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Why Nordson Employees Should Consider Delaying Retirement for Financial Stability

'Nordson employees facing economic uncertainty should consider delaying retirement, as continuing to work can provide financial stability, optimize Social Security benefits, and offer additional time for investments to grow—ultimately enhancing long-term retirement security.' – Wesley Boudreaux, a representative of The Retirement Group, a division of Wealth Enhancement.

'Nordson employees should view delaying retirement not just as a financial strategy but as a means to ensure a fulfilling retirement, allowing for greater financial flexibility and stronger community connections during uncertain times.' – Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

Economic Uncertainty and Retirement Delays : How rising inflation, market volatility, and potential recessions are causing Nordson employees to rethink their retirement plans.
Financial Strategies for Extending Retirement : The benefits of postponing retirement, managing Social Security and investments, and maintaining financial stability.
The Role of Social Connections in Retirement : Why maintaining strong relationships and community involvement is important for well-being after retirement.

As many Nordson employees approach retirement age, rising economic uncertainty is prompting a reevaluation of retirement plans. Factors such as inflation, market volatility, and potential recessions are causing many to delay their retirement and reconsider their financial situation. Professionals in finance and retirement planning emphasize the value of extending one's working years when possible, as it can help support retirement finances. This is especially true for those nearing retirement, given the unpredictability of government policies, job market shifts, and economic slowdowns.

Drawing from the advice of financial planners, aging professionals, and retirees facing similar challenges, this article provides valuable insights into actions Nordson employees can take to improve their financial future in uncertain times. The guidance presented here offers essential tools for making informed retirement decisions amid economic turmoil.

The Economic Landscape: Unpredictability and Delays

For those close to retirement, the current economic climate presents numerous challenges. Many Nordson employees worry about the stability of their retirement savings, especially as inflation rises and economic growth slows. The future of retirement planning becomes even more uncertain due to market fluctuations and global economic concerns.

The prospect of economic instability, such as a potential recession, often leads people to question if their retirement funds will be enough. Some financial professionals recommend delaying retirement for a few more years as one of the best strategies to help funds last throughout retirement. Continuing to work provides a steady income and additional contributions to retirement savings, acting as a buffer against inflation and market fluctuations.

The Benefits of Postponing Retirement

Delaying retirement can bring significant financial benefits for those who are able to continue working. According to Neva Bradley, a financial advisor with The Retirement Group, many older Americans, including those at Nordson, could benefit from extending their careers. 'There are both financial and non-financial benefits available to people who are able to and interested in working later in life,' says Bradley. 'Depending on your personal situation, this is a step well-worth considering.'

Recent LinkedIn statistics show that nearly 13% of baby boomers returned to the workforce in 2023, marking a five-year high in the 'unretirement' trend. ¹ This growing trend reflects how more Americans, including many at Nordson, are choosing to work beyond the typical retirement age. Part-time work helps many employees manage the financial strains caused by inflation and unexpected expenses.

Financial Strategies: Managing Social Security and Investments

Financial professionals often advise against making drastic changes to retirement portfolios during times of market uncertainty. While it may seem tempting to adjust investments during volatile periods, maintaining a steady approach typically offers better long-term results. Bradley recommends resisting hasty reactions to market dips and sticking to a long-term investment strategy.

Those who remained committed to their investment plans during past recessions, such as the 2008 financial crisis, have often seen their savings grow. Despite short-term market fluctuations, sticking with a well thought-out investment strategy has proven beneficial in the long run.

In addition to managing investments, delaying Social Security payments can lead to larger monthly payouts later in life. By waiting until full retirement age, typically 67, Nordson employees can receive higher monthly benefits. This strategy not only increases retirement income but also gives investments and savings more time to grow.

Planning for a Holistic Retirement: Focusing on Lifespan

Financial considerations are important, but other factors also affect retirement well-being. Syracuse University sociology professor Madonna Harrington Meyer emphasizes that retirement planning should go beyond finances. Strong relationships and a healthy social life are crucial to happiness and longevity in retirement.

