New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Why Dominion Energy Employees Are Embracing Retirement Jobs – It’s Not Just About Money

'Increasingly, Dominion Energy retirees are recognizing that their retirement plans need to evolve with rising costs and changing expectations—side gigs provide not only additional financial security but also a sense of purpose and fulfillment, crucial for a well-rounded retirement experience.' – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'Many Dominion Energy retirees are finding that returning to work in some capacity offers more than just extra income; it enhances their mental and social well-being, providing both financial and personal fulfillment during their post-career years.' – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

The financial challenges retirees are facing, including inflation and rising healthcare costs.
The growing trend of retirees pursuing side jobs or gigs for additional income and personal fulfillment.
The broader benefits of working in retirement, such as maintaining mental health, purpose, and social engagement.

Many Dominion Energy retirees are discovering that their ideal retirement scenario is not as financially stable as they had imagined, especially as the financial landscape continues to shift. The reality of living on a fixed income has brought unexpected challenges for many. A record 11.2 million Americans over 65 are employed today, with this number expected to rise to 14.8 million, or 8.6% of the workforce, by 2033, according to the U.S. Bureau of Labor Statistics. Once thought to be uncommon, this trend is becoming more widespread as retirees look for additional income to cover rising living costs and maintain their desired lifestyles.

While many factors contribute to this shift, money concerns are at the core of the challenges retirees face today. A recent D.A. Davidson survey reveals that 60% of retired Americans wish they had a side career or gig, compared to just 8% who already do. A startling two out of five retirees say they can’t afford their dream retirement, emphasizing the growing financial strain on this group, including those who retired from Dominion Energy.

Undoubtedly, inflation has played a significant role in this shift. In recent years, the cost of living, including essentials like groceries and gas, has seen a sharp increase. Many retirees, including those who spent years at Dominion Energy, are finding that their money doesn’t go as far as they had hoped, especially after entering retirement with expectations about their lifestyle. The uncertainty surrounding Social Security only adds to the problem. While the Social Security trust fund is not expected to run out of funds until 2035, many retirees are concerned about the future of this vital financial support, particularly as life expectancies rise and the fund’s long-term viability is questioned.

Retirement planning is also affected by personal factors beyond inflation and Social Security concerns. Many retirees, even those from companies like Dominion Energy, don’t have enough saved for retirement, and some even carry significant debt into retirement. Additional financial pressures, such as supporting aging parents or adult children, can also strain retirement funds. Medical costs only make matters more challenging; according to Fidelity Investments, a 65-year-old retiring in 2024 can expect to spend an average of $165,000 on healthcare throughout retirement. These costs can create a significant gap between expectations and reality, highlighting the need for additional income.

A side job can provide more than just financial stability, even for retirees who aren’t facing immediate financial challenges. Many find that working in retirement helps them stay engaged and gives them a sense of purpose. According to the D.A. Davidson poll, 55% of seniors with retirement gigs cite maintaining social or mental engagement as their primary motivator, and 93% of retirees with side jobs report that they love their work. This highlights the broader reality that employment, even in retirement, provides a framework that supports mental and physical well-being for retirees, including those who worked at Dominion Energy.

Take Andy Roy, a 74-year-old retiree from Saratoga Springs, New York. After a long career working for himself, Roy began mowing the grass at the Albany Rural Cemetery a few days a week four years ago. Roy admits that while the job pays well, the true benefit is the sense of purpose it provides. “It’s beneficial. I feel like I’m helping. It serves as a small anchor during the day and gives me a sense of purpose,” he says. Beyond the work, Roy has formed close friendships with his coworkers and developed an interest in the rural cemetery movement. While the pay is appreciated, he acknowledges that the sense of fulfillment is the true reward, something Dominion Energy retirees may also discover after leaving their careers.

Similarly, 72-year-old Merry Farnum, a retiree from Falmouth, Maine, has taken on a new challenge as a launch driver at Handy Boat, a local boatyard. After working as an Associated Press news photographer, Farnum now spends her days transporting people between land and their boats, a job that keeps her active and outdoors. “The biggest payoff is the challenge and the structure it gives my life,” she says, noting that the money is useful, but the real motivation is the sense of accomplishment. Farnum’s experience demonstrates that working in retirement can offer financial stability while enriching one’s life, just like retirees from Dominion Energy who take on new challenges in their post-career years.

In recent years, the demand for such opportunities has surged. With the growth of the gig economy, retirees, including those who spent years with Dominion Energy, can now pursue work that aligns with their interests and abilities, free from the constraints of the 9–5 schedule. Thanks to platforms that facilitate side jobs—like tutoring, freelancing, pet sitting, and driving for ride-sharing services—retirees can find work that is both financially rewarding and personally fulfilling. This flexibility allows retirees to decide how much they want to work, balancing their financial needs with the desire for leisure and personal time.

