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Healthcare Provider Update: Provides medical, dental, vision, life, and disability insurance, plus mental health support, paid parental leave, and 401(k) match 6. With ACA premiums projected to rise by up to 75% for some, Sleep Numbers comprehensive benefits offer a strong buffer against marketplace volatility. 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 Sleep Number.
1. Mental Benefits
Working during your Sleep Number 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 Sleep Number 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 Sleep Number 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 Sleep Number.
Articles you may find interesting:
- 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 types of retirement savings plans does Sleep Number offer to its employees?
Sleep Number offers a 401(k) retirement savings plan to help employees save for their future.
How can Sleep Number employees enroll in the 401(k) plan?
Employees can enroll in the Sleep Number 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does Sleep Number match employee contributions to the 401(k) plan?
Yes, Sleep Number provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the maximum contribution limit for Sleep Number’s 401(k) plan?
The maximum contribution limit for Sleep Number’s 401(k) plan is determined by IRS guidelines, which can change annually.
Are there any vesting requirements for Sleep Number’s 401(k) matching contributions?
Yes, Sleep Number has a vesting schedule for its matching contributions, which means employees must work for a certain period to fully own those contributions.
Can Sleep Number employees take loans against their 401(k) savings?
Yes, Sleep Number allows employees to take loans against their 401(k) savings under certain conditions.
What investment options are available in Sleep Number's 401(k) plan?
Sleep Number’s 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can Sleep Number employees change their 401(k) contribution amounts?
Sleep Number employees can change their 401(k) contribution amounts at any time, subject to payroll processing deadlines.
Is there a waiting period for new employees to join Sleep Number's 401(k) plan?
Sleep Number typically allows new employees to enroll in the 401(k) plan after a specified waiting period, which can vary based on company policy.
How does Sleep Number provide information about the 401(k) plan to employees?
Sleep Number provides information about the 401(k) plan through employee handbooks, informational sessions, and the HR portal.
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5. BenefitsPRO, 2017