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Healthcare Provider Update: Medical: PPO plans with preventive care, prescription drug coverage. Dental & Vision: Offered with competitive premiums. Savings Accounts: HSA/FSA available. ACA Planning: Employees nearing retirement are encouraged to compare employer coverage with ACA marketplace options due to rising 2026 premiums 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 Valvoline.
1. Mental Benefits
Working during your Valvoline 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 Valvoline 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 Valvoline 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 Valvoline.
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- 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 is the 401(k) plan offered by Valvoline?
Valvoline offers a 401(k) plan that allows employees to save for retirement with pre-tax contributions, helping them build a nest egg for their future.
How can employees enroll in Valvoline's 401(k) plan?
Employees can enroll in Valvoline's 401(k) plan by accessing the enrollment portal through the company's HR website or contacting the HR department for assistance.
What types of contributions can employees make to Valvoline's 401(k) plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option for catch-up contributions if they are age 50 or older.
Does Valvoline offer a company match for the 401(k) contributions?
Yes, Valvoline offers a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.
What is the vesting schedule for Valvoline's 401(k) company match?
The vesting schedule for Valvoline's 401(k) company match typically follows a graded schedule, meaning employees become vested in the company match over a period of time.
Can employees change their contribution amounts to Valvoline's 401(k) plan?
Yes, employees can change their contribution amounts to Valvoline's 401(k) plan at any time, subject to the plan's rules and guidelines.
What investment options are available in Valvoline's 401(k) plan?
Valvoline'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.
Is there a loan option available in Valvoline's 401(k) plan?
Yes, Valvoline's 401(k) plan may allow employees to take loans against their account balance, subject to specific terms and conditions outlined in the plan.
What happens to the 401(k) plan if an employee leaves Valvoline?
If an employee leaves Valvoline, they have several options for their 401(k) plan, including rolling it over to an IRA or a new employer's plan, or cashing it out (subject to taxes and penalties).
How often can employees access their 401(k) statements from Valvoline?
Employees can access their 401(k) statements from Valvoline on a quarterly basis, and they can also view their account online at any time.
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5. BenefitsPRO, 2017