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Why Summit Materials Employees Can Thrive in Retirement Without a Bucket List

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The first few years of retirement are frequently a time of transitions for many, including those leaving Summit Materials. 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 Summit Materials 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 Summit Materials. 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 Summit Materials offer?

Summit Materials offers a 401(k) retirement savings plan to help employees save for their future.

When can employees at Summit Materials enroll in the 401(k) plan?

Employees at Summit Materials can enroll in the 401(k) plan during the initial eligibility period or during the annual open enrollment period.

Is there a company match for contributions made to the 401(k) plan at Summit Materials?

Yes, Summit Materials provides a company match for employee contributions to the 401(k) plan, subject to certain limits.

How much can employees contribute to their 401(k) at Summit Materials?

Employees at Summit Materials can contribute up to the IRS annual limit, which is adjusted periodically. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and over.

Does Summit Materials offer a Roth 401(k) option?

Yes, Summit Materials offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

What investment options are available in the Summit Materials 401(k) plan?

The Summit Materials 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and company stock.

Can employees at Summit Materials take loans against their 401(k) savings?

Yes, employees at Summit Materials may be eligible to take loans against their 401(k) savings, subject to the plan's terms and conditions.

What happens to my 401(k) balance if I leave Summit Materials?

If you leave Summit Materials, you can choose to roll over your 401(k) balance to another retirement account, cash it out, or keep it in the Summit Materials plan if eligible.

How often can employees change their contribution amounts to the 401(k) at Summit Materials?

Employees at Summit Materials can change their contribution amounts at any time, subject to the plan's guidelines.

Is there a vesting schedule for the company match in the Summit Materials 401(k) plan?

Yes, there is a vesting schedule for the company match in the Summit Materials 401(k) plan, which determines how much of the match you own based on your years of service.