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Discover the Top 5 Advantages of Continuing to Work in Retirement for Summit Materials Employees

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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 Summit Materials.

1. Mental Benefits

Working during your Summit Materials 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 Summit Materials 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 Summit Materials 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 Summit Materials.

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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 type of retirement savings plan does Summit Materials offer?

Summit Materials offers a 401(k) retirement savings plan to help employees save for their future.

When can employees at Summit Materials enroll in the 401(k) plan?

Employees at Summit Materials can enroll in the 401(k) plan during the initial eligibility period or during the annual open enrollment period.

Is there a company match for contributions made to the 401(k) plan at Summit Materials?

Yes, Summit Materials provides a company match for employee contributions to the 401(k) plan, subject to certain limits.

How much can employees contribute to their 401(k) at Summit Materials?

Employees at Summit Materials can contribute up to the IRS annual limit, which is adjusted periodically. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and over.

Does Summit Materials offer a Roth 401(k) option?

Yes, Summit Materials offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

What investment options are available in the Summit Materials 401(k) plan?

The Summit Materials 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and company stock.

Can employees at Summit Materials take loans against their 401(k) savings?

Yes, employees at Summit Materials may be eligible to take loans against their 401(k) savings, subject to the plan's terms and conditions.

What happens to my 401(k) balance if I leave Summit Materials?

If you leave Summit Materials, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or keep it in the Summit Materials plan if eligible.

How often can employees change their contribution amounts to the 401(k) at Summit Materials?

Employees at Summit Materials can change their contribution amounts at any time, subject to the plan's guidelines.

Is there a vesting schedule for the company match in the Summit Materials 401(k) plan?

Yes, there is a vesting schedule for the company match in the Summit Materials 401(k) plan, which determines how much of the match you own based on your years of service.