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Cracker Barrel Old Country Store Guide to Making the Most of Their Retirement Savings Across U.S. States

Recent research by Empower, a leading retirement plan provider , has highlighted substantial regional differences in retirement savings across the United States. The study, conducted in April through a survey of 1,011 U.S. adults, shows that retirement account balances (pensions, IRAs, and 401(k)s) vary widely by region. Cracker Barrel Old Country Store employees should consider these geographical differences when planning their retirement strategies.

The findings indicate that northern regions typically have larger retirement savings, attributed to factors like higher local wages, state taxes, and the cost of living. This regional advantage results in significant differences in average retirement savings, with some states notably ahead of others. The Cracker Barrel Old Country Store workforce is in a favorable position to benefit from understanding these economic conditions across regions.

According to data from the Empower Personal Dashboard ™ for September 2024, the average 401(k) balance nationwide is $293,695. This figure serves as an essential indicator of personal spending and investments, which generally rise over time. Notably, for individuals around age 50 who are nearing retirement, this average increases to $583,231—a key consideration for Cracker Barrel Old Country Store employees approaching retirement age.

Furthermore, the national average for retirement savings is approximately $498,000. However, the top ten states exceed this average by at least $49,000, underscoring the diversity in retirement savings accumulation across the country. The states with the highest retirement savings are:

Minnesota - $547,000
Washington - $550,700
Vermont - $550,000
Massachusetts - $563,000
Alaska – $570,000
New Hampshire - $570,000
North Dakota - $582,000
Virginia - $590,000
New Jersey - $600,000
Connecticut - $634,000

These statistics illustrate the differences in retirement preparation across states and the challenges many face in building a substantial retirement fund. A January 2024 study by Northwestern Mutual , conducted via the Harris Poll, reveals a substantial gap between the desired and actual retirement savings of adults, with an average shortfall exceeding one million dollars. Cracker Barrel Old Country Store employees can use this information to gauge their own retirement planning.

This data emphasizes the critical role of thoughtful financial planning and the importance of investment strategies tailored to local economic factors. Survey results provide valuable comparisons for individuals assessing their retirement preparedness. For Cracker Barrel Old Country Store staff, this means aligning investment strategies with regional economic conditions for stronger retirement outcomes.

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Additional insights from the Employee Benefit Research Institute’s Retirement Confidence Survey of May 2024 show that individuals in wealthier states often benefit from employer-supported financial initiatives. This approach, increasingly adopted by major corporations, has been shown to substantially improve retirement outcomes. The study indicates that employees with access to such resources not only have the ability to save more but also express greater confidence in their retirement plans. These findings suggest that geographic disparities in retirement savings may also reflect different levels of corporate support in financial education and planning, which are essential for enhancing retirement readiness among older workers.

Think of retirement savings as a garden, where each section represents a different plot. In this “garden,” the northern states resemble fertile zones where factors like higher wages and strong employer-sponsored plans foster a notable increase in retirement savings compared to other regions. This fertile area produces significantly larger “crops” (savings), surpassing the national average. This analogy highlights territorial inequalities in retirement preparation, showing how regional and financial factors contribute to the growth of retirement funds across the country. Cracker Barrel Old Country Store employees can use these prosperous regions as examples for building their own retirement plans effectively.

What type of retirement savings plan does Cracker Barrel Old Country Store offer to its employees?

Cracker Barrel Old Country Store offers a 401(k) retirement savings plan to help employees save for their future.

Is there a company match for contributions to the 401(k) plan at Cracker Barrel Old Country Store?

Yes, Cracker Barrel Old Country Store provides a company match on employee contributions to the 401(k) plan, which helps to boost retirement savings.

How can employees of Cracker Barrel Old Country Store enroll in the 401(k) plan?

Employees of Cracker Barrel Old Country Store can enroll in the 401(k) plan through the company’s benefits portal or by contacting the HR department for assistance.

What is the eligibility requirement for Cracker Barrel Old Country Store employees to participate in the 401(k) plan?

Generally, employees of Cracker Barrel Old Country Store are eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the company’s benefits documentation.

Can employees of Cracker Barrel Old Country Store take loans against their 401(k) savings?

Yes, Cracker Barrel Old Country Store allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.

What investment options are available in the Cracker Barrel Old Country Store 401(k) plan?

The 401(k) plan at Cracker Barrel Old Country Store offers a variety of investment options, including mutual funds and target-date funds, to help employees diversify their portfolios.

How often can employees of Cracker Barrel Old Country Store change their contribution amounts to the 401(k) plan?

Employees of Cracker Barrel Old Country Store can change their contribution amounts to the 401(k) plan at any time, subject to the plan’s guidelines.

What is the vesting schedule for the company match in the Cracker Barrel Old Country Store 401(k) plan?

The vesting schedule for the company match in the Cracker Barrel Old Country Store 401(k) plan typically follows a graded vesting schedule, which employees can review in their plan documents.

How does Cracker Barrel Old Country Store communicate 401(k) plan changes to employees?

Cracker Barrel Old Country Store communicates 401(k) plan changes to employees through email notifications, employee meetings, and updates in the company’s benefits portal.

Is there a minimum contribution requirement for the 401(k) plan at Cracker Barrel Old Country Store?

Yes, Cracker Barrel Old Country Store may have a minimum contribution requirement for employees participating in the 401(k) plan, which is detailed in the plan documents.

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For more information you can reach the plan administrator for Cracker Barrel Old Country Store at 305 Hartmann Dr. Lebanon, TN 37087; or by calling them at 615-444-5533.