New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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

Healthcare Provider Update: WEC Energy Group's healthcare provider is the Retirement Group, a division of Wealth Enhancement Group, which assists employees with navigating complex benefit structures and potential healthcare challenges. In 2026, employees at WEC Energy Group may face significant healthcare cost increases due to projected premium hikes in the ACA marketplace, influenced by the expiration of enhanced federal subsidies, rising medical costs, and the push from insurers seeking higher premiums. As a result, many employees might see a steep rise in out-of-pocket expenses, with some forecasts suggesting increases could exceed 75%. To navigate these financial pressures, employees are encouraged to familiarize themselves with upcoming benefit changes and strategically review their healthcare options. Click here to learn more

It is important for WEC Energy Group 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 WEC Energy Group 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 for WEC Energy Group employees, taking into account their specific pension plan options and 401(k) savings.

Geographical Influences on Retirement Planning: Why it is important for WEC Energy Group employees to take into account the particular expenses, tax regulations, and their company's benefits (such as health benefits for retirees and pension options like lump sum or annuity) when planning for retirement.

Comparative Analysis Across States: A review of the longevity of retirement savings by state, including examples from North Carolina, West Virginia, and Hawaii, and how WEC Energy Group's specific retirement offerings may impact these calculations.

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 WEC Energy Group 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, taking into consideration the retirement benefits offered to WEC Energy Group employees.

For WEC Energy Group employees, those who qualify for their defined benefit pension plans (such as the Final Average Pay formula or a cash balance plan) may have a steady source of income, which could help extend the longevity of their retirement savings. Additionally, those participating in the 401(k) plan can benefit from company matching contributions, which will enhance their overall retirement portfolio.

For example, the estimated duration of $1 million in North Carolina for a WEC Energy Group retiree is 17 years, 11 months, and 23 days. This estimation includes annual costs of $55,621, which cover food, housing, utilities, transportation, healthcare, and any other potential out-of-pocket medical expenses not covered by WEC Energy Group's retiree health benefits. West Virginia is the best case, with $1 million lasting for 20 years, 3 months, and 19 days, making it an excellent choice for retirees from WEC Energy Group who are looking for financial stability.

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 for WEC Energy Group employees. The difference in the retirement fund sustainability across the states reveals the impact of the cost of living on financial stability in retirement, which is especially relevant for employees with union or non-union benefits that might vary in different states.

In conclusion, WEC Energy Group employees need to carefully consider their pension and 401(k) options, health benefits for retirees, and the state-specific cost of living when planning for retirement. The combination of WEC Energy Group's competitive benefits and the impact of geographical costs will significantly influence how long their retirement savings last.

To this end, for WEC Energy Group 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 WEC Energy Group 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 WEC Energy Group employees: location does matter when it comes to the duration of your retirement funds and thus, needs to be planned for strategically.