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 MGM Resorts International.
1. Mental Benefits
Working during your MGM Resorts International 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 MGM Resorts International 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 MGM Resorts International 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 MGM Resorts International.
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- 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!
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- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
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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 MGM Resorts International offer to its employees?
MGM Resorts International offers a 401(k) retirement savings plan to help employees save for their future.
Does MGM Resorts International match employee contributions to the 401(k) plan?
Yes, MGM Resorts International provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the eligibility requirement for employees to participate in MGM Resorts International's 401(k) plan?
Employees of MGM Resorts International are eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.
Can employees of MGM Resorts International choose how much to contribute to their 401(k) plan?
Yes, employees at MGM Resorts International can choose their contribution percentage within the limits set by the IRS.
What investment options are available in the MGM Resorts International 401(k) plan?
The 401(k) plan at MGM Resorts International offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.
How can MGM Resorts International employees access their 401(k) account information?
Employees of MGM Resorts International can access their 401(k) account information through the company’s designated retirement plan website or mobile app.
Is there a vesting schedule for the employer match in MGM Resorts International's 401(k) plan?
Yes, MGM Resorts International has a vesting schedule for the employer match, meaning employees must work for a certain period to fully own the matched contributions.
What happens to my 401(k) plan if I leave MGM Resorts International?
If you leave MGM Resorts International, you can choose to leave your 401(k) funds in the plan, roll them over to an IRA, or transfer them to a new employer's retirement plan.
Can MGM Resorts International employees take loans against their 401(k) savings?
Yes, MGM Resorts International allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
Are there penalties for early withdrawal from the MGM Resorts International 401(k) plan?
Yes, early withdrawals from the MGM Resorts International 401(k) plan may incur taxes and penalties unless specific exceptions apply.
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5. BenefitsPRO, 2017