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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 Masco.
1. Mental Benefits
Working during your Masco 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 Masco 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 Masco 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 Masco.
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- 401K, Social Security, Pension – How to Maximize Your Options
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- 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 purpose of Masco's 401(k) Savings Plan?
The purpose of Masco's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest their earnings.
How can Masco employees enroll in the 401(k) Savings Plan?
Masco employees can enroll in the 401(k) Savings Plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.
What types of contributions can employees make to Masco's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in Masco's 401(k) Savings Plan.
Does Masco offer a company match for 401(k) contributions?
Yes, Masco offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees grow their retirement savings.
What is the vesting schedule for Masco's 401(k) company match?
The vesting schedule for Masco's 401(k) company match typically requires employees to work for a certain number of years before they fully own the matched contributions.
Can Masco employees take loans against their 401(k) Savings Plan?
Yes, Masco allows employees to take loans against their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.
What investment options are available in Masco's 401(k) Savings Plan?
Masco's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock.
How often can Masco employees change their contribution amounts to the 401(k) Savings Plan?
Masco employees can typically change their contribution amounts to the 401(k) Savings Plan on a quarterly basis or as specified in the plan guidelines.
What resources does Masco provide to help employees understand their 401(k) Savings Plan?
Masco provides educational resources, such as seminars, online tools, and access to financial advisors to help employees understand their 401(k) Savings Plan.
When can Masco employees start withdrawing from their 401(k) Savings Plan?
Masco employees can generally start withdrawing from their 401(k) Savings Plan without penalties at age 59½, but specific rules may vary.
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5. BenefitsPRO, 2017