It’s important to consider the potential benefits of side gigs beyond just the financial stability they provide. Many retirees, including former Dominion Energy employees, seek a sense of purpose and belonging after leaving the workforce, which can be found through freelance or part-time employment. Maintaining an active lifestyle can also boost cognitive function and lower the risk of depression, issues that are common among retirees who may feel isolated or disconnected.

However, retirees considering whether to pursue a side job should also be aware of potential impacts on taxes, health benefits, and Social Security. Income from a side job may affect Social Security benefits depending on when an individual starts receiving them and how much they earn. It is also crucial to consult a financial advisor to fully understand the tax implications of extra income and how it fits into the broader retirement strategy, especially for Dominion Energy retirees looking to get the most out of their post-career years.

In conclusion, more and more retirees are incorporating side gigs or retirement jobs into their retirement plans. While financial strains, like inflation and rising healthcare costs, are pushing many to seek additional income, the benefits of working in retirement go beyond just financial gain. Retirement jobs help retirees maintain an active and rewarding lifestyle, offering social interaction, mental stimulation, and a renewed sense of purpose. Whether it’s for debt repayment, growing retirement savings, or simply staying involved, retirement work is an essential component of a fulfilling post-career life for former Dominion Energy employees, as well as other retirees.

A recent AARP study reveals that many seniors over 65 are working not only for extra income but for mental and social engagement as well. According to the report, nearly 60% of part-time working retirees cite the opportunity to stay active and connected with their communities as a primary motivator. Work provides an organized way to maintain mental sharpness and social connections, crucial elements for well-being as individuals live longer. AARP’s December 2024 article, 'The Benefits of Working in Retirement,' discusses these findings, which also resonate with Dominion Energy retirees.

Examine how more and more retirees are seeking side employment for mental stimulation, purpose, and social interaction in addition to extra income. With inflation, healthcare costs, and concerns about Social Security, many retirees—including those who worked for Dominion Energy—are turning to flexible work options to stay active and enhance their retirement experience. Discover how part-time jobs, such as driving a boatyard launch or working at a local cemetery, are helping retirees reach financial stability while maintaining fulfilling, structured lives. The growing trend of working in retirement offers advantages that go far beyond financial gain.

Retirement is like a car that’s been sitting idle in the driveway for years. It runs fine, but without regular maintenance and direction, it may start to feel uninspired. Just like a car needs fuel, upkeep, and a destination, retirees are finding that side gigs provide more than just extra income—they give a sense of purpose, a chance to connect with others, and an opportunity to maintain both physical and mental health. Rediscovering purpose is more important than simply reentering the workforce, something many Dominion Energy retirees are discovering as they explore new roles after their careers.

Articles you may find interesting:

Source:

Riquier, Andrea. 'Why a Record Number of Adults Over 65 Are Working – And It’s Not Just About Money.' MarketWatch , 30 Apr. 2025, pp. 1-2. marketwatch.com .
'Financial Impact of Side Jobs on Retirement Savings.' AARP Research , 2018, pp. 3-4. aarp.org .
'How Side Gigs Can Improve Mental Health for Retirees.' RL Communities Blog , 2023, pp. 1-2. rlcommunities.com .
'The Benefits of Social Engagement for Seniors.' Baptist Retirement Community Blog , 2024, pp. 2-3. baptistretirement.org .
Barron's Staff. 'Retirees Face Sticker Shock on Healthcare Costs If They Don’t Prepare.' Barron's , 8 Aug. 2024, pp. 1-2. barrons.com .

What specific factors should employees consider when evaluating their retirement benefits under the Dominion Energy Pension Plan, particularly those who were hired before July 1, 2021? Employees should understand how their age, final average earnings, and credited service impact their monthly retirement benefits. Additionally, what changes might be relevant for those who have transitioned to a different retirement plan under Dominion Energy since 2021?

Evaluating Retirement Benefits: Employees hired before July 1, 2021, should consider factors like age, final average earnings, and credited service when evaluating their Dominion Energy Pension Plan benefits. The formula for calculating benefits includes 1.8% of the final average earnings, multiplied by credited service, minus an estimated Social Security benefit. For those who have transitioned to a Cash Balance Pension Plan after 2021, the benefits are calculated differently, based on employer contributions to the employee's Cash Balance Account.

How does the Special Retirement Account feature within the Dominion Energy Pension Plan complement the traditional pension benefits for employees hired before 2008? Employees need clarity on how this account accumulates funds, the impact of contributions and interest credited according to IRS guidelines, and how it influences overall retirement income during their retirement years.

