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Discover the Top 5 Advantages of Continuing to Work in Retirement for Portland General Electric Employees

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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 Portland General Electric.

1. Mental Benefits

Working during your Portland General Electric 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 Portland General Electric 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 Portland General Electric 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 Portland General Electric.

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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 Portland General Electric offer to its employees?

Portland General Electric offers a 401(k) retirement savings plan to help employees save for their future.

How does Portland General Electric match employee contributions to the 401(k) plan?

Portland General Electric matches employee contributions up to a certain percentage, which is outlined in the plan documents.

Can employees at Portland General Electric contribute to their 401(k) plan on a pre-tax basis?

Yes, employees at Portland General Electric can make pre-tax contributions to their 401(k) plan, reducing their taxable income.

Is there a Roth 401(k) option available for employees at Portland General Electric?

Yes, Portland General Electric offers a Roth 401(k) option, allowing employees to contribute after-tax dollars for tax-free withdrawals in retirement.

What is the eligibility requirement for employees to participate in the 401(k) plan at Portland General Electric?

Employees at Portland General Electric typically become eligible to participate in the 401(k) plan after completing a specified period of service.

How can employees at Portland General Electric enroll in the 401(k) plan?

Employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What investment options are available in the Portland General Electric 401(k) plan?

The Portland General Electric 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Does Portland General Electric provide any financial education resources for employees regarding their 401(k)?

Yes, Portland General Electric provides financial education resources, including workshops and access to financial advisors, to help employees make informed decisions about their 401(k) savings.

What is the vesting schedule for employer contributions in the Portland General Electric 401(k) plan?

The vesting schedule for employer contributions at Portland General Electric is detailed in the plan documents, typically requiring a certain number of years of service for full vesting.

Can employees take loans against their 401(k) balance at Portland General Electric?

Yes, employees at Portland General Electric may have the option to take loans against their 401(k) balance, subject to the plan’s terms and conditions.