Healthcare Provider Update: Provides medical, dental, and vision coverage, FSAs, HSAs with company contributions, and mental health benefits 4. With ACA costs rising, PoolCorps preventive care and wellness incentives help employees manage healthcare expenses proactively. Click here to learn more
Preparing for retirement at Pool 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 Pool 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 Pool. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Pool retirement accounts stand today? Being proactive with your Pool 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 Pool?
The 401(k) plan offered by Pool is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them to build a nest egg for their future.
Does Pool offer a matching contribution for its 401(k) plan?
Yes, Pool offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
How can employees at Pool enroll in the 401(k) plan?
Employees at Pool can enroll in the 401(k) plan by completing the enrollment form available through the HR portal or by contacting the HR department for assistance.
What are the eligibility requirements to participate in Pool's 401(k) plan?
To participate in Pool's 401(k) plan, employees must be at least 21 years old and have completed one year of service with the company.
Can employees at Pool change their contribution percentage for the 401(k) plan?
Yes, employees at Pool can change their contribution percentage at any time by submitting a request through the HR portal.
What investment options are available in Pool's 401(k) plan?
Pool's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock, allowing employees to choose based on their risk tolerance.
Is there a vesting schedule for Pool's 401(k) matching contributions?
Yes, Pool has a vesting schedule for matching contributions, which means that employees must work for a certain number of years before they fully own the matched funds.
How often can employees at Pool access their 401(k) account statements?
Employees at Pool can access their 401(k) account statements quarterly through the online portal.
What happens to my 401(k) plan if I leave Pool?
If you leave Pool, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or leave it in the Pool plan if you meet the eligibility requirements.
Are there any fees associated with Pool's 401(k) plan?
Yes, there may be administrative fees associated with Pool's 401(k) plan, which are disclosed in the plan documents provided to employees.