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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 USAA.
1. Mental Benefits
Working during your USAA 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 USAA 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 USAA 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 USAA.
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- 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!
- 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 types of retirement savings plans does USAA offer?
USAA offers a 401(k) plan as part of its retirement savings options for employees.
How does USAA match employee contributions to the 401(k) plan?
USAA matches employee contributions up to a certain percentage, typically a dollar-for-dollar match up to a specified limit.
Can employees at USAA choose their investment options within the 401(k) plan?
Yes, USAA allows employees to choose from a variety of investment options within the 401(k) plan to suit their individual retirement goals.
What is the vesting schedule for USAA's 401(k) matching contributions?
USAA has a vesting schedule that determines how long an employee must work at the company to fully own the matching contributions made by USAA.
How can USAA employees access their 401(k) account information?
USAA employees can access their 401(k) account information through the USAA employee portal or by contacting the HR department.
Does USAA offer any educational resources for employees regarding their 401(k) plans?
Yes, USAA provides educational resources and workshops to help employees understand their 401(k) plans and make informed investment decisions.
What is the minimum contribution percentage required for USAA employees to participate in the 401(k) plan?
USAA typically requires employees to contribute a minimum percentage of their salary to participate in the 401(k) plan, which may vary by plan specifics.
Are there any fees associated with USAA's 401(k) plan?
Yes, USAA’s 401(k) plan may have administrative fees, which are disclosed in the plan documents provided to employees.
Can USAA employees take loans against their 401(k) savings?
Yes, USAA allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.
What happens to a USAA employee's 401(k) if they leave the company?
If a USAA employee leaves the company, they have several options for their 401(k), including rolling it over to an IRA or a new employer's plan, or cashing it out.
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5. BenefitsPRO, 2017