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How Long Can $1 Million Last in Retirement for ASGN Employees? Discover the Impact of Your State's Living Costs!

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It is important for ASGN employees to comprehensively analyze the state-specific costs in order to ensure that their retirement savings are sufficient for the lifestyle they wish to lead after leaving the workplace,' advises Brent Wolf from The Retirement Group, a division of Wealth Enhancement Group.

The sustainability of retirement assets depends on the specific state costs of living and it is crucial for ASGN employees to develop their retirement plans accordingly,' suggests Kevin Landis of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

State-specific Retirement Costs: How the cost of living in different regions of the United States affects the time $1 million will last in retirement.
Geographical Influences on Retirement Planning: Why it is important to take into account the particular expenses and tax regulations when planning for retirement for ASGN employees.
Comparative Analysis Across States: A review of the longevity of retirement savings by state, including examples from North Carolina, West Virginia, and Hawaii.

This article is a follow-up to a recent study by GOBankingRates that examines how $1 million in retirement savings may fare across different U.S. states and the impact of state living costs on retirement funds. This information is particularly valuable for the ASGN employees who are planning for their retirement. The analysis includes the average annual expenses of individuals 65 years and older and uses the cost of living index for each state to determine how many years $1 million will last.

For example, the estimated duration of $1 million in North Carolina is 17 years, 11 months, and 23 days. This estimation is based on annual costs of $55,621, which include food, housing, utilities, transportation, and healthcare. West Virginia is the best case because $1 million will last for 20 years, 3 months, and 19 days, which is quite different from other states.

On the other hand, in the expensive states like Hawaii the same amount may last for only 9 years, 7 months, and 25 days. This difference shows that geographical factors should definitely be taken into consideration when planning for retirement by ASGN employees. The difference in the retirement fund sustainability across the states reveals the impact of the cost of living on financial stability in retirement.

To this end, for ASGN employees, it is crucial to know these differences so as to ensure they plan for their retirement correctly. The data, therefore, can be useful in making a decision on where to retire to ensure that one has financial stability. Retirement tax policies in North Carolina are quite favorable for residents; the state had a flat income tax of 5.25% in 2021 and exempted Social Security retirement benefits.

These tax benefits make it an ideal choice for the ASGN retirees who want to increase the time of their retirement assets. The report provides a comprehensive analysis of how much $1 million will last in retirement across the United States, including the costs of housing, healthcare, and other essentials. It also demonstrates the possible impact of regional cost differences on retirement planning and is, therefore, a useful read for anyone wishing to have a financially secure retirement.

Comparing the sustainability of retirement assets across states is like comparing the mileage of cars in different territories. Just as a fuel-efficient vehicle has different mileage in different territories, $1 million will also last longer in places like West Virginia than in expensive states like Hawaii or California. This analogy can be useful for ASGN employees: location does matter when it comes to the duration of your retirement funds and thus, needs to be planned for strategically.

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Sources:

1. Rosenfeld, Jordan. 'How Long Will $1 Million Last in Retirement Across the US?' GOBankingRates, February 2024.

2. Murray, Andrew. '$1M in Retirement Savings Is a Stretch in These Blue States, Report Says.' Fox Business, www.foxbusiness.com .

3. Yates, Shanique. 'New Report Reveals Best and Worst States for Retirees to Stretch $1M In Savings.' Black Enterprise, July 18, 2024.

4. Ngo, Sheiresa. “States Where $1 Million in Retirement Savings Will Last You the Longest.” Black Enterprise, July 18, 2024.

5. Rosenfeld, Jordan. 'States Where $1 Million Retirement Savings Stretch Further: An In-Depth Analysis.' GOBankingRates, March 2024.

What is the ASGN 401(k) plan?

The ASGN 401(k) plan is a retirement savings plan that allows employees to save for retirement on a tax-advantaged basis.

How can I enroll in the ASGN 401(k) plan?

You can enroll in the ASGN 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

What types of contributions can I make to the ASGN 401(k) plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and, in some cases, catch-up contributions if they are age 50 or older.

Is there a company match for contributions to the ASGN 401(k) plan?

Yes, ASGN offers a company match for employee contributions, which helps enhance your retirement savings.

What is the vesting schedule for the ASGN 401(k) plan?

The vesting schedule for the ASGN 401(k) plan typically depends on the length of service and the specific terms outlined in the plan documents.

Can I take a loan against my ASGN 401(k) plan?

Yes, ASGN allows participants to take loans against their 401(k) balance, subject to the terms and conditions of the plan.

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

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

How often can I change my contribution amount to the ASGN 401(k) plan?

Employees can typically change their contribution amounts to the ASGN 401(k) plan at any time, subject to the plan's rules.

When can I start withdrawing funds from my ASGN 401(k) plan?

You can begin withdrawing funds from your ASGN 401(k) plan without penalties after reaching age 59½, or in the event of a qualifying hardship.

Does ASGN provide educational resources for managing my 401(k) plan?

Yes, ASGN provides educational resources and tools to help employees understand and manage their 401(k) plan effectively.

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

ASGN announced a restructuring plan to streamline operations and focus on core business areas. This includes potential layoffs and reorganization within the company to improve efficiency and profitability.

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For more information you can reach the plan administrator for ASGN at 26745 Malibu Hills Rd Calabasas, CA 91301; or by calling them at +1 818-878-7900.