As The Harvard Happiness study found, social connections are often the most valuable and rewarding aspect of retirement for ConocoPhillips employees - Patrick Ray, The Retirement Group, a division of Wealth Enhancement Group.
As ConocoPhillips employees plan for retirement, they must recognize that the wealth of social relationships built at work can provide more emotional fulfillment in retirement than any financial asset - social capital - Michael Corgiat, The Retirement Group, a division of Wealth Enhancement Group.
In this article we will discuss:
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1. Relationships matter during retirement for ConocoPhillips employees.
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2. Best practices for building and maintaining good work relationships.
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3. Findings from the Harvard Happiness study on how relationships influence retirement satisfaction.
Harvard researchers began investigating what makes us joyful in 1938.
Two years apart, the researchers reviewed 724 health records and asked questions about lifestyles across the globe. As participants aged into middle age and old age, the Harvard study raised many retirement-related questions. Their answers revealed the biggest obstacle for retirees is finding work that lasts them longer than social connections.
Retirees miss working but they miss people they worked with.
We worry about finances, health and caregiving in retirement.
But ConocoPhillips employees should ask how the best retirees build relationships. But almost nobody discusses the importance of finding new meanings and purposes.One participant told CNBC what he missed about being a physician for nearly 50 years. Another participant, Leo DeMarco, said the same thing: Once retired as a high school teacher, he had difficulty contacting former colleagues again.He said discussing business gives him spiritual food. Teaching young people started my exploratory project.
But hobbies are not sufficient.
Many feel most important at work because we serve colleagues, customers, communities, and sometimes our families too. ConocoPhillips employees may relate.Changes at his factory forced Henry Keane into abrupt retirement. So he suddenly had time to himself and energy.He began assisting with the American Legion and Veterans of Foreign Wars. He enjoyed furniture restoration and cross-country skiing. Yet something remained lacking.
To get your golden years now, invest in your relationships.
ConocoPhillips employees should know that Keane's epiphany not only teaches a lesson about retirement, but work in general: We are so consumed by money and time constraints that we do not appreciate our work relationships until they are gone.
According to a Harvard happiness study covering 85 years, the biggest retirement challenge for ConocoPhillips employees that is rarely discussed is finding new social connections and relationships after working years. The study found that retirees do not necessarily miss the work itself but rather the people they worked with. Such is the value of having meaningful relationships throughout one's career and beyond retirement.
ConocoPhillips employees should consider the following when developing deeper relationships:
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Who do I like working with and how do they contribute to my success? Am I seeing their worth?
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Which types of relationships do I want more of but am I lacking? But how will they come about?
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Anyone I should know better? But how do I contact them?
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How do I end a disagreement with a coworker?
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Who thinks differently, has a different background, or works in a different field from me? How will they help me?
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Consider what has shaped your daily experience of meaning and purpose. It may therefore be that this influence is net positive. But in any case - can you make a few minor changes?
- Former university administrator Ellen Freund tells CNBC in a 2006 study.
Every workday is part of our individual experience - and the more interpersonal contact enriches it. Work is also existence.Things we as ConocoPhillips employees should consider when building positive work relationships:
Intimate relationships with others take time and effort. Yet there are also simple things ConocoPhillips employees can do to better communicate with coworkers.
Set your relationship requirements. Know what you expect of others? And can you comprehend what is asked of you? Recognizing these requirements may create stronger relationships.
Develop your interpersonal skills. Relationship health depends on interpersonal competence. ConocoPhillips employees can take the Mind Tools assessment of collaboration, communication, and conflict management. The exam also points you to resources to strengthen any weak spots.
Consider your EI. Emotional intelligence refers to the ability to understand and process one's own and others' emotions. You will get better at recognizing the emotions and demands of others as your EI increases.
Practice mindful listening. They feel more positive about people who listen carefully to what they say. You will speak less and understand more with mindful listening. You will also build a reputation for reliability.
Set aside time for relationship building. You might take a colleague out for a coffee if possible. Comment on a colleague's LinkedIn post or send a short note asking about their health. These little interactions are necessary for lasting relationships.
Establish your boundaries. Make time - but don't waste it! A work relationship can sometimes impede productivity when a friend or coworker takes over your time. There needs to be boundaries and time management around social interactions at work.
Consider others. Everyone wants to feel appreciated from the manager to the intern. So when others perform well, compliment them. Praise and recognition will build good workplace relationships.
Be optimistic. Keep yourself upbeat. Because positive energy is infectious, people tend to follow those who make them happy.
Avoid gossiping. Occupational politics and gossip sabotage workplace relationships. In a dispute with a group member, contact the member directly. The gossip with other colleagues will only increase distrust and animosity.
Develop and maintain good working relationships that increase interest in your work, your career, and a harmonious work environment. Employ all of the above strategies to build productive working relationships with colleagues / managers / customers / others. Some business relationships will be easier than others. But with thought, time, and effort, these relationships can also be beneficial.
Retirement is like a garden with flowers representing various aspects of our lives. And while the financial blooms are often more prominent - a nest egg or investment return - the social connections we made whilst working go unnoticed. As a garden produces many different and vibrant flowers, so too can our retirement if we take care of our relationships. The Harvard Happiness study finds these social connections - like petals on a flower - are the top retirement challenge for ConocoPhillips employees. The colors they add bring color, joy, and purpose to our golden years. Just as a gardener spends time and care on his or her garden, so must ConocoPhillips employees invest in their relationships with intention and cherish the bonds that make retirement enjoyable and fulfilling.
