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Fluor Guide to Making the Most of Their Retirement Savings Across U.S. States

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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. Fluor 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 Fluor 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 Fluor 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:

  1. Minnesota - $547,000

  2. Washington - $550,700

  3. Vermont - $550,000

  4. Massachusetts - $563,000

  5. Alaska – $570,000

  6. New Hampshire - $570,000

  7. North Dakota - $582,000

  8. Virginia - $590,000

  9. New Jersey - $600,000

  10. 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. Fluor 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 Fluor 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. Fluor employees can use these prosperous regions as examples for building their own retirement plans effectively.

What is the Fluor 401(k) plan?

The Fluor 401(k) plan is a retirement savings plan that allows employees to save for retirement on a tax-deferred basis.

How can I enroll in Fluor's 401(k) plan?

You can enroll in Fluor's 401(k) plan by accessing the employee benefits portal or contacting the HR department for assistance.

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

Yes, Fluor offers a company match on 401(k) contributions, which helps employees maximize their retirement savings.

What is the maximum contribution limit for Fluor's 401(k) plan?

The maximum contribution limit for Fluor's 401(k) plan is set by the IRS and may change annually; employees should check the latest guidelines for the current limit.

Can I change my contribution percentage in Fluor's 401(k) plan?

Yes, employees can change their contribution percentage at any time through the employee benefits portal or by contacting HR.

What investment options are available in Fluor's 401(k) plan?

Fluor's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

When can I start withdrawing from my Fluor 401(k) plan?

Employees can typically start withdrawing from their Fluor 401(k) plan at age 59½, although there are specific rules and exceptions that may apply.

What happens to my Fluor 401(k) if I leave the company?

If you leave Fluor, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it with Fluor.

Does Fluor provide financial education regarding the 401(k) plan?

Yes, Fluor provides resources and financial education to help employees make informed decisions about their 401(k) savings.

Is there a loan option available through Fluor's 401(k) plan?

Yes, Fluor's 401(k) plan may allow employees to take out loans against their savings, subject to specific terms and conditions.

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

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