The first few years of retirement are frequently a time of transitions for many, including those leaving Southern. 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 Southern 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 Southern. 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 401(k) plan offered by Southern?
The 401(k) plan offered by Southern is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.
How can I enroll in Southern's 401(k) plan?
You can enroll in Southern's 401(k) plan by completing the enrollment form provided by the HR department or through the employee portal.
Does Southern match contributions to the 401(k) plan?
Yes, Southern offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
What is the maximum contribution limit for Southern's 401(k) plan?
The maximum contribution limit for Southern's 401(k) plan is determined by the IRS and may change annually; employees should refer to the latest guidelines for specific limits.
When can I start withdrawing funds from Southern's 401(k) plan?
Employees can generally start withdrawing funds from Southern's 401(k) plan after reaching age 59½, but specific circumstances may allow for earlier withdrawals.
Are there any penalties for early withdrawal from Southern's 401(k) plan?
Yes, there are typically penalties for early withdrawal from Southern's 401(k) plan, which may include a 10% penalty in addition to regular income tax.
Can I take a loan against my 401(k) with Southern?
Yes, Southern allows employees to take loans against their 401(k) balance, subject to certain terms and conditions outlined in the plan.
How often can I change my contribution amount to Southern's 401(k) plan?
Employees can change their contribution amount to Southern's 401(k) plan during open enrollment periods or at any time as permitted by the plan.
What investment options are available in Southern's 401(k) plan?
Southern's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.
Is there a vesting schedule for Southern's 401(k) matching contributions?
Yes, Southern has a vesting schedule for matching contributions, which means employees must work a certain number of years to fully own those funds.