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 Joann.
1. Mental Benefits
Working during your Joann 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 Joann 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 Joann 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 Joann.
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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 plan does Joann offer to its employees?
Joann offers a 401(k) retirement savings plan to help employees save for their future.
How can Joann employees enroll in the 401(k) plan?
Joann employees can enroll in the 401(k) plan through the company’s HR portal or by contacting their HR representative for assistance.
Does Joann provide a matching contribution to the 401(k) plan?
Yes, Joann offers a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.
What is the vesting schedule for Joann's 401(k) matching contributions?
The vesting schedule for Joann's 401(k) matching contributions typically follows a standard schedule, which employees can review in their plan documents.
Can Joann employees change their contribution percentage to the 401(k) plan?
Yes, Joann employees can change their contribution percentage at any time, subject to the plan's guidelines.
What investment options are available in Joann's 401(k) plan?
Joann's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a minimum contribution required for Joann employees to participate in the 401(k) plan?
Yes, Joann may have a minimum contribution requirement for employees to participate in the 401(k) plan, which is detailed in the plan documents.
Can Joann employees take loans against their 401(k) balance?
Yes, Joann allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.
What happens to Joann employees' 401(k) accounts if they leave the company?
If Joann employees leave the company, they have several options for their 401(k) accounts, including rolling over to another retirement account or cashing out, subject to tax implications.
How often can Joann employees access their 401(k) account statements?
Joann employees can access their 401(k) account statements quarterly through the plan's online portal.
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5. BenefitsPRO, 2017