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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 McDonald's.
1. Mental Benefits
Working during your McDonald's 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 McDonald's 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 McDonald's 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 McDonald's.
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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 is the McDonald's 401(k) plan?
The McDonald's 401(k) plan is a retirement savings plan that allows eligible employees to save a portion of their paycheck before taxes are deducted.
How can I enroll in the McDonald's 401(k) plan?
Employees can enroll in the McDonald's 401(k) plan through the employee portal or by contacting the HR department for assistance.
What is the employer match for the McDonald's 401(k) plan?
McDonald's offers a competitive employer match for contributions made to the 401(k) plan, which can help employees maximize their retirement savings.
Are there any eligibility requirements to participate in the McDonald's 401(k) plan?
Yes, eligibility requirements for the McDonald's 401(k) plan typically include being a full-time or part-time employee who has completed a certain period of service.
How much can I contribute to the McDonald's 401(k) plan each year?
The contribution limits for the McDonald's 401(k) plan are subject to IRS guidelines, which may change annually. Employees should refer to the plan documents for specific limits.
Can I take a loan against my McDonald's 401(k) plan?
Yes, McDonald's allows employees to take loans against their 401(k) savings, subject to certain terms and conditions outlined in the plan.
What investment options are available in the McDonald's 401(k) plan?
The McDonald's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
When can I access my funds from the McDonald's 401(k) plan?
Employees can access their funds from the McDonald's 401(k) plan upon reaching retirement age, or under certain circumstances such as financial hardship or termination of employment.
Does McDonald's provide financial education regarding the 401(k) plan?
Yes, McDonald's offers financial education resources and workshops to help employees understand their 401(k) options and make informed decisions about their retirement savings.
What happens to my McDonald's 401(k) plan if I leave the company?
If you leave McDonald's, you have several options for your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it in the McDonald's plan if you meet the criteria.
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5. BenefitsPRO, 2017