New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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

Healthcare Provider Update: Healthcare Provider Information for Toro Toro's healthcare coverage is typically managed through third-party providers who offer employee benefit plans. A notable provider for Toro's health insurance is UnitedHealthcare, known for comprehensive coverage options tailored to corporate employees. Potential Healthcare Cost Increases in 2026 As Toro employees approach 2026, they should be prepared for significant increases in healthcare costs. The combination of record ACA premium hikes-potentially exceeding 60% in some states-alongside rising medical expenses contributes to a challenging financial landscape. With many insurers, including UnitedHealthcare, poised to raise rates dramatically, employees may face steeper out-of-pocket costs if enhanced federal subsidies expire. This evolving scenario underscores the importance of reviewing benefit options and strategizing to mitigate financial impacts in this coming year. 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 Toro.

1. Mental Benefits

Working during your Toro 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 Toro 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 Toro 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 Toro.

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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 is the purpose of the 401(k) plan offered by Toro?

The purpose of the 401(k) plan offered by Toro is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or Roth basis.

How does Toro match employee contributions to the 401(k) plan?

Toro matches employee contributions up to a certain percentage of their salary, typically dollar-for-dollar up to a specified limit, to encourage savings for retirement.

When can employees at Toro start contributing to the 401(k) plan?

Employees at Toro can start contributing to the 401(k) plan after completing their eligibility period, which is typically outlined in the employee handbook.

Are there any fees associated with Toro's 401(k) plan?

Yes, there may be administrative and investment fees associated with Toro's 401(k) plan, which are disclosed in the plan documents provided to employees.

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

Yes, employees at Toro may have the option to take loans against their 401(k) savings, subject to the terms and conditions outlined in the plan.

What types of investment options are available in Toro's 401(k) plan?

Toro's 401(k) plan typically offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

How can Toro employees access their 401(k) account information?

Toro employees can access their 401(k) account information online through the plan's designated website or mobile app, where they can view balances and make changes.

What is the vesting schedule for Toro's 401(k) plan?

The vesting schedule for Toro's 401(k) plan determines how long employees must work at Toro to fully own the employer's contributions, typically ranging from immediate vesting to a graded schedule.

Can Toro employees change their contribution percentage at any time?

Yes, Toro employees can generally change their contribution percentage at any time, subject to the plan's rules and any designated enrollment periods.

What happens to the 401(k) savings if an employee leaves Toro?

If an employee leaves Toro, they can either roll over their 401(k) savings to another retirement account, leave the funds in the Toro plan (if eligible), or cash out, subject to taxes and penalties.