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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 Worthington Industries.
1. Mental Benefits
Working during your Worthington Industries 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 Worthington Industries 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 Worthington Industries 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 Worthington Industries.
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- 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 type of retirement plan does Worthington Industries offer to its employees?
Worthington Industries offers a 401(k) retirement savings plan to help employees save for retirement.
Is participation in the 401(k) plan at Worthington Industries mandatory?
No, participation in the 401(k) plan at Worthington Industries is voluntary; employees can choose whether or not to enroll.
What is the employer match for the 401(k) plan at Worthington Industries?
Worthington Industries offers a competitive employer match for its 401(k) plan, typically matching a percentage of employee contributions, subject to specific limits.
How can employees at Worthington Industries enroll in the 401(k) plan?
Employees can enroll in the 401(k) plan at Worthington Industries by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in Worthington Industries' 401(k) plan?
Worthington Industries provides a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can employees at Worthington Industries change their contribution percentage to the 401(k) plan?
Yes, employees at Worthington Industries can change their contribution percentage to the 401(k) plan at any time, typically through the HR portal.
What is the vesting schedule for employer contributions in the Worthington Industries 401(k) plan?
The vesting schedule for employer contributions in the Worthington Industries 401(k) plan may vary, but generally, employees become fully vested after a certain number of years of service.
Does Worthington Industries offer any financial education resources for employees regarding the 401(k) plan?
Yes, Worthington Industries provides financial education resources and workshops to help employees understand their 401(k) options and make informed investment decisions.
At what age can employees at Worthington Industries start withdrawing from their 401(k) plan without penalties?
Employees at Worthington Industries can generally start withdrawing from their 401(k) plan without penalties at age 59½, subject to specific IRS regulations.
Are there loans available against the 401(k) plan at Worthington Industries?
Yes, Worthington Industries may allow employees to take loans against their 401(k) plan balance, subject to the plan's specific terms and conditions.
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5. BenefitsPRO, 2017