And ExxonMobil employees wanting to maximize their retirement outcomes may want to look beyond their traditional pension locations, says Paul Bergeron, of the Retirement Group at Wealth Enhancement Group. Meeting with an experienced financial advisor can help map out a personalized retirement strategy that fits your financial and lifestyle needs, 'said Miller.'
The fiscal nuances across the states are critical for ExxonMobil employees planning a retirement, says Tyson Mavar with the Retirement Group, a unit of Wealth Enhancement Group. Talking to a financial advisor can give you peace of mind about putting together a retirement plan that balances tax efficiency with quality of life, 'said.'
In this article we will discuss:
1. Retirement Value Variability Across States: How Taxes, cost of living and climate determine whether a state is right for retirement.
2. The Role of Financial Advisors: The benefits of collaborating with financial advisors to build a robust retirement plan and increase financial security.
3. Assessing States Based on Retirement Benefits: An analysis of the states which give retirees the best deal in terms of tax policies, cost of living and quality of life.
ExxonMobil employees are among many who hope to retire comfortably at any age, in any occupation or location. In response, retirement does not necessarily have the same value across states. The state determines taxes, expense of living and climate - making some ExxonMobil locations more desirable and suitable for retirement. And income and purchasing power can also differ in value across regions of the country. We will review the best states for retirement.
Maybe the idea of retiring spontaneously in a country with desirable characteristics appeals to ExxonMobil employees. Yet you should still work with a financial advisor to build a solid retirement plan. Working with a financial advisor makes people feel more comfortable with their finances and could save 15% more in retirement 1, so ExxonMobil employees might want to meet with a financial advisor at the Retirement Group and get a free cash flow analysis of their retirement plans.
Best States to Reduce Taxes in Retirement:
ExxonMobil employees must consider limiting their tax liability when considering a comfortable retirement. The following states have no state income tax, no tax on retirement income or have substantially reduced the retirement income tax burden. No state income tax, but favorable sales, property, inheritance and estate taxes.
Alaska Florida Georgia Mississippi Nevada South Dakota Wyoming
Should any of those states not appeal to you, check out the next rank of states with lower taxes. The following states do not tax social security income, although the benefits are less enticing than those above. Washington, for example, has no state income tax but a 6.5% state sales tax. So when considering retirement in another state, ExxonMobil employees need to weigh the pros and cons of taxation but also need to find a comfortable home.
Kiplinger found that Colorado would be the best state for ExxonMobil employees to retire in 2023. Cost of living, tax friendliness, healthcare quality and quality of life were considered. Colorado ranked high for scenic beauty, outdoor recreation and favorable tax policies. It also has excellent healthcare facilities and a thriving cultural scene - a draw for retirees. Other top states for retirement in 2023 are Idaho, Utah, New Hampshire, and Virginia. These states combine affordability, low taxes and desirable amenities for a relaxing retirement.
Alabama Arkansas Colorado Delaware Idaho Illinois Kentucky Louisiana Michigan New Hampshire Oklahoma Pennsylvania South Carolina Tennessee Texas Virginia Washington West Virginia
Retiring in a new state is like traveling to unknown territory. As explorers pick their destination, so must ExxonMobil employees pick the state where they will anchor their retirement. Consider this your quest for the perfect treasure trove. Good tax policies and a high quality of life in certain states are gems waiting to be mined. And each gem shines differently - in Colorado or Florida. As an explorer might consult maps and get insights, so too can a financial advisor be the compass you need to navigate this journey and find the treasures of retirement. They can help you navigate to the state that best combines financial benefits, lifestyle luxuries and fulfillment for your retirement years.
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:
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Rethinking65 Editorial Team. 'WalletHub Release 2023 Best and Worst States to Retire.' Rethinking65 , 23 Jan. 2023, www.rethinking65.com/wallethub-release-2023-best-and-worst-states-to-retire .
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The Motley Fool Editorial Team. '13 Most Tax-Friendly States to Retire In 2023.' The Motley Fool , 2023, www.fool.com/retirement/2023/tax-friendly-states .
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Taylor, Heather. '10 Best States To Retire in for Affordability in 2023.' GOBankingRates , 5 June 2023, www.gobankingrates.com/retirement/planning/best-states-retire-affordability-2023 .
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Kiplinger Editorial Team. 'Best Places to Retire in the U.S.' Kiplinger , 2025, www.kiplinger.com/retirement/best-places-to-retire-in-the-us .
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Coughlin, Daniel. 'Best and Worst US States for Retirement in 2023.' Lovemoney.com , 27 Apr. 2023, www.lovemoney.com/guides/83139/best-worst-us-states-for-retirement-2023 .
How does the ExxonMobil Savings Plan compare against typical retirement savings plans, and what unique features does it offer that can benefit employees approaching retirement? Additionally, can you elaborate on the necessary steps ExxonMobil employees should take within the savings plan to ensure maximum contributions and employer match during their service years?
