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Discover the Top 5 Advantages of Continuing to Work in Retirement for Siemens Aktiengesellschaft Employees

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 Siemens Aktiengesellschaft.

1. Mental Benefits

Working during your Siemens Aktiengesellschaft 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 Siemens Aktiengesellschaft 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 Siemens Aktiengesellschaft 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 Siemens Aktiengesellschaft.

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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 Siemens Aktiengesellschaft 401(k) plan?

The Siemens Aktiengesellschaft 401(k) plan is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How can employees of Siemens Aktiengesellschaft enroll in the 401(k) plan?

Employees of Siemens Aktiengesellschaft can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

Does Siemens Aktiengesellschaft match employee contributions to the 401(k) plan?

Yes, Siemens Aktiengesellschaft offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for the Siemens Aktiengesellschaft 401(k) plan?

The maximum contribution limit for the Siemens Aktiengesellschaft 401(k) plan aligns with IRS guidelines, which may change annually. Employees should check the latest limits for the current year.

Can employees of Siemens Aktiengesellschaft take loans against their 401(k) savings?

Yes, employees of Siemens Aktiengesellschaft may have the option to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What investment options are available in the Siemens Aktiengesellschaft 401(k) plan?

The Siemens Aktiengesellschaft 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.

Is there a vesting schedule for the Siemens Aktiengesellschaft 401(k) plan?

Yes, Siemens Aktiengesellschaft has a vesting schedule for employer contributions, meaning employees must work for a certain period before they fully own the company’s matching contributions.

How can employees of Siemens Aktiengesellschaft access their 401(k) account information?

Employees of Siemens Aktiengesellschaft can access their 401(k) account information through the online portal provided by the plan administrator or by contacting the HR department.

What happens to the Siemens Aktiengesellschaft 401(k) plan if an employee leaves the company?

If an employee leaves Siemens Aktiengesellschaft, they may have several options for their 401(k) plan, including rolling it over to an IRA or a new employer’s plan, or cashing it out, subject to taxes and penalties.

Are there hardship withdrawal options available in the Siemens Aktiengesellschaft 401(k) plan?

Yes, Siemens Aktiengesellschaft allows hardship withdrawals under certain circumstances, enabling employees to access their funds for specific financial needs.