Healthcare Provider Update: Provides PPO and HDHP plans through Blue Cross Blue Shield, with employer HSA contributions up to $1,000 3. With ACA subsidies set to expire, Genesiss HDHP with HSA support offers a cost-effective alternative to marketplace plans facing 75% out-of-pocket increases Click here to learn more
A recent Fidelity Investments poll illuminates new trends in the ever-changing retirement planning landscape. Notably, 66% of respondents envision a phased-in approach to retirement, which deviates from the conventional full-stop strategy. This choice shows a shift towards flexible retirement solutions across generations, as evidenced by the significant interest shown by both Gen Zers and millennials.
The wide-ranging implications of this trend point to the necessity of flexibility in retirement advice and planning when preparing to retire from Genesis Energy. The departure from traditional retirement models highlights a more comprehensive reassessment of retirement goals and work-life balance, reflecting shifting perspectives toward the end of your Genesis Energy career. Advisors who want to fulfill their Genesis Energy clients' complex needs must have a thorough understanding of these preferences as retirement planning continues to change.
A growing number of retirees who desire social connection and intellectual stimulation in addition to financial security are adopting the idea of 'Work for Pleasure' in phased retirement, a viable option for Genesis Energy employees.
According to an American Psychological Association study, continuing to work after retirement can enhance mental well-being, increase life satisfaction, and facilitate the transition to complete retirement. Retirement is now seen as a new chapter with opportunity for learning, growth, and contribution rather than as an end. This is especially true for seasoned professionals from high-ranking roles.
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Retirement is becoming less and less like the unexpected curtain call at the end of a play and more like a well planned art display. Similar to how an exhibition progressively moves from one theme and era to another, providing visitors with an extensive array of experiences, the modern retirement trip, as defined by Fidelity Investments, takes place in stages. With this method, people can combine the elegant brushstrokes of their personal passions and hobbies with their professional creations. Today's retirees and soon-to-be retirees find joy and fulfillment in doing work that pleases them, much like an artist who paints for the love of art even after their formal career has concluded. This is creating a retirement experience that is as nuanced and fulfilling as a well-curated gallery.
What is the Genesis Energy 401(k) plan?
The Genesis Energy 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck for retirement on a tax-deferred basis.
How can I enroll in the Genesis Energy 401(k) plan?
Employees can enroll in the Genesis Energy 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.
Is there a waiting period to join the Genesis Energy 401(k) plan?
Yes, Genesis Energy typically has a waiting period for new employees, which is communicated during the onboarding process.
What types of contributions can I make to the Genesis Energy 401(k) plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in the Genesis Energy 401(k) plan.
Does Genesis Energy offer a company match for the 401(k) plan?
Yes, Genesis Energy offers a company match to encourage employees to save for retirement, subject to specific terms outlined in the plan.
What is the maximum contribution limit for the Genesis Energy 401(k) plan?
The maximum contribution limit for the Genesis Energy 401(k) plan is determined by IRS regulations and can change annually. Employees should check the latest guidelines for the current limit.
Can I change my contribution amount in the Genesis Energy 401(k) plan?
Yes, employees can change their contribution amount at any time through the Genesis Energy benefits portal.
What investment options are available in the Genesis Energy 401(k) plan?
The Genesis Energy 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock.
How often can I change my investment choices in the Genesis Energy 401(k) plan?
Employees can typically change their investment choices in the Genesis Energy 401(k) plan on a quarterly basis or as specified in the plan documents.
What happens to my Genesis Energy 401(k) plan if I leave the company?
If you leave Genesis Energy, you have several options for your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Genesis Energy, depending on the plan rules.