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Crestwood Equity Partners 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. Crestwood Equity Partners 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 Crestwood Equity Partners 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 Crestwood Equity Partners 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. Crestwood Equity Partners 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 Crestwood Equity Partners 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. Crestwood Equity Partners employees can use these prosperous regions as examples for building their own retirement plans effectively.

What types of retirement savings plans does Crestwood Equity Partners offer its employees?

Crestwood Equity Partners offers a 401(k) retirement savings plan to help employees save for their future.

Does Crestwood Equity Partners match employee contributions to the 401(k) plan?

Yes, Crestwood Equity Partners provides a matching contribution to employee 401(k) accounts, subject to the plan's terms.

What is the eligibility requirement for employees to participate in Crestwood Equity Partners' 401(k) plan?

Employees of Crestwood Equity Partners are eligible to participate in the 401(k) plan after completing a specified period of service, typically outlined in the plan documents.

Can employees of Crestwood Equity Partners make pre-tax contributions to their 401(k) accounts?

Yes, employees can make pre-tax contributions to their 401(k) accounts at Crestwood Equity Partners, which can help reduce their taxable income.

Does Crestwood Equity Partners offer a Roth 401(k) option?

Yes, Crestwood Equity Partners offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

How often can employees change their contribution rates to the 401(k) plan at Crestwood Equity Partners?

Employees at Crestwood Equity Partners can typically change their contribution rates on a quarterly basis, but specific details can be found in the plan documents.

What investment options are available in the Crestwood Equity Partners 401(k) plan?

The 401(k) plan at Crestwood Equity Partners offers a range of investment options, including mutual funds and other investment vehicles, allowing employees to tailor their portfolios.

How can employees at Crestwood Equity Partners access their 401(k) account information?

Employees can access their 401(k) account information through the plan's online portal or by contacting the plan administrator.

What happens to the 401(k) funds if an employee leaves Crestwood Equity Partners?

If an employee leaves Crestwood Equity Partners, they can choose to roll over their 401(k) funds to another retirement account, withdraw the funds, or leave them in the Crestwood Equity Partners plan if allowed.

Is there a loan option available for employees in the Crestwood Equity Partners 401(k) plan?

Yes, Crestwood Equity Partners may allow employees to take loans from their 401(k) accounts, subject to the plan's specific rules and limits.

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For more information you can reach the plan administrator for Crestwood Equity Partners at 811 Main St., Ste. 3400 Houston, TX 77002; or by calling them at 832-519-2200.