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Healthcare Provider Update: Offers medical plans administered by Anthem Blue Cross and Blue Shield, with HSA options and wellness incentives 3. As ACA premiums increase, Spires employer contributions and preventive care tools help employees manage healthcare costs more effectively. 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 Spire.
1. Mental Benefits
Working during your Spire 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 Spire 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 Spire 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 Spire.
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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 401(k) plan offered by Spire?
The 401(k) plan at Spire is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does Spire offer a matching contribution for the 401(k) plan?
Yes, Spire offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
How can Spire employees enroll in the 401(k) plan?
Spire employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the eligibility requirement for Spire’s 401(k) plan?
To be eligible for Spire’s 401(k) plan, employees typically need to be full-time employees and meet a minimum service requirement.
What types of investment options are available in Spire’s 401(k) plan?
Spire’s 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.
Can Spire employees change their contribution percentage to the 401(k) plan?
Yes, Spire employees can change their contribution percentage at any time, subject to the plan’s guidelines.
What is the maximum contribution limit for Spire’s 401(k) plan?
The maximum contribution limit for Spire’s 401(k) plan is in accordance with IRS guidelines, which may change annually.
Does Spire allow for loans against the 401(k) plan?
Yes, Spire allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.
What happens to my 401(k) plan if I leave Spire?
If you leave Spire, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or leave it in the Spire plan if eligible.
How often can Spire employees review their 401(k) statements?
Spire employees can review their 401(k) statements quarterly, and they can also access their account online at any time.
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5. BenefitsPRO, 2017