees at J.M. Smucker can choose from a variety of investment options for their 401(k) contributions based on their risk tolerance and retirement goals.
What is the maximum contribution limit for J.M. Smucker’s 401(k) plan?
The maximum contribution limit for J.M. Smucker’s 401(k) plan aligns with the IRS limits, which are updated annually.
Does J.M. Smucker allow employees to take loans against their 401(k) savings?
Yes, J.M. Smucker allows employees to take loans against their 401(k) savings under certain conditions and guidelines.
Are there any fees associated with J.M. Smucker's 401(k) plan?
Yes, like many retirement plans, J.M. Smucker's 401(k) plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.
Can employees at J.M. Smucker roll over their 401(k) savings from a previous employer?
Yes, employees at J.M. Smucker can roll over their 401(k) savings from a previous employer into J.M. Smucker’s 401(k) plan.
When can employees at J.M. Smucker start withdrawing from their 401(k) accounts?
Employees at J.M. Smucker can typically start withdrawing from their 401(k) accounts at age 59½, subject to certain conditions.
Does J.M. Smucker offer any educational resources for employees to learn about their 401(k) options?
Yes, J.M. Smucker provides educational resources and tools to help employees understand their 401(k) options and make informed investment decisions.
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5. BenefitsPRO, 2017