<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=314834185700910&amp;ev=PageView&amp;noscript=1">

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

Learn More

The Least Favorable U.S. States for Retirees from [Company Name]: What You Need to Know

image-table

Healthcare Provider Update: Waters provides health insurance coverage to its U.S.-based employees through a selection of medical plans that include options for dental, vision, and life insurance. Employees can access Health Savings Accounts (HSAs) with employer contributions, along with wellness programs, disability coverage, and retirement savings plans. The company emphasizes preventive care and offers resources to support physical and mental well-being. Waters Healthcare costs in the United States are projected to continue rising through 2026, with insurers proposing significant premium increases for Affordable Care Act (ACA) plans. A recent analysis found that ACA insurers are seeking a median premium increase of 15% for 2026, marking the largest hike since 2018. This surge is attributed to factors such as the anticipated expiration of enhanced premium tax credits, rising medical costsincluding expensive medications and increased hospital staysand a shift in the risk pool towards higher-cost enrollees. Without the renewal of enhanced subsidies, out-of-pocket premiums for ACA marketplace enrollees could increase by more than 75% on average. Click here to learn more

Choosing the ideal place to retire is a critical decision that impacts both financial stability and quality of life. While smaller states are often seen as ideal retirement destinations, Alaska has been ranked the least favorable region for the third consecutive year in  Bankrate's 2024 study  of the best U.S. states for retirement.

To determine the most and least favorable states for retirement, Bankrate employed a comprehensive method that included multiple data sources such as the Council for Community and Economic Research, the U.S. Census Bureau, the Tax Foundation, and the National Oceanic and Atmospheric Administration. The study evaluates each state across five key dimensions with weights assigned that reflect their importance to future retirees: affordability (40%), overall well-being (25%), health quality and costs (20%), weather (10%), and crime (5%).

In terms of affordability, Alaska poses significant challenges, especially for those on fixed incomes like many retirees from Waters. The cost of living in Alaska is about 30% higher than the national average, according to RentCafe. Specifically, housing expenses exceed the national average by 17%, while energy and healthcare costs are nearly twice as high. Despite these expenses, Alaska offers some financial benefits due to the absence of state income tax, inheritance tax, and it does not tax pensions or Social Security retirement benefits.

However, the country's weather conditions negatively impact its ranking. Summers can be mild with temperatures ranging from 45 to 75 degrees Fahrenheit, while winters are harsh, with temperatures dropping to as low as -10 degrees Fahrenheit. These extreme conditions can be a barrier for those seeking a comfortable and accessible living environment in their later years, including former Waters employees looking for a peaceful retirement.

Crime rates also play a role in the evaluation, with Alaska considering its rate of property and violent crimes per 100,000 residents. Safety is a paramount concern for retirees, making states with lower crime rates more attractive for those transitioning from careers at Waters to retirement.

The study highlights not only the least favorable states but also underscores the importance of considering multiple factors beyond just costs when selecting a retirement location. It is crucial to have strong social and community engagement opportunities. Kerry Hannon, a retirement specialist mentioned in the study, emphasizes the importance of community and human connections for healthy aging, advising against isolation and loneliness.

For those facing complex decisions related to retirement planning, tools such as CNBC Make It's  retirement calculator  are indispensable. This tool helps assess the savings needed for retirement based on current age, savings, income, and desired retirement age. It is essential to consider both financial and non-financial aspects when planning for retirement, to ensure a balanced approach that promotes both financial security and a fulfilling life post-career, particularly for Waters professionals.

Featured Video

Articles you may find interesting:

Loading...

Individuals seeking more information on financial planning and retirement strategies could benefit from resources like CNBC's online course titled 'Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure.' This course offers tips on managing financial stress, establishing good habits, and optimizing savings and investments to ensure future stability. An introductory discount is available, offering early access benefits until September 2, 2024.

In summary, although Alaska may offer some tax advantages, its high cost of living, challenging weather conditions, and security concerns make it less attractive for retirees. This analysis highlights the importance of a comprehensive approach to selecting a local retirement location, balancing economic factors with lifestyle preferences and community characteristics.

Despite the drawbacks highlighted in states like Alaska, an often-overlooked aspect is the opportunity to enjoy natural beauty and serenity, which can significantly enhance psychological well-being—an essential element for retirees. A  2021 study  by the American Psychological Association noted that natural environments are associated with lower levels of stress hormones, making it an appealing reason for retirees to consider the beauty of their retirement destination alongside other practical aspects.

What is the primary purpose of Waters' 401(k) Savings Plan?

The primary purpose of Waters' 401(k) Savings Plan is to help employees save for retirement through tax-advantaged contributions.

Who is eligible to participate in Waters' 401(k) Savings Plan?

All full-time employees of Waters are eligible to participate in the 401(k) Savings Plan after completing a specified period of service.

Does Waters offer a company match for contributions to the 401(k) Savings Plan?

Yes, Waters offers a company match for employee contributions to the 401(k) Savings Plan, subject to certain limits.

How can employees enroll in Waters' 401(k) Savings Plan?

Employees can enroll in Waters' 401(k) Savings Plan through the company’s benefits portal or by contacting the HR department for assistance.

What types of contributions can employees make to Waters' 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.

Are there any fees associated with Waters' 401(k) Savings Plan?

Yes, Waters' 401(k) Savings Plan may have administrative fees, investment fees, and other costs that are disclosed in the plan documents.

How often can employees change their contribution rates to Waters' 401(k) Savings Plan?

Employees can change their contribution rates to Waters' 401(k) Savings Plan during designated enrollment periods or as permitted by the plan guidelines.

What investment options are available in Waters' 401(k) Savings Plan?

Waters' 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Can employees take loans against their 401(k) accounts at Waters?

Yes, Waters allows employees to take loans against their 401(k) accounts, subject to specific terms and conditions outlined in the plan.

What happens to my 401(k) savings if I leave Waters?

If you leave Waters, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the Waters plan if permitted.

New call-to-action

Additional Articles

Check Out Articles for Waters employees

Loading...

For more information you can reach the plan administrator for Waters at , ; or by calling them at .

*Please see disclaimer for more information

Relevant Articles

Check Out Articles for Waters employees