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Preparing for retirement at Fortinet can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.
These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put Fortinet employees ahead of the curve.
- Talk about money. Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
- Be proactive about your retirement after Fortinet. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Fortinet retirement accounts stand today? Being proactive with your Fortinet retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.
- Make room for your future in your budget. Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.
- Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.
- Transamerica.com, 2021
- GAO.gov, 2021
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What is the 401(k) plan offered by Fortinet?
Fortinet offers a 401(k) plan that allows employees to save for retirement through pre-tax contributions, which can help reduce taxable income.
Does Fortinet match employee contributions to the 401(k) plan?
Yes, Fortinet provides a matching contribution to employee 401(k) plans, helping to enhance employees' retirement savings.
What is the eligibility requirement for Fortinet's 401(k) plan?
Employees at Fortinet are eligible to participate in the 401(k) plan after completing a specified period of employment, typically within the first few months.
How can employees at Fortinet enroll in the 401(k) plan?
Employees can enroll in Fortinet's 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What types of investment options are available in Fortinet's 401(k) plan?
Fortinet's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
Can employees at Fortinet take loans against their 401(k) savings?
Yes, Fortinet allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.
What happens to my 401(k) if I leave Fortinet?
If you leave Fortinet, you can either roll over your 401(k) balance into another retirement account or leave it in Fortinet's plan, subject to the plan's rules.
Is there a vesting schedule for Fortinet's 401(k) matching contributions?
Yes, Fortinet has a vesting schedule for matching contributions, which means employees must work for a certain period to fully own the employer match.
How often can employees change their contribution amounts to Fortinet's 401(k) plan?
Employees at Fortinet can typically change their contribution amounts at any time, subject to the plan's specific guidelines.
Are there any fees associated with Fortinet's 401(k) plan?
Yes, Fortinet's 401(k) plan may have administrative fees and investment fees, which are disclosed in the plan documents.
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