Regardless of age, profession, and living location, many individuals possess the ultimate goal of retiring comfortably, including those employed in Fannie Mae. With that under consideration, it is imperative to acknowledge that retirement does not necessarily have equal value across state lines. One’s state of residency determines their taxes, cost of living, and climate, making some locations more desirable and fitting for retirement to certain Fannie Mae employees. In addition, income and purchasing power can have different values in various locations of the country. For the purpose of this article, we will be ranking the top states that are ideal for retirement.
For those employed in Fannie Mae, spontaneously moving to a different country with desirable characteristics for retirement may seem appealing. Despite that, it is crucial to consider working with a financial advisor to increase your likelihood of success and consolidate a solid financial plan that will cater to your retirement needs. Research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement . 1 When taking that into account, those working for Fannie Mae may benefit from meeting with an advisor at The Retirement Group and running a complimentary cash flow analysis to better understand their future prospects for retirement.
Best States for Minimizing Taxes in Retirement
When contemplating a comfortable retirement, those employed in Fannie Mae must recognize how reducing tax liability is a top priority. The following states listed below either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income. These states also have no state income tax, and favorable sales, property, inheritance, and estate taxes.
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- Alaska
- Florida
- Georgia
- Mississippi
- Nevada
- South Dakota
- Wyoming
As an employee of Fannie Mae , if those states aren’t appealing to you, you may want to consider the subsequent tier of states with reduced taxation. While the tax benefits aren’t up to par with the ones mentioned above, these following states have no taxes on social security income. As an example, Washington has no state income tax but has a 6.5% state sales tax. With that under consideration, while it is essential for Fannie Mae employees to look into the pros and cons of taxation when considering retirement in another state, finding a home that is suitable and comfortable for your needs is of utmost importance as well.
- Alabama
- Arkansas
- Colorado
- Delaware
- Idaho
- Illinois
- Kentucky
- Louisiana
- Michigan
- New Hampshire
- Oklahoma
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Virginia
- Washington
- West Virginia
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What type of retirement savings plan does Fannie Mae offer to its employees?
Fannie Mae offers a 401(k) Savings Plan to help employees save for retirement.
How can Fannie Mae employees enroll in the 401(k) Savings Plan?
Fannie Mae employees can enroll in the 401(k) Savings Plan through the company’s benefits portal during the enrollment period.
Does Fannie Mae match employee contributions to the 401(k) Savings Plan?
Yes, Fannie Mae provides a matching contribution to employee contributions made to the 401(k) Savings Plan, subject to specific limits.
What is the maximum contribution limit for Fannie Mae employees in the 401(k) Savings Plan?
The maximum contribution limit for Fannie Mae employees is determined by the IRS annual limits, which can change each year.
Can Fannie Mae employees change their contribution percentage to the 401(k) Savings Plan?
Yes, Fannie Mae employees can change their contribution percentage at any time through the benefits portal.
What investment options are available in Fannie Mae's 401(k) Savings Plan?
Fannie Mae's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for the employer match in Fannie Mae's 401(k) Savings Plan?
Yes, there is a vesting schedule for the employer match in Fannie Mae's 401(k) Savings Plan, which determines when employees fully own the matched contributions.
Can Fannie Mae employees take loans against their 401(k) Savings Plan balance?
Yes, Fannie Mae allows employees to take loans against their 401(k) Savings Plan balance, subject to specific terms and conditions.
What happens to my 401(k) Savings Plan if I leave Fannie Mae?
If you leave Fannie Mae, you have several options for your 401(k) Savings Plan balance, including rolling it over to another retirement account or cashing it out.
How often can Fannie Mae employees review their 401(k) Savings Plan statements?
Fannie Mae employees can review their 401(k) Savings Plan statements quarterly, and they can also access their account information online at any time.
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