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Empowering Women at American Tower: 4 Essential Retirement Strategies to Consider

Healthcare Provider Update: Provides first-day medical coverage, FSAs, HSAs, and fertility benefits, with additional options like accident and hospital insurance 2. With ACA premiums projected to increase by 1518%, American Towers robust benefits help employees avoid steep out-of-pocket costs and maintain comprehensive coverage. Click here to learn more

Preparing for retirement at American Tower can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.

These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put American Tower employees ahead of the curve.

Talk about money. Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
Be proactive about your retirement after American Tower. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your American Tower retirement accounts stand today? Being proactive with your American Tower retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.

Make room for your future in your budget. Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.

Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.

Transamerica.com, 2021

GAO.gov, 2021

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What type of retirement plan does American Tower offer to its employees?

American Tower offers a 401(k) retirement savings plan to its employees.

How can employees of American Tower enroll in the 401(k) plan?

Employees of American Tower can enroll in the 401(k) plan through the company’s HR portal or by contacting the benefits department for assistance.

Does American Tower match employee contributions to the 401(k) plan?

Yes, American Tower provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

What is the maximum contribution limit for the American Tower 401(k) plan?

The maximum contribution limit for the American Tower 401(k) plan is in accordance with IRS guidelines, which may change annually.

When can employees of American Tower start contributing to their 401(k) plan?

Employees of American Tower can start contributing to their 401(k) plan after completing their eligibility requirements, typically within the first few months of employment.

Are there any fees associated with the American Tower 401(k) plan?

Yes, the American Tower 401(k) plan may have administrative fees and investment fees, which are disclosed in the plan documents.

Can employees of American Tower take loans against their 401(k) savings?

Yes, employees of American Tower may have the option to take loans against their 401(k) savings, subject to the plan’s terms and conditions.

What investment options are available in the American Tower 401(k) plan?

The American Tower 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can employees change their contribution amount in the American Tower 401(k) plan?

Employees of American Tower can typically change their contribution amount at any time, subject to the plan’s guidelines.

What happens to the 401(k) savings if an employee leaves American Tower?

If an employee leaves American Tower, they can choose to roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the American Tower plan if allowed.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

In 2024, American Tower announced a major restructuring plan involving layoffs to streamline operations. The company is focusing on reducing costs and optimizing its asset portfolio. Additionally, there are upcoming changes to their benefits and 401(k) plans, which include adjustments in contribution matching and plan eligibility.

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For more information you can reach the plan administrator for American Tower at 116 Huntington Avenue Boston, MA 2116; or by calling them at (617) 375-7500.