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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 OneMain Holdings.
1. Mental Benefits
Working during your OneMain Holdings 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 OneMain Holdings 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 OneMain Holdings 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 OneMain Holdings.
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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 401(k) plan offered by OneMain Holdings?
The 401(k) plan at OneMain Holdings is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.
Does OneMain Holdings match employee contributions to the 401(k) plan?
Yes, OneMain Holdings offers a company match on employee contributions to the 401(k) plan, which helps employees save for retirement more effectively.
What is the eligibility requirement for OneMain Holdings' 401(k) plan?
Employees of OneMain Holdings are eligible to participate in the 401(k) plan after completing a specified period of service, typically outlined in the employee handbook.
How can employees at OneMain Holdings enroll in the 401(k) plan?
Employees can enroll in the OneMain Holdings 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.
What types of investment options are available in the OneMain Holdings 401(k) plan?
The OneMain Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk levels.
Can employees at OneMain Holdings take loans against their 401(k) savings?
Yes, OneMain Holdings allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan documents.
What happens to my 401(k) savings if I leave OneMain Holdings?
If you leave OneMain Holdings, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out (which may incur penalties), or leaving it in the OneMain Holdings plan if allowed.
Is there a vesting schedule for the company match in the OneMain Holdings 401(k) plan?
Yes, OneMain Holdings has a vesting schedule for the company match, which determines how much of the employer's contributions you own based on your length of service.
How often can employees at OneMain Holdings change their 401(k) contribution amounts?
Employees can change their 401(k) contribution amounts at OneMain Holdings during designated enrollment periods or as allowed by the plan guidelines.
Does OneMain Holdings provide financial education resources for employees regarding the 401(k) plan?
Yes, OneMain Holdings provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.
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5. BenefitsPRO, 2017