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Why Terex 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 Terex. 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 Terex 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 Terex. 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 purpose of Terex's 401(k) Savings Plan?

The purpose of Terex's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

How can Terex employees enroll in the 401(k) Savings Plan?

Terex employees can enroll in the 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

What types of contributions can Terex employees make to the 401(k) Savings Plan?

Terex employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for employer matching contributions.

Is there a company match for contributions to Terex's 401(k) Savings Plan?

Yes, Terex offers a company match for employee contributions to the 401(k) Savings Plan, subject to certain limits and conditions.

What is the vesting schedule for Terex's 401(k) employer match?

The vesting schedule for Terex's 401(k) employer match typically follows a graded vesting schedule, where employees earn rights to the employer contributions over a specified period.

At what age can Terex employees start withdrawing from their 401(k) Savings Plan?

Terex employees can generally start withdrawing from their 401(k) Savings Plan at age 59½, although there are specific conditions and penalties for early withdrawals.

Can Terex employees take loans against their 401(k) Savings Plan?

Yes, Terex allows employees to take loans against their 401(k) Savings Plan, subject to the plan's terms and conditions.

How often can Terex employees change their contribution percentage to the 401(k) Savings Plan?

Terex employees can typically change their contribution percentage to the 401(k) Savings Plan at any time, subject to the plan's rules.

What investment options are available in Terex's 401(k) Savings Plan?

Terex'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 can Terex employees access their 401(k) account information?

Terex employees can access their 401(k) account information through the company’s online portal or by contacting the plan administrator for assistance.