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Empowering Women at Lyft: 4 Essential Retirement Strategies to Consider

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Preparing for retirement at Lyft 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 Lyft 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 Lyft. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Lyft retirement accounts stand today? Being proactive with your Lyft 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 type of retirement savings plan does Lyft offer to its employees?

Lyft offers a 401(k) retirement savings plan to help employees save for their future.

Does Lyft match employee contributions to the 401(k) plan?

Yes, Lyft provides a company match for employee contributions to the 401(k) plan, helping to enhance their retirement savings.

What is the eligibility requirement for Lyft employees to participate in the 401(k) plan?

Lyft employees are typically eligible to participate in the 401(k) plan after completing a specified period of employment, usually within the first year.

Can Lyft employees choose how much to contribute to their 401(k)?

Yes, Lyft employees can choose their contribution amount, up to the IRS annual contribution limits.

What investment options are available in Lyft's 401(k) plan?

Lyft's 401(k) plan offers a variety of investment options, including mutual funds, index funds, and other investment vehicles to suit different risk tolerances.

How often can Lyft employees change their 401(k) contribution amounts?

Lyft employees can change their 401(k) contribution amounts at regular intervals, typically on a quarterly basis or as specified by the plan.

Is there a vesting schedule for the company match in Lyft's 401(k) plan?

Yes, Lyft has a vesting schedule for the company match, meaning employees must work for a certain period before they fully own the matched funds.

Can Lyft employees take loans against their 401(k) savings?

Yes, Lyft allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What happens to my 401(k) if I leave Lyft?

If you leave Lyft, you have several options for your 401(k), including rolling it over to a new employer's plan, transferring it to an IRA, or cashing it out (though this may incur taxes and penalties).

How can Lyft employees access their 401(k) account information?

Lyft employees can access their 401(k) account information through the designated online portal or by contacting the plan administrator.