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Healthcare Provider Update: Provides medical coverage through Aetna, along with dental, vision, HSAs, FSAs, and voluntary benefits like critical illness and hospital indemnity insurance 2. With ACA premiums projected to rise by 1518%, Pinnacle Wests comprehensive benefits and multiple plan tiers offer employees flexibility and protection against rising out-of-pocket costs. Click here to learn more
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 Pinnacle West Capital.
1. Mental Benefits
Working during your Pinnacle West Capital 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 Pinnacle West Capital 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 Pinnacle West Capital 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 Pinnacle West Capital.
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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!
- 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 primary purpose of the 401(k) Savings Plan at Pinnacle West Capital?
The primary purpose of the 401(k) Savings Plan at Pinnacle West Capital is to help employees save for retirement through tax-advantaged contributions.
How can employees enroll in the 401(k) Savings Plan at Pinnacle West Capital?
Employees can enroll in the 401(k) Savings Plan at Pinnacle West Capital by accessing the benefits portal or contacting the HR department for guidance.
What types of contributions can employees make to the Pinnacle West Capital 401(k) Savings Plan?
Employees can make pre-tax and Roth (after-tax) contributions to the Pinnacle West Capital 401(k) Savings Plan.
Is there a company match for contributions made to the 401(k) Savings Plan at Pinnacle West Capital?
Yes, Pinnacle West Capital offers a company match for employee contributions to the 401(k) Savings Plan, which enhances retirement savings.
What is the maximum contribution limit for the 401(k) Savings Plan at Pinnacle West Capital?
The maximum contribution limit for the 401(k) Savings Plan at Pinnacle West Capital is subject to IRS guidelines, which are updated annually.
Can employees change their contribution percentage to the Pinnacle West Capital 401(k) Savings Plan?
Yes, employees can change their contribution percentage to the Pinnacle West Capital 401(k) Savings Plan at any time through the benefits portal.
What investment options are available in the Pinnacle West Capital 401(k) Savings Plan?
The Pinnacle West Capital 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and stable value funds.
When can employees access their funds from the Pinnacle West Capital 401(k) Savings Plan?
Employees can access their funds from the Pinnacle West Capital 401(k) Savings Plan upon reaching retirement age, termination of employment, or under certain hardship circumstances.
Are there any fees associated with the Pinnacle West Capital 401(k) Savings Plan?
Yes, there may be administrative and investment fees associated with the Pinnacle West Capital 401(k) Savings Plan, which are disclosed in the plan documents.
How often can employees review their account statements for the Pinnacle West Capital 401(k) Savings Plan?
Employees can review their account statements for the Pinnacle West Capital 401(k) Savings Plan on a quarterly basis.
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5. BenefitsPRO, 2017