ExxonMobil Savings Plan: ExxonMobil's Savings Plan offers flexibility with pre-tax, after-tax, and Roth contributions, and features a 7% company match for the first 6% of employee contributions, a unique benefit compared to typical plans. Employees should contribute the maximum percentage to receive the full match and regularly review their investment allocations through the Voya platform(ExxonMobil_2024_ExxonMo…).
What are the eligibility criteria for employees to participate in the ExxonMobil Pension Plan, and how is the retirement benefit calculated? As employees consider their long-term savings strategy, how does the option of a lump-sum distribution versus an annuity influence their financial planning at ExxonMobil?
ExxonMobil Pension Plan: Employees are automatically enrolled and eligible for benefits after five years of service, with full retirement benefits offered at 55 with 15 years of service. The pension is calculated based on 1.6% of final average pay multiplied by years of service, minus a social security offset. Lump-sum and annuity options affect long-term financial planning, with lump sums offering immediate flexibility while annuities provide a steady income(ExxonMobil_2024_ExxonMo…).
In what ways does the ExxonMobil Employee Assistance Program (EAP) support employees during personal or family crises, and what confidentiality measures are in place to protect their privacy? Additionally, how can ExxonMobil employees access these services, and what are the key resources available through this program?
Employee Assistance Program (EAP): ExxonMobil's EAP provides confidential counseling services for personal and family issues like anxiety, addiction, and family conflict. Services are accessible by phone, video chat, or text, with privacy strictly protected. Employees can contact ComPsych for guidance and support through the GuidanceNow app or website(ExxonMobil_2024_ExxonMo…).
With the introduction of Flexible Spending Accounts (FSAs) at ExxonMobil, how do these accounts help employees manage their health care and dependent care expenses more effectively? What guidelines should employees follow to ensure they maximize their tax advantages while complying with IRS regulations during the enrollment process?
Flexible Spending Accounts (FSAs): FSAs at ExxonMobil allow employees to reduce taxable income by contributing pre-tax dollars to healthcare or dependent care expenses. Employees should estimate their expenses carefully during the enrollment period and comply with IRS rules, ensuring they submit claims by April 15th of the following year(ExxonMobil_2024_ExxonMo…).
How does ExxonMobil define "work-life balance," and what specific benefits and programs are in place to support this philosophy for employees? Can you discuss how employees can utilize these options, such as flexible schedules and leave of absence policies, without negatively impacting their career progression within the company?
Work-Life Balance: ExxonMobil promotes work-life balance with programs like “Flex Your Day,” allowing flexibility in work hours, and up to 20 days of back-up dependent care. Employees are encouraged to use these options strategically to maintain career progression while balancing personal obligations(ExxonMobil_2024_ExxonMo…).
In light of the various medical plan options offered at ExxonMobil, how should employees approach selecting the right plan to best meet their healthcare needs? What factors should they consider, including family health history and financial implications, when making their decisions?
Medical Plan Selection: ExxonMobil offers Aetna POS II and network-only options, allowing employees to choose between plans based on cost, coverage, and provider access. Employees should assess their family's healthcare needs, financial situation, and preferred providers when selecting the most appropriate plan(ExxonMobil_2024_ExxonMo…).
For ExxonMobil employees nearing retirement, what resources are available to help them understand the nuances of health benefits coordination through Medicare and their ExxonMobil coverage? How can they best navigate this transition, and what checkpoints should they be aware of to ensure they remain compliant with company policies during retirement?
Retirement Health Benefits and Medicare: ExxonMobil offers resources to help employees coordinate health benefits with Medicare upon retirement. Employees nearing retirement should explore their options through the Your Total Rewards portal and ensure compliance with company policies during the transition(ExxonMobil_2024_ExxonMo…).
What financial education resources does ExxonMobil provide to employees to promote informed decision-making about their retirement savings and benefits? Can you detail how programs like the Financial Fitness Program enable employees to strategically manage their finances and plan for retirement?
Financial Education Resources: ExxonMobil's Financial Fitness Program, provided in collaboration with Ernst & Young, helps employees manage their finances with resources such as EY Navigate and personalized financial planning. This program supports informed decision-making about retirement and savings strategies(ExxonMobil_2024_ExxonMo…).
As part of the benefits provided by ExxonMobil, how does the company facilitate employee participation in volunteer programs and charitable activities through the ExxonMobil Foundation? How can employees engage with these initiatives while also balancing their work commitments?
Volunteer Programs: Through the ExxonMobil Foundation, employees can engage in charitable activities via the Volunteer Involvement Program (VIP), which offers grants to nonprofits based on time spent volunteering. Participation in these programs is flexible, enabling employees to balance work commitments with volunteer efforts(ExxonMobil_2024_ExxonMo…).
How can ExxonMobil employees get in touch with benefits representatives to address specific questions about their retirement and savings plans? What are the recommended channels and best times to reach out for assistance to ensure they receive timely and relevant information about their options?
Contacting Benefits Representatives: Employees can reach out to the ExxonMobil Benefits Service Center at 833-776-9966 during business hours (8 a.m. to 4 p.m. CST) for assistance with retirement and savings plan questions. The Your Total Rewards portal also offers 24/7 access for reviewing and managing benefits(ExxonMobil_2024_ExxonMo…).
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