PACIV Puerto Rico had an online chat with Empower Retirement, our 401k retirement plan provider. Empower is now recognized as the second largest retirement provider in the United States of America. During this meeting, Empower Representative, Leilany Acosta, gave a demonstration of their website and how accessible and user friendly is for everyone. She showed us how to register, and the different features and information it provides for us as plan’s participants. For example, our investment balance depending your years of service with the company and your individual contribution; were to add or change your beneficiaries and investment calculator to estimate our retirement age, among other things. Also, we had the opportunity to see the impact of postponing your retirement age and eligibility to request the benefits of the Social Security. It was interesting to see how all your savings and investments plays a major role at your retirement age and you can strategically select to activate some benefits before others.
Mrs. Acosta advised us to always contribute to our retirement plan, as much as we can. This savings will be the ones that, later, will take care of us. We have experienced uncertainty during these Pandemic, but it is important to distinguish between your savings and your retirement. Financial stability also gives mental and physical stability and all our hard work will pay off giving us tranquility and happiness in the future.