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Unlocking Retirement Planning: The Top 3 Retirement Calculators for Alliant Energy Employees and Retirees

Healthcare Provider Update: Offers health, dental, and vision insurance, along with prescription drug coverage and pre-tax savings programs. Benefits include employer-paid disability and life insurance, wellness programs, and a 401(k) match1. As ACA premiums rise and subsidies expire, Alliants comprehensive employer-sponsored plans may offer more predictable costs and better coverage than marketplace alternatives. Click here to learn more

Organizing for retirement has never been more difficult for Alliant Energy employees. Given the current state of the economy and the uncertain times ahead, it may appear that having a finance degree is necessary to succeed. However, ironically, because of the development of sophisticated tools like retirement calculators that streamline the planning process, it has also never been easier.

A cursory web search yields a wealth of retirement calculators available for Alliant Energy employees. But number and quality are not the same. Choosing the appropriate instrument for a certain circumstance is essential. Each of the following calculators offers specific features to meet the demands of the user in addition to providing crucial information for wise retirement planning decisions.

1. Retirement Planning with Wealth Enhancement Group

Four effective options are provided by Wealth Enhancement Group:

- Retirement Readiness Calculator
- 401(k) Calculator
- Compound Interest Calculator
- Monthly Expense Calculator

These options make the Wealth Enhancement Group calculators an ideal option for Alliant Energy employees. The application provides individualized advice for improving retirement plans. The first step for users is to register and fill out some basic information. After that, the tool offers personalized analysis of your financial situation. A meeting with a retirement advisor is also available with Wealth Enhancement Group.

Advantages:

- Incredibly thorough and customized.

- Simple to use.
- Makes recommendations for enhancing retirement planning.

- 2. Retirement Calculator from AARP

The calculator provided by AARP is easy to use and covers all the necessary ground without being unduly complicated. Users can test several scenarios on the interactive results page, which is particularly useful for Alliant Energy employees.

Advantages:

- Straightforward and simple to comprehend.
- A scenario testing results page that is interactive.

3. Retirement Planner by MarketWatch

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A variety of calculators, each concentrating on a different facet of retirement planning, are available from MarketWatch. This division has advantages and disadvantages for Alliant Energy employees.

Advantages:

- Different calculators for distinct purposes.
- Simple to see results and modify inputs

In Summary

Although retirement planning can seem overwhelming, it can be simple and doable with the right resources for Alliant Energy employees. The retirement calculators shown here are intended to make planning easier by providing insights that can be put into practice.

For those looking for thorough and customized retirement plans, the calculators above serve as great options because they are is both personalized and detailed. Every calculator has advantages and disadvantages based on the demands and preferences of the user. By making use of these resources, Alliant Energy employees can take charge of their retirement planning and acquire confidence during their golden years.

Aside from the specific features and advantages of any calculator, it's important to remember that retirees who consistently use thorough planning tools have much higher levels of financial confidence. According to a recent Vanguard survey, Alliant Energy employees who use thorough planning tools had a 40% higher likelihood of feeling confident about their retirement plans. This demonstrates how important precise and thorough retirement calculators are to improving financial preparedness and comfort.

Having the greatest tools available to be informed and prepared can make a big impact as the financial landscape continues to change. Using sophisticated retirement calculators not only helps with careful planning but also gives Alliant Energy employees the ability to face their retirement years with clarity and confidence.

67% of retirees who utilize detailed retirement calculators indicated increased satisfaction with their retirement savings and income planning compared to those who did not use such tools, according to a recent Employee Benefit Research Institute (EBRI) study. This emphasizes how important it is for Alliant Energy employees to use sophisticated retirement calculators like Wealth Enhancement Group and AARP, which provide individualized planning options and in-depth insights, guaranteeing a more certain and organized retirement plan.

Retirement planning is similar to crossing a wide ocean. It's like having a fleet of quality navigational equipment at your disposal when you use the top ten retirement calculators. Every one of them, from AARP to Wealth Enhancement Group, serves as a quality compass, assisting you in precisely navigating the financial waters. Similar to how a trustworthy compass helps sailors navigate erratic waters, these calculators offer precise, detailed, and customized information to help Alliant Energy employees navigate their retirement planning toward a safe and wealthy future.

What is the purpose of Alliant Energy's 401(k) Savings Plan?

The purpose of Alliant Energy's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary to a tax-advantaged account.

How can I enroll in Alliant Energy's 401(k) Savings Plan?

Employees can enroll in Alliant Energy's 401(k) Savings Plan by completing the online enrollment process through the employee portal or by contacting the HR department for assistance.

What types of contributions can I make to Alliant Energy's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and may also have the option for catch-up contributions if they are age 50 or older in Alliant Energy's 401(k) Savings Plan.

Does Alliant Energy offer a company match on 401(k) contributions?

Yes, Alliant Energy offers a company match on employee contributions to the 401(k) Savings Plan, which helps to enhance the overall retirement savings.

What is the maximum contribution limit for Alliant Energy's 401(k) Savings Plan?

The maximum contribution limit for Alliant Energy's 401(k) Savings Plan is set by the IRS and can change annually. Employees should check the current limits for the specific year.

When can I start withdrawing from my Alliant Energy 401(k) Savings Plan?

Employees can typically start withdrawing from their Alliant Energy 401(k) Savings Plan without penalty at age 59½, or earlier in cases of hardship or other qualifying events.

Are loans available from Alliant Energy's 401(k) Savings Plan?

Yes, Alliant Energy may allow employees to take loans from their 401(k) Savings Plan, subject to specific terms and conditions set by the plan.

