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Discover the Top 5 Advantages of Continuing to Work in Retirement for Old Republic International Employees

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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 Old Republic International.

1. Mental Benefits

Working during your Old Republic 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 Old Republic 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 Old Republic 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 Old Republic International.

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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 is the 401(k) plan offered by Old Republic International?

The 401(k) plan at Old Republic International is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax basis, helping them build a nest egg for retirement.

How does Old Republic International match employee contributions to the 401(k) plan?

Old Republic International offers a company match on employee contributions, which means that for every dollar an employee contributes, the company will match a certain percentage, up to a specified limit.

What are the eligibility requirements for Old Republic International's 401(k) plan?

Employees at Old Republic International typically become eligible for the 401(k) plan after completing a specified period of service, usually within the first year of employment.

Can employees of Old Republic International change their contribution rates to the 401(k) plan?

Yes, employees of Old Republic International can change their contribution rates to the 401(k) plan at designated times throughout the year.

What investment options are available in Old Republic International's 401(k) plan?

The 401(k) plan at Old Republic International offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Is there a vesting schedule for the employer match in Old Republic International's 401(k) plan?

Yes, Old Republic International has a vesting schedule that determines when employees fully own the employer contributions made to their 401(k) accounts.

How can employees of Old Republic International enroll in the 401(k) plan?

Employees can enroll in the 401(k) plan at Old Republic International by completing the necessary enrollment forms, which are typically available through the HR department or the company’s benefits portal.

What is the maximum contribution limit for Old Republic International's 401(k) plan?

The maximum contribution limit for Old Republic International's 401(k) plan is subject to IRS regulations, which may change annually. Employees should check the latest guidelines for the current limit.

Does Old Republic International offer a Roth 401(k) option?

Yes, Old Republic International offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

What happens to my 401(k) savings if I leave Old Republic International?

If you leave Old Republic International, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the Old Republic International plan if permitted.