New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Navigating Retirement: A Guide for Acuity Brands Employees

'Acuity Brands employees should carefully evaluate how state-to-state cost differences can reshape their retirement goals, as geographic decisions play a major role in long-term planning,' – Patrick Ray, a representative of The Retirement Group, a division of Wealth Enhancement Group.

'Acuity Brands employees can benefit from comparing state and international living costs to align their retirement plans with locations that support their long-term financial goals,' – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

The financial requirements for a comfortable retirement across different U.S. states— How location impacts the savings needed for retirement.
Affordable and expensive retirement destinations— A comparison of high-cost states like Hawaii versus budget-friendly states such as Arkansas.
Alternative retirement options, including international living— Exploring cost-effective retirement choices abroad.

Many Acuity Brands employees will retire after decades of service and careful financial planning. What is needed to retire comfortably varies greatly state by state, and some places require much larger reserves.

What Does Your Retirement Need?

GoBankingRates recently researched the amount needed to retire comfortably and found it to be fairly conservative. It uses data from the Federal Reserve Economic Data, the Zillow Home Value Index and the Social Security Administration.

The report examines savings needed for each age bracket assuming retirement at 65 and age 85. That assumes average Social Security payments of around USD 1,876 per month per person, which accounts for the required 20-year savings.

Cost Variations by State

For Acuity Brands workers in New Jersey, Colorado and Maryland, more than USD 1 million may be needed to live comfortably after retirement. The most expensive state is Hawaii, which requires more than USD 3 million in estimated savings to cover retirement costs including Social Security benefits.

Conversely, states like Arkansas and Mississippi have more modest retirement scenarios with estimated savings needs of less than USD 500,000. Such areas might attract retirees who want affordability with a desirable lifestyle.

Considering International Retirement?

Those open to living abroad find Mexico and Portugal an economical but fulfilling retirement option. Lower living costs, tax incentives and structured residency programs may all help with financial security in retirement.

Choosing the Right Location

Acuity Brands professionals need to consider geographic options and how they affect long-term financial security. For more on state-specific retirement affordability, visit GoBankingRates (link).

It also names top U.S. cities for retirement - Naples, Florida, or Sun City, Arizona. There is affordability, quality healthcare and a strong community life in these locations - factors that are becoming more important for retirement planning.

Final Thoughts

Acuity Brands workers may want to read the latest GoBankingRates findings about what retirement savings are needed. This analysis details financial considerations for a secure retirement - whether in West Virginia or Hawaii - a high-cost financial destination.

Planning for retirement is preparing for an extended voyage. As sailors map their routes and anticipate changes in the sea, so must retirees navigate financial landscapes to create a structured retirement plan. All states have their advantages and disadvantages, like the conditions that mariners face.

Articles you may find interesting:

Source:

1. Kiplinger Staff. The Minimum Savings You Need To Retire in All 50 States . Kiplinger, Nov. 2024, www.kiplinger.com/retirement/social-security/minimum-savings-to-retire-by-state . Accessed 15 Apr. 2025.

2. International Living Staff. Best Places to Retire in 2025: The Annual Global Retirement Index . International Living, 28 Nov. 2024, internationalliving.com/the-best-places-to-retire/. Accessed 15 Apr. 2025.

3. AARP Staff. “9 Great Affordable Places to Retire Abroad.” AARP , Feb. 2025, www.aarp.org/retirement/planning-for-retirement/info-2025/places-to-retire-abroad-cheap.html . Accessed 15 Apr. 2025.

4. Csiszar, John. “15 Most Affordable Places To Retire Abroad.” Nasdaq , 25 Aug. 2024, www.nasdaq.com/articles/15-most-affordable-places-retire-abroad . Accessed 15 Apr. 2025.

4. Investopedia Staff. Retirement Living Costs: These 6 States Will Drain Your Savings the Fastest . Investopedia, Nov. 2024, www.investopedia.com/most-expensive-states-to-retire-8729918 . Accessed 15 Apr. 2025.

What is the 401k/Savings Plan offered by Acuity Brands?

The 401k/Savings Plan at Acuity Brands is a retirement savings plan that allows employees to save a portion of their paycheck on a pre-tax or after-tax basis for their future retirement.

How can I enroll in the Acuity Brands 401k/Savings Plan?

Employees can enroll in the Acuity Brands 401k/Savings Plan by completing the online enrollment process through the company's benefits portal or by contacting HR for assistance.

Does Acuity Brands offer a company match for the 401k/Savings Plan?

Yes, Acuity Brands offers a company match for contributions made to the 401k/Savings Plan, which helps employees boost their retirement savings.

What is the vesting schedule for the Acuity Brands 401k/Savings Plan?

The vesting schedule for the Acuity Brands 401k/Savings Plan typically outlines the period an employee must work at the company to fully own the employer's contributions, which can vary based on tenure.

Can I take a loan against my Acuity Brands 401k/Savings Plan?

Yes, Acuity Brands allows employees to take a loan against their 401k/Savings Plan, subject to specific terms and conditions outlined in the plan documents.

What investment options are available in the Acuity Brands 401k/Savings Plan?

The Acuity Brands 401k/Savings Plan offers a variety of investment options, including mutual funds, target date funds, and other asset classes to help employees diversify their portfolios.

How often can I change my contribution amount to the Acuity Brands 401k/Savings Plan?

Employees can change their contribution amount to the Acuity Brands 401k/Savings Plan at any time, typically through the benefits portal or by contacting HR.

What happens to my Acuity Brands 401k/Savings Plan if I leave the company?

If you leave Acuity Brands, you have several options for your 401k/Savings Plan, including rolling it over to another retirement account, cashing it out (subject to taxes and penalties), or leaving it in the plan if eligible.

Is there a minimum contribution requirement for the Acuity Brands 401k/Savings Plan?

Yes, Acuity Brands may have a minimum contribution requirement for the 401k/Savings Plan, which is typically outlined in the plan documents.

Can I contribute to the Acuity Brands 401k/Savings Plan if I am part-time?

Yes, part-time employees at Acuity Brands may be eligible to contribute to the 401k/Savings Plan, depending on the specific eligibility criteria set by the company.

Additional Articles

Check Out Articles for Acuity Brands employees

For more information you can reach the plan administrator for Acuity Brands at 1170 Peachtree Street NE, Suite 2300 Atlanta, GA 30309; or by calling them at (404) 853-1400.