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

What is the Viasat 401(k) Savings Plan?

The Viasat 401(k) Savings Plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or Roth (after-tax) basis.

How can I enroll in the Viasat 401(k) Savings Plan?

You can enroll in the Viasat 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for guidance on the enrollment process.

What is the employer match for the Viasat 401(k) Savings Plan?

Viasat offers a competitive employer match for contributions made to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

When can I start contributing to the Viasat 401(k) Savings Plan?

Employees at Viasat can start contributing to the 401(k) Savings Plan after completing their eligibility requirements, typically within the first few months of employment.

What are the contribution limits for the Viasat 401(k) Savings Plan?

The contribution limits for the Viasat 401(k) Savings Plan are set by the IRS and can change annually. Employees should check the latest guidelines to ensure they are within the limits.

Can I make changes to my contributions in the Viasat 401(k) Savings Plan?

Yes, Viasat allows employees to adjust their contribution amounts to the 401(k) Savings Plan at any time throughout the year.

What investment options are available in the Viasat 401(k) Savings Plan?

The Viasat 401(k) Savings Plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.

Does Viasat offer financial education resources for 401(k) participants?

Yes, Viasat provides financial education resources and tools to help employees make informed decisions about their 401(k) Savings Plan investments.

How can I access my Viasat 401(k) account information?

Employees can access their Viasat 401(k) account information through the employee benefits portal or by contacting the plan administrator directly.

What happens to my Viasat 401(k) Savings Plan if I leave the company?

If you leave Viasat, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or a new employer's plan, cashing it out, or leaving it in the Viasat plan if eligible.