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

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Healthcare Provider Update: Woodward offers health, dental, vision, and life insurance, along with short- and long-term disability coverage. Employees benefit from a 401(k) plan, defined benefit and contribution pension plans, and profit-sharing. The company also provides paid holidays, sick leave, and tuition reimbursement 5. Woodward With ACA insurers requesting premium hikes of up to 66% in some states, Woodwards layered insurance and retirement benefits help employees maintain affordable coverage and financial stability. 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 Woodward.

 

1. Mental Benefits

Working during your Woodward 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 Woodward 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 Woodward 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 Woodward.

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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 primary purpose of Woodward's 401(k) Savings Plan?

The primary purpose of Woodward's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.

How can Woodward employees enroll in the 401(k) Savings Plan?

Woodward employees can enroll in the 401(k) Savings Plan by logging into the employee portal and completing the enrollment process during the designated enrollment period.

Does Woodward offer a company match for 401(k) contributions?

Yes, Woodward offers a company match for 401(k) contributions, which helps employees maximize their retirement savings.

What is the maximum contribution limit for Woodward's 401(k) Savings Plan?

The maximum contribution limit for Woodward's 401(k) Savings Plan aligns with IRS guidelines, which may change annually. Employees should check the latest limits for accuracy.

Can Woodward employees change their contribution percentage at any time?

Yes, Woodward employees can change their contribution percentage at any time through the employee portal, subject to certain plan restrictions.

What investment options are available in Woodward's 401(k) Savings Plan?

Woodward's 401(k) Savings 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 vesting schedule for the company match in Woodward's 401(k) Savings Plan?

Yes, Woodward has a vesting schedule for the company match, which means employees must work for a certain period before they fully own the matched contributions.

What should Woodward employees do if they forget their login information for the 401(k) portal?

If Woodward employees forget their login information, they can use the "Forgot Password" feature on the portal or contact HR for assistance.

Can Woodward employees take loans against their 401(k) Savings Plan?

Yes, Woodward employees may be able to take loans against their 401(k) Savings Plan, subject to the plan's rules and limits.

What happens to Woodward's 401(k) Savings Plan if an employee leaves the company?

If an employee leaves Woodward, they have several options for their 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if allowed.

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For more information you can reach the plan administrator for Woodward at , ; or by calling them at .

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