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In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002.(1) As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way. Read on to discover some of the benefits you can enjoy after you retire from Avnet.
1. Mental Benefits
Working during your Avnet retirement can help maintain mental agility as you learn new skills. Staying engaged in work helps build 'mental muscle,' which can lessen the risk of developing dementia and Alzheimers(2) and ward off the signs of aging.
2.. Physical Benefits
Staying active during your Avnet retirement years is crucial for continued health. Whether you choose to work full-time or volunteer a few days a week, engaging in some form of work will keep your body moving, and give you opportunities to stay balanced, strong, and healthy.
3. Financial Benefits
Besides the obvious extra income, working during your Avnet retirement may allow you to delay taking Social Security benefits. For every year you wait to take Social Security, your benefits can increase by an average of 8 percent annually.(3) Finding a strategy that works for you can truly pay off.
4. Emotional Benefits
Studies have shown that a sense of purpose has been found to lengthen lifespan and quality of life.4 Working on something you care about, starting a new business, or mentoring others in the workplace can ward off depression and provide a healthy sense of fulfillment and direction in your years or retirement from Avnet.
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- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
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5. Social Benefits
One of the risks associated with retirement is increased isolation, which in terms of its impact on your health, has been equated with smoking nearly a pack of cigarettes a day.5 Working with others reduces this risk, giving you a chance to build connections and enjoy meaningful interactions.
Sources
1. AARP.org, February/March 2015
2. Forbes, 2017
3. Social Security Administration, 2017
4. Association for Psychological Science, 2017
What is the Avnet 401k plan?
The Avnet 401k plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them prepare for their financial future.
How can I enroll in the Avnet 401k plan?
To enroll in the Avnet 401k plan, employees can log into the employee portal and follow the enrollment instructions or contact the HR department for assistance.
Does Avnet offer matching contributions to the 401k plan?
Yes, Avnet offers matching contributions to the 401k plan, which means the company will match a certain percentage of your contributions, helping you save more for retirement.
What types of investments are available in the Avnet 401k plan?
The Avnet 401k plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.
When can I start contributing to the Avnet 401k plan?
Employees at Avnet can start contributing to the 401k plan as soon as they are eligible, typically after completing a certain period of employment.
Is there a vesting schedule for Avnet’s 401k matching contributions?
Yes, Avnet has a vesting schedule for its matching contributions, which means employees must work for a certain number of years before they fully own the matched funds.
Can I take a loan from my Avnet 401k plan?
Yes, Avnet allows employees to take loans from their 401k plan, subject to certain terms and conditions outlined in the plan documents.
What happens to my Avnet 401k if I leave the company?
If you leave Avnet, you have several options for your 401k, including rolling it over to a new employer’s plan, transferring it to an IRA, or cashing it out, though penalties may apply.
How often can I change my contribution amount for the Avnet 401k plan?
Employees can change their contribution amount to the Avnet 401k plan at any time, but changes may take effect in the next pay period.
Are there any fees associated with the Avnet 401k plan?
Yes, there may be administrative fees or investment-related fees associated with the Avnet 401k plan, which are disclosed in the plan documents.
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5. BenefitsPRO, 2017