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. H.B. Fuller 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 H.B. Fuller 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 H.B. Fuller 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. H.B. Fuller 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 H.B. Fuller staff, this means aligning investment strategies with regional economic conditions for stronger retirement outcomes.
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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. H.B. Fuller employees can use these prosperous regions as examples for building their own retirement plans effectively.
What is the H.B. Fuller 401(k) Savings Plan?
The H.B. Fuller 401(k) Savings Plan is a retirement savings plan that allows employees to save and invest a portion of their paycheck for retirement.
How can I enroll in the H.B. Fuller 401(k) Savings Plan?
Employees can enroll in the H.B. Fuller 401(k) Savings Plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
Does H.B. Fuller match employee contributions to the 401(k) Savings Plan?
Yes, H.B. Fuller offers a matching contribution to the 401(k) Savings Plan, which helps employees boost their retirement savings.
What is the maximum contribution I can make to the H.B. Fuller 401(k) Savings Plan?
The maximum contribution limit for the H.B. Fuller 401(k) Savings Plan is determined by the IRS and may change annually. Employees should check the latest IRS guidelines for the current limit.
When can I start contributing to the H.B. Fuller 401(k) Savings Plan?
Employees can start contributing to the H.B. Fuller 401(k) Savings Plan after they have completed the eligibility requirements set by the company.
How does H.B. Fuller’s matching contribution work?
H.B. Fuller typically matches a percentage of employee contributions up to a certain limit, which is outlined in the plan documents. Employees should refer to these documents for specific details.
Can I change my contribution amount to the H.B. Fuller 401(k) Savings Plan at any time?
Yes, employees can change their contribution amounts to the H.B. Fuller 401(k) Savings Plan at any time, subject to the plan’s guidelines.
What investment options are available in the H.B. Fuller 401(k) Savings Plan?
The H.B. Fuller 401(k) Savings Plan offers a range of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance and retirement goals.
Is there a vesting schedule for H.B. Fuller’s matching contributions?
Yes, H.B. Fuller has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the employer contributions.
Can I take a loan from my H.B. Fuller 401(k) Savings Plan?
Yes, employees may have the option to take a loan from their H.B. Fuller 401(k) Savings Plan, subject to the plan’s terms and conditions.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)