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

What is the primary purpose of Olin's 401(k) plan?

The primary purpose of Olin's 401(k) plan is to help employees save for retirement by providing a tax-advantaged savings option.

How does Olin match employee contributions to the 401(k) plan?

Olin offers a matching contribution to the 401(k) plan, where the company matches a percentage of the employee's contributions up to a certain limit.

At what age can Olin employees start participating in the 401(k) plan?

Olin employees can typically start participating in the 401(k) plan as soon as they meet the eligibility requirements, usually at age 21.

What types of investment options are available in Olin's 401(k) plan?

Olin's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

Can Olin employees take loans against their 401(k) accounts?

Yes, Olin allows employees to take loans against their 401(k) accounts under certain conditions and within specified limits.

What happens to my 401(k) balance if I leave Olin?

If you leave Olin, you have several options for your 401(k) balance, including rolling it over to another retirement account, leaving it with Olin, or cashing it out (though this may incur taxes and penalties).

How can Olin employees access their 401(k) account information?

Olin employees can access their 401(k) account information through the company's designated retirement plan website or by contacting the plan administrator.

Does Olin provide educational resources for employees regarding the 401(k) plan?

Yes, Olin provides educational resources and materials to help employees understand their 401(k) plan options and make informed investment choices.

Is there a vesting schedule for Olin's 401(k) company match?

Yes, Olin has a vesting schedule for the company match, meaning employees must work for a certain period before they fully own the matched contributions.

How often can Olin employees change their 401(k) contribution amount?

Olin employees can change their 401(k) contribution amount at any time, subject to the plan's rules and limits.

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

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