Healthcare Provider Update: Offers medical, dental, and vision insurance, along with FSAs, supplemental life insurance, and an Employee Assistance Program1. As ACA premiums rise and subsidies expire, Kirbys employer-sponsored plans offer a more stable and cost-effective alternative to marketplace coverage, especially for families. 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 Kirby. 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 Kirby career. Advisors who want to fulfill their Kirby 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 Kirby 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 purpose of Kirby's 401(k) Savings Plan?
The purpose of Kirby's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary into a tax-advantaged account.
How can I enroll in Kirby's 401(k) Savings Plan?
You can enroll in Kirby's 401(k) Savings Plan by completing the enrollment form provided by the HR department or through the employee portal.
What types of contributions can I make to Kirby's 401(k) Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older in Kirby's 401(k) Savings Plan.
Does Kirby offer any matching contributions to the 401(k) Savings Plan?
Yes, Kirby offers a matching contribution to the 401(k) Savings Plan, which is designed to encourage employees to save for retirement.
What is the vesting schedule for Kirby's 401(k) matching contributions?
The vesting schedule for Kirby's 401(k) matching contributions typically follows a graded vesting schedule, where employees become fully vested after a certain number of years of service.
Can I change my contribution amount to Kirby's 401(k) Savings Plan?
Yes, employees can change their contribution amount to Kirby's 401(k) Savings Plan at any time by submitting a request through the employee portal.
What investment options are available in Kirby's 401(k) Savings Plan?
Kirby's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
How often can I make changes to my investments in Kirby's 401(k) Savings Plan?
Employees can typically make changes to their investment allocations in Kirby's 401(k) Savings Plan on a quarterly basis or as specified in the plan documents.
What happens to my 401(k) account if I leave Kirby?
If you leave Kirby, you have several options for your 401(k) account, including rolling it over to an IRA or another employer’s plan, cashing it out, or leaving it in the current plan if permitted.
Is there a loan option available in Kirby's 401(k) Savings Plan?
Yes, Kirby's 401(k) Savings Plan may offer a loan option, allowing employees to borrow against their account balance under certain conditions.