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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 Paramount Global.
1. Mental Benefits
Working during your Paramount Global 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 Paramount Global 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 Paramount Global 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 Paramount Global.
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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!
- 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 type of retirement savings plan does Paramount Global offer to its employees?
Paramount Global offers a 401(k) retirement savings plan to its employees.
Is there a company match for contributions made to the 401(k) plan at Paramount Global?
Yes, Paramount Global provides a company match for employee contributions to the 401(k) plan, subject to certain limits.
How can employees at Paramount Global enroll in the 401(k) plan?
Employees at Paramount Global can enroll in the 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.
What is the eligibility requirement for participating in the 401(k) plan at Paramount Global?
Employees must meet specific eligibility criteria, such as age and length of service, to participate in the 401(k) plan at Paramount Global.
Can employees at Paramount Global take loans against their 401(k) savings?
Yes, Paramount Global allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What investment options are available in the Paramount Global 401(k) plan?
The Paramount Global 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
How often can employees at Paramount Global change their 401(k) contribution amount?
Employees at Paramount Global can change their 401(k) contribution amount at any time, typically during open enrollment or through the benefits portal.
Does Paramount Global provide educational resources for employees regarding their 401(k) plan?
Yes, Paramount Global offers educational resources and workshops to help employees understand and manage their 401(k) savings effectively.
What happens to the 401(k) savings if an employee leaves Paramount Global?
If an employee leaves Paramount Global, they have several options for their 401(k) savings, including rolling it over to another retirement account or cashing it out, subject to taxes and penalties.
Is there a vesting schedule for the company match in the Paramount Global 401(k) plan?
Yes, there is a vesting schedule for the company match in the Paramount Global 401(k) plan, which determines when employees fully own the matched funds.
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5. BenefitsPRO, 2017