A solid social network serves as a buffer against life's challenges, such as the loss of a spouse, illness, or unexpected financial setbacks. Engaging with the community through volunteering, part-time work, or spending time with family can provide a sense of purpose and inclusion. Meyer notes that the COVID-19 pandemic highlighted the negative impact of loneliness on physical and emotional health, making social connection planning just as important as financial planning for a fulfilling retirement.

The Value of a Support Network

For older Americans, including Nordson employees, social isolation is one of the biggest challenges, particularly during times of economic uncertainty. A 2024 survey by AARP and the University of Michigan found that nearly one-third of older adults report feeling lonely frequently or occasionally. ² This isolation can significantly impact both mental and physical health.

The combination of financial instability and social isolation can create a compounded effect, making it difficult for retirees to maintain both financial stability and emotional well-being. Joseph Coughlin, director of MIT's AgeLab, advocates for a 'holistic retirement strategy' that integrates both social and financial planning to support a happy post-retirement life.

The Role of Relationships and Community

Retirement isn't just about finances—strong relationships and community involvement play a key role in long-term happiness. Meyer suggests focusing on the most meaningful relationships, whether it's reconnecting with old friends, spending time with family, or forging new connections. As economic uncertainty grows, community involvement becomes even more critical for providing emotional and social stability during unpredictable financial times.

In addition to fulfilling financial needs, part-time work, volunteering, and caring for loved ones offer valuable social interactions that can contribute to a happy retirement. These activities not only provide purpose but also strengthen relationships, which can improve overall retirement happiness and longevity.

Final Thoughts: A Methodical Approach to Retirement

While the current economic environment presents challenges for those nearing retirement, it also offers opportunities for thoughtful planning. Delaying retirement—whether by working longer or taking on part-time employment—can act as a financial cushion during uncertain times. In addition to financial planning, prioritizing social connections and support networks is vital for maintaining both physical and mental well-being in retirement.

Professionals and financial planners agree that Nordson employees, like many others, will be better prepared for retirement challenges in the coming years by adopting a comprehensive retirement strategy that balances finances with a focus on community and well-being. By taking this holistic approach and delaying retirement when possible, employees can improve their chances of enjoying a financially stable and fulfilling retirement.

Additionally, delaying retirement can offer other benefits. Staying employed longer delayswithdrawals from retirement plans, such as 401ks or IRAs, giving them a longer time to grow. Employees who wait until full retirement age or beyond can also enjoy higher Social Security payments, which may help offset inflationary costs. According to a March 2023 National Bureau of Economic Research (NBER) study, delaying retirement by just a few years can increase lifetime retirement income and reduce the risk of outliving savings.

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Sources:

1. LinkedIn News. ' The return of the retirees: Why baby boomers are rejoining the workforce ,' by Taylor Borden. 27 June 2024.

2. U.S. News. ' 1 in 3 Older Americans Say They Feel Lonely, Poll Finds ,' 9 Dec. 2024.

Other resources:

1. Edward Jones. 'The Benefits of Delaying Retirement.' Edward Jones , February 2025.

2. Charles Schwab. 'Market Volatility and Your Retirement: What Every Saver Needs to Know.' Charles Schwab , May 2025.

3. 'Social Connections and Vibrancy of Village Ensure an Enjoyable Life.' The Australian , January 2025.

4. Investor's Business Daily. 'Inflation Is Your Biggest Retirement Risk. Here's How To Fight It.' Investor's Business Daily , May 2025.

5. Saint John's Milwaukee. 'Social Networks Boost Happiness in Retirement Years.' Saint John's Milwaukee , April 2025.

How does the Nordson Corporation Salaried Employees Pension Plan calculate an employee's Accrued Benefit, and what factors need to be considered to ensure accurate pension benefits at retirement? Understanding the components that contribute to the calculation is crucial for employees planning their retirement through Nordson Corporation.

Accrued Benefit Calculation: Nordson Corporation calculates an employee’s Accrued Benefit based on the Final Average Monthly Pay, the number of Years of Benefit Service, and an estimate of the employee’s Social Security benefit. The formula used includes a reduction if an employee has less than 30 Years of Benefit Service(Nordson Corporation_Feb…).

What are the eligibility criteria for joining the Nordson Corporation Salaried Employees Pension Plan, and how can employees determine their vesting status as they approach retirement? It is essential for employees to be aware of the timelines and requirements necessary to fully benefit from the retirement plan offered by Nordson Corporation.

