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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 Tenneco.
1. Mental Benefits
Working during your Tenneco 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 Tenneco 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 Tenneco 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 Tenneco.
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- 401K, Social Security, Pension – How to Maximize Your Options
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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!
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 Tenneco's 401(k) plan?
Tenneco's 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them build a nest egg for retirement.
How can I enroll in Tenneco's 401(k) plan?
You can enroll in Tenneco's 401(k) plan by accessing the employee benefits portal and following the enrollment instructions provided there.
Does Tenneco offer a company match for the 401(k) contributions?
Yes, Tenneco offers a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.
What is the maximum contribution I can make to Tenneco's 401(k) plan?
The maximum contribution limit for Tenneco's 401(k) plan follows the IRS guidelines, which can change annually. Employees should refer to the latest IRS limits for specifics.
When can I start contributing to Tenneco's 401(k) plan?
Employees can start contributing to Tenneco's 401(k) plan after they have completed the eligibility requirements, typically within the first few months of employment.
What investment options are available in Tenneco's 401(k) plan?
Tenneco's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How often can I change my contribution amount in Tenneco's 401(k) plan?
Employees can change their contribution amount to Tenneco's 401(k) plan during designated enrollment periods or as allowed by the plan rules.
Can I take a loan from Tenneco's 401(k) plan?
Yes, Tenneco's 401(k) plan may allow employees to take loans against their account balance, subject to specific terms and conditions.
What happens to my Tenneco 401(k) if I leave the company?
If you leave Tenneco, you have several options regarding your 401(k), including rolling it over to an IRA or a new employer's plan, or cashing it out, though taxes and penalties may apply.
Is there a vesting schedule for Tenneco's 401(k) company match?
Yes, Tenneco has a vesting schedule for its company match, which determines how much of the matched contributions you own based on your years of service.
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5. BenefitsPRO, 2017