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 Lyft.
1. Mental Benefits
Working during your Lyft 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 Lyft 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 Lyft 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 Lyft.
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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 Lyft offer to its employees?
Lyft offers a 401(k) retirement savings plan to help employees save for their future.
Does Lyft match employee contributions to the 401(k) plan?
Yes, Lyft provides a company match for employee contributions to the 401(k) plan, helping to enhance their retirement savings.
What is the eligibility requirement for Lyft employees to participate in the 401(k) plan?
Lyft employees are typically eligible to participate in the 401(k) plan after completing a specified period of employment, usually within the first year.
Can Lyft employees choose how much to contribute to their 401(k)?
Yes, Lyft employees can choose their contribution amount, up to the IRS annual contribution limits.
What investment options are available in Lyft's 401(k) plan?
Lyft's 401(k) plan offers a variety of investment options, including mutual funds, index funds, and other investment vehicles to suit different risk tolerances.
How often can Lyft employees change their 401(k) contribution amounts?
Lyft employees can change their 401(k) contribution amounts at regular intervals, typically on a quarterly basis or as specified by the plan.
Is there a vesting schedule for the company match in Lyft's 401(k) plan?
Yes, Lyft has a vesting schedule for the company match, meaning employees must work for a certain period before they fully own the matched funds.
Can Lyft employees take loans against their 401(k) savings?
Yes, Lyft allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What happens to my 401(k) if I leave Lyft?
If you leave Lyft, you have several options for your 401(k), including rolling it over to a new employer's plan, transferring it to an IRA, or cashing it out (though this may incur taxes and penalties).
How can Lyft employees access their 401(k) account information?
Lyft employees can access their 401(k) account information through the designated online portal or by contacting the plan administrator.
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5. BenefitsPRO, 2017