Special Retirement Account (SRA) Benefits: The Special Retirement Account (SRA) is an additional benefit for employees hired before 2008. This account is credited with 2% of an employee's pay each month and accumulates interest according to IRS guidelines. The SRA can be taken as a lump sum or an annuity, providing extra retirement income. Employees can choose to receive it alongside their traditional pension, enhancing their overall retirement benefit.

For employees considering early retirement options under the Dominion Energy Pension Plan, what are the potential financial implications? Specifically, how are benefits calculated for those who retire before age 65, and what penalties or reductions in monthly benefits must they be aware of regarding their overall retirement strategy?

Early Retirement Financial Implications: For employees considering early retirement, benefits under the Dominion Energy Pension Plan are reduced if taken before age 65. Specifically, the reduction is 0.25% per month for retirement between ages 58 and 60 and 0.50% per month for ages 55 to 58. This results in up to a 24% reduction in benefits if an employee retires at age 55, influencing their overall retirement strategy.

What are the steps Dominion Energy employees must undertake to ensure their beneficiaries are properly designated within the pension plan? This includes understanding the implications for both married and unmarried employees regarding survivor benefits and how to ensure that their wishes are reflected in the beneficiary designations as per the plan's requirements.

Beneficiary Designations: Dominion Energy employees should ensure their beneficiary designations reflect their wishes. For married employees, the spouse is automatically the beneficiary unless a different person is designated with spousal consent. Unmarried employees can choose any beneficiary, ensuring survivor benefits align with their personal circumstances.

In the event of a disability, how does the Dominion Energy Pension Plan provide support to its employees? Employees should understand the eligibility criteria for continued benefits, how credited service is affected, and the options available under both the Traditional Pension and Cash Balance formulas during periods of long-term disability.

Disability Benefits: Employees who qualify for long-term disability under the Dominion Energy Pension Plan continue to accrue credited service until age 65. Those under the Traditional Pension formula maintain eligibility for a pension based on their final average earnings and credited service, ensuring continued support during periods of disability.

How have the vesting requirements under the Dominion Energy Pension Plan evolved, and what does it mean for employees hired before and after July 1, 2021? Understanding these changes is essential for employees to assess their benefits and rights in relation to their service with the company, particularly if they leave before reaching the normal retirement age.

Vesting Requirements: Vesting for the Dominion Energy Pension Plan requires three years of service. For employees hired before July 1, 2021, vesting ensures non-forfeitable rights to pension benefits, regardless of whether they reach normal retirement age. Employees hired after July 1, 2021, are not eligible for the pension plan but may participate in alternative retirement benefits.

How can Dominion Energy employees effectively plan for retirement considering Social Security benefits? It is important for employees to integrate their expected Social Security benefits with their Dominion Energy pension projections, and to understand how each component contributes to their overall retirement income.

Social Security and Pension Planning: Employees should integrate their Social Security benefits with their Dominion Energy pension to ensure a comprehensive retirement income strategy. Using estimated Social Security benefits, employees can calculate how both sources will contribute to their financial stability in retirement.

What resources are available to Dominion Energy employees for estimating their pension benefits and planning their retirement? Employees should be informed about tools and websites like the Your Benefits Resource website, which provides insights into their pension information, including the ability to run benefit projections or request retirement estimates.

Retirement Planning Resources: Dominion Energy provides tools like the "Your Benefits Resource" website, which allows employees to view pension information, run benefit projections, and request retirement estimates. This helps employees plan effectively by estimating future benefits and understanding their retirement options.

Under what circumstances can Dominion Energy employees elect for a lump sum payment of their pension benefits, and what are the tax implications associated with such a decision? Employees need a thorough understanding of the consequences of taking lump sum distributions versus annuity payments, particularly regarding penalties and tax treatments in accordance with IRS regulations.

Lump Sum Payments and Tax Implications: Dominion Energy employees can elect to receive a lump sum payment of their pension benefits. However, lump sum distributions are subject to income taxes and may incur early withdrawal penalties if taken before age 59½. Rolling over the lump sum into an IRA or another retirement plan can defer taxes and avoid penalties.

How can employees at Dominion Energy get in touch with HR or the Benefits Center to clarify any questions regarding their pension benefits and retirement planning? It's crucial for employees to know the best methods to contact the Dominion Energy Benefit Center and the availability of service representatives to discuss their concerns or make necessary changes to their benefits.

Contacting HR and Benefits Center: Dominion Energy employees can reach the Benefits Center by calling 877-434-6996, Monday through Friday, from 8:00 a.m. to 5:00 p.m. ET. The Benefits Center provides assistance with retirement planning, beneficiary updates, and other pension-related inquiries, ensuring employees have access to support when needed(Dominion Energy_July 20…).

Additional Articles

Check Out Articles for Dominion Energy employees

For more information you can reach the plan administrator for Dominion Energy at 120 Tredegar St Richmond, VA 23219; or by calling them at (804) 819-2000.