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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 United Parcel Service.
1. Mental Benefits
Working during your United Parcel Service 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 United Parcel Service 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 United Parcel Service 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 United Parcel Service.
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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 the 401(k) plan offered by United Parcel Service?
The 401(k) plan at United Parcel Service is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does United Parcel Service match employee contributions to the 401(k) plan?
Yes, United Parcel Service offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.
How can employees enroll in the 401(k) plan at United Parcel Service?
Employees can enroll in the 401(k) plan at United Parcel Service through the company’s HR portal or by contacting their HR representative for assistance.
What is the eligibility requirement for United Parcel Service's 401(k) plan?
To be eligible for the 401(k) plan at United Parcel Service, employees typically need to meet certain criteria regarding their length of service and employment status.
Can employees at United Parcel Service change their contribution amounts to the 401(k) plan?
Yes, employees at United Parcel Service can change their contribution amounts to the 401(k) plan at any time, subject to the plan's rules.
What investment options are available in the United Parcel Service 401(k) plan?
The United Parcel Service 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
When can employees at United Parcel Service start withdrawing funds from their 401(k) plan?
Employees at United Parcel Service can typically start withdrawing funds from their 401(k) plan at age 59½, although there are specific rules regarding hardship withdrawals.
Does United Parcel Service provide financial education regarding the 401(k) plan?
Yes, United Parcel Service offers financial education resources and workshops to help employees understand their 401(k) plan and make informed investment decisions.
Are there any fees associated with the United Parcel Service 401(k) plan?
Yes, like most 401(k) plans, the United Parcel Service 401(k) plan may have administrative and investment fees, which are disclosed in the plan documents.
How often can employees at United Parcel Service review their 401(k) account statements?
Employees at United Parcel Service can review their 401(k) account statements quarterly, and they may also access their account online at any time.
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5. BenefitsPRO, 2017