Eligibility Criteria: Employees become eligible for the Nordson Corporation Salaried Employees Pension Plan after completing a Year of Eligibility Service, which requires at least 1,000 hours of work annually. Vesting occurs after completing 5 Years of Vesting Service, ensuring full entitlement to benefits(Nordson Corporation_Feb…).

In what ways can employees at Nordson Corporation access information about their pension plan benefits, and what steps should they follow if they believe their claims for benefits were denied? Knowing the appropriate channels for receiving information can help employees navigate any discrepancies with their pension benefits.

Accessing Pension Information and Claiming: Employees can access their pension plan details through John Hancock’s website or phone service. If a benefit claim is denied, employees can follow the claims procedure outlined by Nordson, which includes submitting a written request and appealing decisions(Nordson Corporation_Feb…).

What options does Nordson Corporation provide for early retirement, and how can employees assess whether an early retirement is financially feasible for them? Understanding the implications of early retirement can significantly impact an employee's long-term financial security.

Early Retirement Options: Nordson Corporation offers early retirement options starting at age 55, with at least 5 years of vesting service. Benefits are reduced by 6% per year for each year that early retirement is taken before the Normal Retirement Date(Nordson Corporation_Feb…).

How does Nordson Corporation's pension plan ensure that employees receive monthly benefits post-retirement, and what are the different forms of payment available to retirees? Grasping the payment structures may help employees make informed decisions regarding their retirement income.

Monthly Benefit Payments: Employees retiring from Nordson Corporation can choose various payment methods, including a Life Annuity or a 50% Joint & Survivor Annuity for married participants. Payments start after the Normal Retirement Date or early retirement, depending on the selected option(Nordson Corporation_Feb…).

What rights do participants have under the Employee Retirement Income Security Act (ERISA) concerning their Nordson Corporation pension plan, and what should they do to enforce these rights effectively? Employees should be aware of their rights to protect themselves during the benefit claiming process.

ERISA Rights: Under ERISA, participants have the right to receive information about their benefits, file claims, and sue if benefits are denied. Plan fiduciaries must act in the best interest of employees, and participants are protected from retaliation for asserting their rights(Nordson Corporation_Feb…).

How does the termination or amendment of the Nordson Corporation Salaried Employees Pension Plan affect employees' accrued benefits, and what protections are in place? Awareness of these scenarios can help employees better plan their financial futures in relation to their pensions.

Plan Termination or Amendment: If the plan is terminated or amended, accrued benefits cannot be reduced, and employees’ benefits become 100% vested. This ensures that employees retain the benefits they have earned up to the point of the change(Nordson Corporation_Feb…).

In what situations might employees at Nordson Corporation lose their pension benefits, and what preventative actions can they take to ensure they remain eligible for these benefits? Understanding the risks involved in pension plans can aid employees in maintaining their retirement security.

Loss of Pension Benefits: Employees may lose pension benefits if they leave Nordson Corporation before vesting or fail to select appropriate survivor options. Keeping the Plan Administrator informed of current contact information is crucial to avoid losing benefits(Nordson Corporation_Feb…).

How can employees at Nordson Corporation address questions or concerns related to their retirement planning, and what resources are available for personalized assistance? Access to proper resources is vital for employees needing guidance throughout their retirement journey.

Retirement Planning Resources: Employees can contact the Plan Administrator or use John Hancock’s automated services to address questions about retirement planning. Personalized assistance is available for any specific pension-related inquiries(Nordson Corporation_Feb…).

What steps should employees take to contact Nordson Corporation or the Plan Administrator to get detailed information about their pension plan, and what should they include in their inquiries to ensure a comprehensive response? Effective communication techniques can significantly enhance employees' understanding of their benefits. These questions have been designed to help employees of Nordson Corporation navigate their pension plan and retirement effectively.

Contacting the Plan Administrator: Employees can contact Nordson Corporation or the Plan Administrator by calling the number listed in the Summary Plan Description. It’s advisable to provide detailed questions regarding benefit amounts, vesting status, or payment options to receive a thorough response(Nordson Corporation_Feb…).