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Mattress Firm Group 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. Mattress Firm Group 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 Mattress Firm Group 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 Mattress Firm Group 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. Mattress Firm Group 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 Mattress Firm Group 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. Mattress Firm Group employees can use these prosperous regions as examples for building their own retirement plans effectively.

What type of retirement savings plan does Mattress Firm Group offer to its employees?

Mattress Firm Group offers a 401(k) retirement savings plan to help employees save for their future.

How can employees of Mattress Firm Group enroll in the 401(k) plan?

Employees of Mattress Firm Group can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

Does Mattress Firm Group match employee contributions to the 401(k) plan?

Yes, Mattress Firm Group provides a matching contribution to employee 401(k) accounts, subject to certain limits and eligibility requirements.

What is the maximum contribution limit for the Mattress Firm Group 401(k) plan?

The maximum contribution limit for the Mattress Firm Group 401(k) plan is in accordance with IRS guidelines, which may change annually. Employees should check the current limit for the year.

Are there any vesting requirements for the 401(k) matching contributions at Mattress Firm Group?

Yes, Mattress Firm Group has a vesting schedule for matching contributions, meaning employees must work for the company for a certain period before they fully own those contributions.

Can employees of Mattress Firm Group take loans against their 401(k) savings?

Yes, Mattress Firm Group 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 Mattress Firm Group 401(k) plan?

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

How often can employees of Mattress Firm Group change their 401(k) contribution amounts?

Employees of Mattress Firm Group can change their 401(k) contribution amounts at any time, subject to the plan’s guidelines.

Is there a penalty for withdrawing funds from the Mattress Firm Group 401(k) plan before retirement?

Yes, there may be penalties and taxes for withdrawing funds from the Mattress Firm Group 401(k) plan before reaching the age of 59½.

What happens to my 401(k) savings if I leave Mattress Firm Group?

If you leave Mattress Firm Group, you can choose to roll over your 401(k) savings into another retirement account, leave it in the Mattress Firm Group plan (if eligible), or cash it out (though this may incur taxes and penalties).

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

*Please see disclaimer for more information

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