The first few years of retirement are frequently a time of transitions for many, including those leaving Westinghouse Air Brake. 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 Westinghouse Air Brake 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 Westinghouse Air Brake. 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 types of contributions can employees make to the Westinghouse Air Brake 401(k) plan?
Employees at Westinghouse Air Brake can make pre-tax and Roth (after-tax) contributions to the 401(k) plan.
Is there a company match for contributions made to the Westinghouse Air Brake 401(k) plan?
Yes, Westinghouse Air Brake offers a company match on employee contributions up to a certain percentage, which is detailed in the plan documents.
What is the eligibility requirement to participate in the Westinghouse Air Brake 401(k) plan?
Employees are eligible to participate in the Westinghouse Air Brake 401(k) plan after completing a specified period of service, typically 30 days.
How can employees at Westinghouse Air Brake enroll in the 401(k) plan?
Employees can enroll in the Westinghouse Air Brake 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What investment options are available in the Westinghouse Air Brake 401(k) plan?
The Westinghouse Air Brake 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Can employees at Westinghouse Air Brake take loans against their 401(k) accounts?
Yes, Westinghouse Air Brake allows employees to take loans against their 401(k) accounts under certain conditions.
What happens to my Westinghouse Air Brake 401(k) account if I leave the company?
If you leave Westinghouse Air Brake, you can choose to leave your 401(k) account with the company, roll it over to another retirement account, or cash it out, subject to taxes and penalties.
Are there any fees associated with the Westinghouse Air Brake 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with the Westinghouse Air Brake 401(k) plan, which are outlined in the plan documents.
How often can employees change their contribution amounts to the Westinghouse Air Brake 401(k) plan?
Employees at Westinghouse Air Brake can change their contribution amounts at any time, subject to the plan’s guidelines.
Does Westinghouse Air Brake offer financial education resources for 401(k) participants?
Yes, Westinghouse Air Brake provides financial education resources and workshops to help employees make informed decisions about their 401(k) investments.