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Public Service Enterprise Group Incorporated 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. Public Service Enterprise Group Incorporated 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 Public Service Enterprise Group Incorporated 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 Public Service Enterprise Group Incorporated 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. Public Service Enterprise Group Incorporated 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 Public Service Enterprise Group Incorporated 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. Public Service Enterprise Group Incorporated employees can use these prosperous regions as examples for building their own retirement plans effectively.

What type of retirement savings plan does Public Service Enterprise Group Incorporated offer to its employees?

Public Service Enterprise Group Incorporated offers a 401(k) retirement savings plan to its employees.

How can employees of Public Service Enterprise Group Incorporated enroll in the 401(k) plan?

Employees of Public Service Enterprise Group Incorporated can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

Does Public Service Enterprise Group Incorporated provide matching contributions to the 401(k) plan?

Yes, Public Service Enterprise Group Incorporated offers matching contributions to the 401(k) plan, subject to certain eligibility criteria.

What is the maximum contribution limit for the 401(k) plan at Public Service Enterprise Group Incorporated?

The maximum contribution limit for the 401(k) plan at Public Service Enterprise Group Incorporated aligns with the IRS guidelines, which may change annually.

Can employees of Public Service Enterprise Group Incorporated take loans against their 401(k) savings?

Yes, employees of Public Service Enterprise Group Incorporated may have the option to take loans against their 401(k) savings, subject to specific terms and conditions.

What investment options are available in the 401(k) plan at Public Service Enterprise Group Incorporated?

Public Service Enterprise Group Incorporated offers a variety of investment options in its 401(k) plan, including mutual funds, stocks, and bonds.

How often can employees change their contribution amounts to the 401(k) plan at Public Service Enterprise Group Incorporated?

Employees of Public Service Enterprise Group Incorporated can change their contribution amounts to the 401(k) plan at designated times throughout the year, typically during open enrollment periods.

Is there a vesting schedule for employer contributions in the 401(k) plan at Public Service Enterprise Group Incorporated?

Yes, there is a vesting schedule for employer contributions in the 401(k) plan at Public Service Enterprise Group Incorporated, which determines when employees fully own the employer's contributions.

What happens to the 401(k) savings if an employee leaves Public Service Enterprise Group Incorporated?

If an employee leaves Public Service Enterprise Group Incorporated, they can roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the plan if eligible.

Are there any fees associated with the 401(k) plan at Public Service Enterprise Group Incorporated?

Yes, there may be fees associated with the 401(k) plan at Public Service Enterprise Group Incorporated, which can include administrative fees and investment management fees.