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

What is the 401(k) plan offered by Universal Health Services?

The 401(k) plan at Universal Health Services is a retirement savings plan that allows employees to save a portion of their salary on a pre-tax basis, helping them prepare for retirement.

Who is eligible to participate in the Universal Health Services 401(k) plan?

Employees of Universal Health Services who meet specific criteria, such as age and length of service, are eligible to participate in the 401(k) plan.

How does Universal Health Services match employee contributions to the 401(k) plan?

Universal Health Services offers a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

Can employees of Universal Health Services make changes to their 401(k) contributions?

Yes, employees of Universal Health Services can adjust their contribution amounts or change their investment options at any time, subject to plan rules.

What investment options are available in the Universal Health Services 401(k) plan?

The Universal Health Services 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.

When can employees of Universal Health Services start withdrawing from their 401(k) accounts?

Employees of Universal Health Services can typically begin withdrawing from their 401(k) accounts without penalty after reaching age 59½, with certain exceptions.

Does Universal Health Services provide educational resources for employees regarding their 401(k) plan?

Yes, Universal Health Services offers educational resources, including workshops and online tools, to help employees understand their 401(k) plan and make informed decisions.

What happens to the 401(k) plan if an employee leaves Universal Health Services?

If an employee leaves Universal Health Services, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Universal Health Services plan if allowed.

Are there any fees associated with the Universal Health Services 401(k) plan?

Yes, like most 401(k) plans, the Universal Health Services 401(k) plan may have administrative fees and investment fees, which are disclosed in the plan documents.

How can employees of Universal Health Services access their 401(k) account information?

Employees can access their 401(k) account information through the Universal Health Services employee portal or by contacting the plan administrator.