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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 TJX.
1. Mental Benefits
Working during your TJX 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 TJX 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 TJX 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 TJX.
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- 401K, Social Security, Pension – How to Maximize Your Options
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- 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 TJX?
The 401(k) plan at TJX is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does TJX match employee contributions to the 401(k) plan?
Yes, TJX offers a company match on employee contributions to the 401(k) plan, enhancing retirement savings for employees.
How can TJX employees enroll in the 401(k) plan?
TJX employees can enroll in the 401(k) plan through the company’s benefits portal during the open enrollment period or within 30 days of their hire date.
What is the maximum contribution limit for the TJX 401(k) plan?
The maximum contribution limit for the TJX 401(k) plan is set annually by the IRS, and employees should check the latest guidelines for the current limit.
When can TJX employees start contributing to their 401(k) plan?
TJX employees can start contributing to their 401(k) plan as soon as they are eligible, which is typically after completing a certain period of employment.
What investment options are available in the TJX 401(k) plan?
The TJX 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance.
How does the company match work in the TJX 401(k) plan?
In the TJX 401(k) plan, the company matches a percentage of employee contributions up to a certain limit, which helps employees grow their retirement savings.
Can TJX employees take loans against their 401(k) savings?
Yes, TJX allows employees to take loans against their 401(k) savings under certain conditions, providing flexibility for financial needs.
What happens to the TJX 401(k) plan if an employee leaves the company?
If an employee leaves TJX, they can choose to roll over their 401(k) balance into an IRA or a new employer’s plan, or they can cash out, subject to taxes and penalties.
Is there a vesting schedule for the TJX 401(k) company match?
Yes, the TJX 401(k) plan has a vesting schedule for the company match, meaning employees must work for a certain number of years before they fully own the matched contributions.
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5. BenefitsPRO, 2017