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

What is the 401(k) plan offered by IDEXX Laboratories?

The 401(k) plan at IDEXX Laboratories is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

Does IDEXX Laboratories offer a company match for the 401(k) contributions?

Yes, IDEXX Laboratories offers a company match for employee contributions to the 401(k) plan, which helps employees grow their retirement savings.

How can employees enroll in the 401(k) plan at IDEXX Laboratories?

Employees can enroll in the 401(k) plan at IDEXX Laboratories through the company’s HR portal or by contacting the HR department for assistance.

What is the minimum age requirement to participate in the 401(k) plan at IDEXX Laboratories?

The minimum age requirement to participate in the 401(k) plan at IDEXX Laboratories is 21 years old.

Can employees of IDEXX Laboratories change their contribution percentage to the 401(k) plan?

Yes, employees at IDEXX Laboratories can change their contribution percentage to the 401(k) plan at any time, subject to the plan's guidelines.

What types of investment options are available in the IDEXX Laboratories 401(k) plan?

The IDEXX Laboratories 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a vesting schedule for the company match in the IDEXX Laboratories 401(k) plan?

Yes, IDEXX Laboratories has a vesting schedule for the company match, which means employees must work for a certain period to fully own the matched contributions.

How often can employees at IDEXX Laboratories review their 401(k) account statements?

Employees at IDEXX Laboratories can review their 401(k) account statements quarterly, and they can also access their accounts online at any time.

What happens to the 401(k) plan if an employee leaves IDEXX Laboratories?

If an employee leaves IDEXX Laboratories, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave the funds in the IDEXX plan if eligible.

Are there any fees associated with the 401(k) plan at IDEXX Laboratories?

Yes, there may be administrative fees and investment-related fees associated with the 401(k) plan at IDEXX Laboratories, which are disclosed in the plan documents.