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- 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!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- 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!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Sources:
1. Mineo, Liz. 'Over Nearly 80 Years, Harvard Study Has Been Showing How to Live a Healthy and Happy Life.' Harvard Gazette , 11 Apr. 2017, news.harvard.edu/gazette/story/2017/04/over-nearly-80-years-harvard-study-has-been-showing-how-to-live-a-healthy-and-happy-life .
2. Mineo, Liz. 'Work Out Daily? OK, but How Socially Fit Are You?' Harvard Gazette , 10 Feb. 2023, news.harvard.edu/gazette/story/2023/02/work-out-daily-ok-but-how-socially-fit-are-you .
3. Liebergall, Molly. 'Author Talks: The World’s Longest Study of Adult Development Finds the Key to Happy Living.' McKinsey & Company , 16 Feb. 2023, mckinsey.com/featured-insights/mckinsey-on-books/author-talks-the-worlds-longest-study-of-adult-development-finds-the-key-to-happy-living .
4. Broom, Douglas. 'Scientists Have Found the Key to a Healthy, Happy Life: Our Relationships.' World Economic Forum , 22 Aug. 2023, weforum.org/stories/2023/08/relationships-basis-long-healthy-life .
5. Kram, Kathy E. 'How Will My Relationships Change in Retirement?' WorkTies , 4 Nov. 2024, workties.org/post/how-will-my-relationships-change-in-retirement .
How does the retirement process at ConocoPhillips provide guidance to employees in selecting the most beneficial form of payment? In what ways can employees utilize available resources to maximize their understanding of the pension options offered by ConocoPhillips?
The retirement process at ConocoPhillips provides employees with various resources to guide them in selecting the most beneficial form of pension payment. Employees can access the "How to Choose the Best Form of Payment" link on Your Benefits Resources™ (YBR) to learn more about their options and determine what works best for their financial situation(ConocoPhillips_Your_Ret…).
What steps must be completed by employees at ConocoPhillips to ensure they initiate their retirement process accurately and avoid any delays? How crucial is the timing of these steps in determining the Benefit Commencement Date (BCD)?
Employees at ConocoPhillips must initiate the retirement process by requesting their pension paperwork 60-90 days before their Benefit Commencement Date (BCD). Timing is crucial, as missing deadlines may delay the BCD and associated payments. Completing all steps on time ensures that the retirement process flows smoothly(ConocoPhillips_Your_Ret…).
Given the complexities associated with the lump-sum pension payment option at ConocoPhillips, what considerations should employees take into account before electing this choice? How does the current interest rate at the Benefit Commencement Date impact the lump-sum amount?
Before electing a lump-sum pension payment, ConocoPhillips employees should consider the current interest rate at their BCD, as it directly affects the lump-sum amount. A higher interest rate typically reduces the lump-sum payment, making timing and rate awareness critical(ConocoPhillips_Your_Ret…).
In what ways can ConocoPhillips employees ensure their Pension Election Authorization form is completed correctly to facilitate timely pension payments? What are the implications of not adhering to the required notarized consent for married participants?
Ensuring the correct completion of the Pension Election Authorization form is vital for timely pension payments. For married participants, notarized spousal consent is required, and failure to provide this could result in delays or issues with payment processing(ConocoPhillips_Your_Ret…).
How does choosing direct deposit for pension payments at ConocoPhillips streamline the retirement process for employees? What should employees know about setup and changes regarding direct deposit after initiating their pension benefits?
Choosing direct deposit for pension payments simplifies the process for employees at ConocoPhillips, as it enables automatic payments to their bank account. Employees can set up direct deposit during their retirement process or update it at a later time(ConocoPhillips_Your_Ret…).
For employees considering rolling over their lump-sum pension payment from ConocoPhillips, what procedures should they follow to ensure compliance with IRS regulations and to avoid tax penalties? How can effective planning influence the success of this rollover?
Employees electing to roll over their lump-sum pension payment must follow specific IRS regulations to avoid tax penalties. Effective planning, such as obtaining rollover paperwork and adhering to IRS rules, ensures compliance and smooth fund transfer(ConocoPhillips_Your_Ret…).
What resources does ConocoPhillips provide for employees to calculate and project their retirement income? How can these tools empower employees to make informed decisions regarding their future financial security?
ConocoPhillips provides employees with tools such as the "Project Retirement Income" feature on YBR, empowering them to calculate and project their retirement income. These resources help employees make informed decisions about their financial future(ConocoPhillips_Your_Ret…).
How do deadlines play a pivotal role in the benefits process for retiring employees at ConocoPhillips, and what specific dates must be adhered to in order to avoid payment delays? Can you provide examples of consequences resulting from missed deadlines?
Deadlines are critical in ConocoPhillips' retirement process, as missing them can delay pension payments. For example, requesting pension paperwork after the 15th of the month can delay the BCD by a month, affecting the pension payout date(ConocoPhillips_Your_Ret…).
What are the added advantages for employees at ConocoPhillips who actively seek assistance or information from the Benefits Center during their retirement planning? How can this proactive approach enhance their overall retirement experience?
Employees who seek assistance from the Benefits Center during their retirement planning benefit from personalized guidance. This proactive approach ensures that they fully understand their options and deadlines, enhancing their overall retirement experience(ConocoPhillips_Your_Ret…).
How can employees at ConocoPhillips contact the Benefits Center to receive personalized assistance in navigating their retirement options? What specific resources and support can they expect when reaching out for help?
ConocoPhillips employees can contact the Benefits Center by calling 800-622-5501 or accessing YBR online. The Benefits Center provides personalized assistance and guidance, helping employees navigate their pension options effectively(ConocoPhillips_Your_Ret…).
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