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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 Pacific Life.
1. Mental Benefits
Working during your Pacific Life 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 Pacific Life 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 Pacific Life 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 Pacific Life.
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- 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 401(k) plan offered by Pacific Life?
The 401(k) plan at Pacific Life is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.
How can employees at Pacific Life enroll in the 401(k) plan?
Employees at Pacific Life can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Pacific Life offer a matching contribution for its 401(k) plan?
Yes, Pacific Life offers a matching contribution to its 401(k) plan, helping employees increase their retirement savings.
What types of investment options are available in the Pacific Life 401(k) plan?
The Pacific Life 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can employees at Pacific Life change their contribution percentage to the 401(k) plan?
Yes, employees at Pacific Life can change their contribution percentage at any time by accessing their account through the HR portal.
What is the vesting schedule for the Pacific Life 401(k) plan?
The vesting schedule for the Pacific Life 401(k) plan typically depends on the length of service with the company, with employees becoming fully vested after a certain number of years.
Are there any fees associated with the Pacific Life 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with the Pacific Life 401(k) plan, which are disclosed in the plan documents.
How can employees at Pacific Life access their 401(k) account information?
Employees at Pacific Life can access their 401(k) account information online through the company’s HR portal or by contacting the plan administrator.
What happens to my Pacific Life 401(k) if I leave the company?
If you leave Pacific Life, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the Pacific Life plan if eligible.
Can employees at Pacific Life take loans against their 401(k) savings?
Yes, Pacific Life allows employees to take loans against their 401(k) savings, subject to the plan’s terms and conditions.
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5. BenefitsPRO, 2017