/General/General%208.png?width=1280&height=853&name=General%208.png)
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 Xcel Energy.
1. Mental Benefits
Working during your Xcel Energy 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 Xcel Energy 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 Xcel Energy 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 Xcel Energy.
Articles you may find interesting:
- 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!
- 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 retirement savings options does Xcel Energy offer to its employees?
Xcel Energy offers a 401(k) Savings Plan that allows employees to save for retirement through pre-tax and Roth after-tax contributions.
How does Xcel Energy match employee contributions to the 401(k) plan?
Xcel Energy provides a matching contribution to the 401(k) plan, which is based on a percentage of the employee's contributions, helping to enhance retirement savings.
What is the eligibility requirement for Xcel Energy's 401(k) Savings Plan?
Employees are eligible to participate in Xcel Energy's 401(k) Savings Plan after completing a specified period of employment, typically within the first year.
Can employees at Xcel Energy contribute to their 401(k) plan while on leave?
Yes, employees can continue to contribute to their 401(k) plan while on certain types of leave, depending on the specific circumstances and plan rules.
What investment options are available in Xcel Energy's 401(k) Savings Plan?
Xcel Energy's 401(k) Savings Plan offers a variety of investment options, including target-date funds, stock funds, bond funds, and stable value funds.
Is there a vesting schedule for the employer match in Xcel Energy's 401(k) plan?
Yes, Xcel Energy has a vesting schedule for the employer match, meaning employees must work for the company for a certain period to fully own the matched contributions.
How can Xcel Energy employees access their 401(k) account information?
Employees can access their 401(k) account information through the Xcel Energy benefits portal or by contacting the plan administrator directly.
What is the maximum contribution limit for Xcel Energy's 401(k) plan?
The maximum contribution limit for Xcel Energy's 401(k) plan is subject to IRS regulations, which are updated annually. Employees should check the current limits for accurate figures.
Does Xcel Energy offer a loan option against the 401(k) plan?
Yes, Xcel Energy allows employees to take loans against their 401(k) savings, subject to certain conditions and limits as outlined in the plan documents.
What happens to my 401(k) savings if I leave Xcel Energy?
If you leave Xcel Energy, you can choose to roll over your 401(k) savings to another retirement account, leave it in the Xcel Energy plan (if eligible), or withdraw the funds, subject to taxes and penalties.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)
5. BenefitsPRO, 2017