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Why Simon Property Group Employees Can Thrive in Retirement Without a Bucket List

Healthcare Provider Update: Simon Property Group provides medical, dental, vision, and prescription drug coverage. Employees may also access Health Savings Accounts (HSAs), wellness programs, and employee assistance programs2. With ACA insurers requesting steep premium hikes and enhanced subsidies set to expire, Simons employer-sponsored plans offer a stable and cost-effective alternative to marketplace coverage, particularly for employees with families or chronic care needs. Click here to learn more

The first few years of retirement are frequently a time of transitions for many, including those leaving Simon Property Group. 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 Simon Property Group 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 Simon Property Group. 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 is the primary purpose of the 401(k) plan at Simon Property Group?

The primary purpose of the 401(k) plan at Simon Property Group is to help employees save for retirement by allowing them to contribute a portion of their salary on a tax-deferred basis.

Does Simon Property Group offer a matching contribution for its 401(k) plan?

Yes, Simon Property Group offers a matching contribution to encourage employees to save for retirement, typically matching a percentage of employee contributions up to a certain limit.

How can employees at Simon Property Group enroll in the 401(k) plan?

Employees at Simon Property Group can enroll in the 401(k) plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.

What types of investment options are available in Simon Property Group's 401(k) plan?

Simon Property Group's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and possibly company stock, allowing employees to choose based on their risk tolerance and retirement goals.

At what age can employees at Simon Property Group begin to withdraw funds from their 401(k) plan without penalties?

Employees at Simon Property Group can typically begin to withdraw funds from their 401(k) plan without penalties at age 59½, provided they have met other plan requirements.

Can employees at Simon Property Group take loans against their 401(k) savings?

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

What happens to the 401(k) plan when an employee leaves Simon Property Group?

When an employee leaves Simon Property Group, they have several options for their 401(k) plan, including rolling it over to an IRA or a new employer's plan, cashing it out (subject to taxes and penalties), or leaving it in the current plan if allowed.

How often can employees at Simon Property Group change their 401(k) contribution amounts?

Employees at Simon Property Group can typically change their 401(k) contribution amounts at any time, subject to the plan's specific rules regarding timing and frequency.

Is there a vesting schedule for employer contributions in Simon Property Group's 401(k) plan?

Yes, Simon Property Group has a vesting schedule for employer contributions, meaning employees must work for a certain period before they fully own the employer's contributions to their 401(k) account.

What resources does Simon Property Group provide to help employees manage their 401(k) investments?

Simon Property Group provides resources such as access to financial advisors, educational materials, and online tools to help employees manage their 401(k) investments effectively.