How does Alliant Energy's 401(k) Savings Plan handle investment options?

Alliant Energy's 401(k) Savings Plan provides a variety of investment options, including mutual funds and other investment vehicles, allowing employees to choose based on their risk tolerance and retirement goals.

Can I change my contribution percentage to Alliant Energy's 401(k) Savings Plan?

Yes, employees can change their contribution percentage to Alliant Energy's 401(k) Savings Plan at any time through the employee portal or by contacting HR.

What happens to my Alliant Energy 401(k) Savings Plan if I leave the company?

If an employee leaves Alliant Energy, they have several options for their 401(k) Savings Plan, including rolling it over to a new employer's plan, an IRA, or cashing it out (though this may incur taxes and penalties).

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

Alliant Energy offers its employees both a defined benefit pension plan and a 401(k) plan as part of their retirement benefits package. The company's pension plan follows a Final Average Pay (FAP) formula, where benefits are calculated based on the average salary over the final years of an employee's career, multiplied by years of service. Employees become vested in the pension plan after a specified number of years of service, generally after 10 years. Alliant Energy's defined benefit plan ensures that employees who retire at the standard retirement age of 65 or older receive a monthly pension payment, with earlier retirements receiving adjusted, reduced benefits (Pension Rights Center) (Wikipedia) (Wikipedia). Alliant Energy's 401(k) plan allows employees to contribute a percentage of their income to a tax-deferred savings account. The company matches a portion of employee contributions, a common feature to incentivize savings. Employees have the option to choose between traditional 401(k) contributions, which are made pre-tax, and Roth 401(k) contributions, made after-tax. These plans also provide a wide range of investment options, such as mutual funds, bonds, and stocks, which employees can select based on their retirement goals (Wikipedia) (Annuity.org). In terms of eligibility, employees generally qualify for both the pension plan and the 401(k) plan after meeting a specific threshold of years of service, which is typically 10 years for the pension plan and immediate eligibility for the 401(k) plan upon employment. The pension benefits calculation typically involves age and years of service. As for the 401(k), employees can enroll upon hire and take advantage of Alliant Energy's employer matching contribution immediately.

In 2024, Alliant Energy continued its energy transition efforts by filing a request to convert its coal-fueled Edgewater Generating Station to natural gas. This shift is part of Alliant's broader sustainability initiatives aimed at reducing greenhouse gas emissions and bolstering reliability (Homepage). The company reaffirmed its commitment to clean energy and community economic benefits. This restructuring is crucial to track because the energy industry is directly influenced by shifts in the economic and political landscape, which has implications for investment strategies and tax benefits (Alliant Energy Retirees - Home) (Alliant Energy Retirees - Home). Alliant Energy updated its 401(k) plan record keeper in 2023, switching to Fidelity Investments. This transition, disclosed in an 8-K filing with the SEC, signifies an effort to enhance the management and performance of employee retirement plans (Alliant Energy Retirees - Home). Changes in company benefits and pensions are essential to follow because they reflect how companies are adapting to both market conditions and new tax laws, affecting employees' retirement security (Alliant Energy Retirees - Home).

Alliant Energy offers its employees stock options (SO) and Restricted Stock Units (RSU) as part of its compensation and benefits program. Stock options provide employees the right to purchase company stock at a predetermined price, while RSUs are company shares granted to employees, typically with vesting conditions. Alliant Energy's stock options and RSUs are generally made available to senior-level management and eligible employees based on performance and tenure. In 2022, Alliant Energy continued to grant stock options under its Long-Term Incentive Plan (LTIP). These stock options (LNT-SO) allowed eligible employees to purchase shares at a set price, aligning their interests with shareholder value growth. Additionally, RSUs (LNT-RSU) were awarded, vesting over time as an incentive to retain talent and reward long-term contributions (Homepage) (Alliant Energy) (Homepage). For 2023 and 2024, the company sustained its stock option grants, especially focusing on performance-based RSUs, which required meeting specific performance metrics for full vesting. These RSUs are typically granted annually and can vest over several years, incentivizing executives and employees to meet long-term company goals. Information on the distribution and conditions for these awards can be found in Alliant Energy’s annual reports and proxy filings.

Alliant Energy offers comprehensive health benefits to its employees and retirees, reflecting a commitment to supporting the well-being of their workforce. For current employees, the company provides several key healthcare options, including medical, dental, and vision insurance plans. Their health plans emphasize flexibility and affordability, with options such as the Consumer-Driven Health Plan (CDHP), which allows employees to manage their healthcare expenses using Health Reimbursement Arrangements (HRA) and Flexible Spending Accounts (FSA). Additionally, Alliant Energy provides access to mental health services through their Employee Assistance Program (EAP), which offers confidential support for personal, emotional, and financial issues (Alliant) (Homepage). The importance of discussing healthcare benefits at Alliant Energy in today's economic, investment, and political environment cannot be overstated. Rising healthcare costs and changing tax laws have made it critical for employees to maximize their benefits, especially as companies like Alliant Energy continue to adapt their offerings to provide sustainable and inclusive coverage. For retirees, Alliant Energy ensures continuity in care through early retiree medical benefits, with premium categories based on contract status. With programs such as Delta Dental and VSP for vision care, the company maintains comprehensive coverage even after retirement. As healthcare remains a significant concern in policy debates, understanding these benefits helps employees and retirees alike plan for future costs and healthcare needs.

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For more information you can reach the plan administrator for Alliant Energy at 4902 North Biltmore Lane, Suite 1000 Madison, WI 53718; or by calling them at (608) 458-3311.

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