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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 Splunk.
1. Mental Benefits
Working during your Splunk 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 Splunk 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 Splunk 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 Splunk.
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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 type of retirement savings plan does Splunk offer to its employees?
Splunk offers a 401(k) retirement savings plan to help employees save for their future.
Does Splunk match employee contributions to the 401(k) plan?
Yes, Splunk provides a matching contribution to employee 401(k) contributions, subject to certain limits.
What is the maximum contribution limit for the Splunk 401(k) plan?
The maximum contribution limit for the Splunk 401(k) plan aligns with IRS guidelines, which can change annually.
Can employees at Splunk make pre-tax contributions to their 401(k) plan?
Yes, employees at Splunk can make pre-tax contributions to their 401(k) plan, reducing their taxable income.
Does Splunk offer a Roth 401(k) option for employees?
Yes, Splunk provides a Roth 401(k) option, allowing employees to make after-tax contributions.
When can employees at Splunk start contributing to their 401(k) plan?
Employees at Splunk can start contributing to their 401(k) plan after they meet the eligibility requirements, typically upon hire.
How often can Splunk employees change their 401(k) contribution amounts?
Splunk employees can change their 401(k) contribution amounts during designated enrollment periods or as allowed by the plan.
What investment options are available in Splunk's 401(k) plan?
Splunk's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.
Are there any fees associated with managing the 401(k) plan at Splunk?
Yes, there may be fees associated with managing the 401(k) plan at Splunk, which are disclosed in the plan documents.
Can Splunk employees take loans against their 401(k) savings?
Yes, Splunk allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.
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5. BenefitsPRO, 2017