The first few years of retirement are frequently a time of transitions for many, including those leaving Penn Mutual Life Insurance. It is a critical period that can influence the next few decades financially and emotionally. At the age of sixty-six, Wall Street Journal distinguished editor Stephen Kreider Yoder announced his retirement. His wife, sixty-seven-year-old Karen Kreider Yoder, followed suit. Their experiences, highlighted in the 'Retirement Rookies' column each month, demonstrate a departure from conventional retirement preparation. They emphasize crafting adaptable, meaningful experiences that serve as a foundation for future undertakings over following predetermined bucket lists.
This approach to retirement highlights a larger movement among individuals reimagining their post-employment years. By focusing on personal development and continual exploration, retirees can ensure a fuller, more satisfying experience. This narrative offers invaluable insights for Penn Mutual Life Insurance employees looking to maximize their life-changing retirement years.
Recent studies by the American Psychological Association (APA) underline the advantages of the Yoders' method of unstructured retirement planning. The research indicates that retirees adhering rigidly to their pre-planned bucket lists report lower levels of satisfaction and fulfillment compared to those who engage in activities based on their own interests and whims. This suggests that a flexible retirement lifestyle can lead to more fulfilling and significant experiences, an important consideration as employees transition from structured careers to the freedom of retirement.
In the Retirement Rookies column, Stephen and Karen Kreider Yoder share their journeys and offer a fresh perspective on retirement planning. Learn why they're passing on typical bucket lists in favor of flexible, meaningful experiences, and how this strategy might enhance your post-work years at Penn Mutual Life Insurance. Discover how embracing an unstructured retirement can lead to increased contentment and pleasure, setting the stage for a rewarding future.
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Forgoing a conventional retirement plan is akin to sailing a ship without a defined course. Retirees like the Yoders choose to navigate the waters of their golden years with the liberty to uncover new horizons as they appear, rather than charting every port of call. This method, much like a sailor discovering new adventures in uncharted waters, allows them to encounter unexpected joys and experiences, enriching each day with personal growth and satisfaction.
What type of retirement savings plan does Penn Mutual Life Insurance offer?
Penn Mutual Life Insurance offers a 401(k) retirement savings plan for its employees.
How can employees at Penn Mutual Life Insurance enroll in the 401(k) plan?
Employees at Penn Mutual Life Insurance can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Penn Mutual Life Insurance match employee contributions to the 401(k) plan?
Yes, Penn Mutual Life Insurance offers a matching contribution to employee 401(k) plans, subject to specific terms and conditions.
What is the maximum contribution limit for the 401(k) plan at Penn Mutual Life Insurance?
The maximum contribution limit for the 401(k) plan at Penn Mutual Life Insurance aligns with the IRS limits, which are updated annually.
Are there any vesting schedules for the 401(k) matching contributions at Penn Mutual Life Insurance?
Yes, Penn Mutual Life Insurance has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own those contributions.
Can employees at Penn Mutual Life Insurance take loans against their 401(k) savings?
Yes, Penn Mutual Life Insurance allows employees to take loans against their 401(k) savings, subject to the plan’s terms and conditions.
What investment options are available in the Penn Mutual Life Insurance 401(k) plan?
The 401(k) plan at Penn Mutual Life Insurance offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.
How often can employees change their contribution amounts to the 401(k) plan at Penn Mutual Life Insurance?
Employees at Penn Mutual Life Insurance can change their contribution amounts to the 401(k) plan on a quarterly basis or as specified in the plan guidelines.
What happens to the 401(k) savings if an employee leaves Penn Mutual Life Insurance?
If an employee leaves Penn Mutual Life Insurance, they can roll over their 401(k) savings into another retirement account, cash out, or leave the funds in the current plan, depending on the plan's rules.
Is there a penalty for early withdrawal from the 401(k) plan at Penn Mutual Life Insurance?
Yes, early withdrawals from the 401(k) plan at Penn Mutual Life Insurance may incur penalties and taxes, unless specific conditions are met.