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

What is the 401(k) plan offered by Under Armour?

Under Armour offers a 401(k) plan that allows employees to save for retirement through pre-tax and Roth after-tax contributions.

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

Under Armour provides a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions up to a certain limit.

When can employees enroll in Under Armour's 401(k) plan?

Employees at Under Armour can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.

What investment options are available in Under Armour's 401(k) plan?

Under Armour's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to help employees diversify their retirement savings.

Can employees take loans against their 401(k) savings at Under Armour?

Yes, Under Armour allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What happens to my 401(k) if I leave Under Armour?

If you leave Under Armour, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, cashing it out, or leaving it in the Under Armour plan if allowed.

Is there a vesting schedule for Under Armour's 401(k) matching contributions?

Yes, Under Armour has a vesting schedule for its matching contributions, which means that employees must work for a certain period before they fully own the matched funds.

How can employees access their 401(k) account information at Under Armour?

Employees can access their 401(k) account information through the designated online portal provided by Under Armour's retirement plan administrator.

Are there any fees associated with Under Armour's 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with Under Armour's 401(k) plan, which are disclosed in the plan documents.

Can employees change their contribution amounts to Under Armour's 401(k) plan?

Yes, employees can change their contribution amounts to Under Armour's 401(k) plan during the annual open enrollment period or as permitted by the plan.