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 Peter Kiewit Sons'.
1. Mental Benefits
Working during your Peter Kiewit Sons' 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 Peter Kiewit Sons' 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 Peter Kiewit Sons' 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 Peter Kiewit Sons'.
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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 type of retirement savings plan does Peter Kiewit Sons' offer to its employees?
Peter Kiewit Sons' offers a 401(k) retirement savings plan to its employees.
How can employees of Peter Kiewit Sons' enroll in the 401(k) plan?
Employees of Peter Kiewit Sons' can enroll in the 401(k) plan by completing the enrollment process through the company's HR portal.
Does Peter Kiewit Sons' match employee contributions to the 401(k) plan?
Yes, Peter Kiewit Sons' offers a matching contribution to employee contributions to the 401(k) plan, subject to certain limits.
What is the maximum contribution limit for the 401(k) plan at Peter Kiewit Sons'?
The maximum contribution limit for the 401(k) plan at Peter Kiewit Sons' aligns with the IRS annual limits, which are updated each year.
Can employees of Peter Kiewit Sons' take loans against their 401(k) savings?
Yes, employees of Peter Kiewit Sons' may have the option to take loans against their 401(k) savings, subject to the plan's terms.
What investment options are available in the Peter Kiewit Sons' 401(k) plan?
The 401(k) plan at Peter Kiewit Sons' typically offers a variety of investment options, including mutual funds and target-date funds.
Are there any fees associated with the 401(k) plan at Peter Kiewit Sons'?
Yes, there may be administrative fees and investment-related fees associated with the 401(k) plan at Peter Kiewit Sons'.
How often can employees of Peter Kiewit Sons' change their 401(k) contributions?
Employees of Peter Kiewit Sons' can typically change their 401(k) contributions at any time, following the company's guidelines.
What happens to the 401(k) savings if an employee leaves Peter Kiewit Sons'?
If an employee leaves Peter Kiewit Sons', they can choose to roll over their 401(k) savings to another retirement account or withdraw the funds, subject to tax implications.
Does Peter Kiewit Sons' provide financial education regarding the 401(k) plan?
Yes, Peter Kiewit Sons' provides resources and financial education to help employees understand their 401(k) options and make informed decisions.
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5. BenefitsPRO, 2017