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 Progressive.
1. Mental Benefits
Working during your Progressive 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 Progressive 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 Progressive 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 Progressive.
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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!
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- Have You Looked at Your 401(k) Plan Recently?
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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 is the 401(k) plan offered by Progressive?
Progressive offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, helping them build a secure financial future.
Does Progressive match employee contributions to the 401(k) plan?
Yes, Progressive provides a matching contribution to employees' 401(k) plans, which helps enhance retirement savings.
What is the maximum contribution limit for Progressive's 401(k) plan?
The maximum contribution limit for Progressive's 401(k) plan aligns with IRS guidelines, which are updated annually.
Can employees at Progressive choose how to invest their 401(k) contributions?
Yes, employees at Progressive can choose from a variety of investment options within the 401(k) plan to suit their individual risk tolerance and retirement goals.
At what age can employees access their 401(k) funds at Progressive?
Employees can generally access their 401(k) funds at Progressive without penalty once they reach the age of 59½, subject to certain conditions.
Is there a vesting schedule for Progressive's 401(k) matching contributions?
Yes, Progressive has a vesting schedule for its matching contributions, which means employees must work for a certain period before they fully own those contributions.
How often can employees at Progressive change their 401(k) contribution amounts?
Employees at Progressive can change their 401(k) contribution amounts at any time, allowing for flexibility in their savings strategy.
Does Progressive offer financial education resources for employees regarding their 401(k) plan?
Yes, Progressive provides financial education resources and tools to help employees make informed decisions about their 401(k) investments.
Can employees take loans against their 401(k) at Progressive?
Yes, Progressive allows employees to take loans against their 401(k) balance under certain conditions, providing access to funds when needed.
What happens to an employee's 401(k) if they leave Progressive?
If an employee leaves Progressive, they have several options for their 401(k), including rolling it over to a new employer's plan or an IRA.
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5. BenefitsPRO, 2017