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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 NCR.
1. Mental Benefits
Working during your NCR 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 NCR 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 NCR 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 NCR.
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- 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!
- 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 NCR 401(k) plan?
The NCR 401(k) plan is a retirement savings plan that allows NCR employees to save for retirement through pre-tax contributions, which can grow tax-deferred until withdrawal.
How can I enroll in the NCR 401(k) plan?
You can enroll in the NCR 401(k) plan by visiting the employee benefits portal or contacting the HR department for assistance with the enrollment process.
What types of contributions can I make to the NCR 401(k) plan?
NCR employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older.
Does NCR offer a company match for the 401(k) contributions?
Yes, NCR offers a company match on employee contributions to the 401(k) plan, which helps to enhance your retirement savings.
How does the NCR company match work?
The NCR company match typically matches a percentage of your contributions up to a certain limit, which is outlined in the plan documents.
When can I start contributing to the NCR 401(k) plan?
You can start contributing to the NCR 401(k) plan after you have completed the eligibility requirements, which are detailed in the employee handbook.
Can I change my contribution amount to the NCR 401(k) plan?
Yes, NCR allows employees to change their contribution amounts at any time throughout the year, subject to plan rules.
What investment options are available in the NCR 401(k) plan?
The NCR 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds, allowing employees to choose based on their risk tolerance.
Is there a vesting schedule for the NCR company match?
Yes, NCR has a vesting schedule for the company match, meaning you must work for NCR for a certain period before you fully own the matched contributions.
How can I access my NCR 401(k) account?
You can access your NCR 401(k) account online through the plan's designated website or mobile app, where you can view your balance and make changes.
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5. BenefitsPRO, 2017