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Navigating Retirement: A Guide for Block Employees

'Block 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.

'Block 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 Block 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 Block 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

Block 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

Block 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 purpose of Block's 401(k) Savings Plan?

The purpose of Block's 401(k) Savings Plan is to provide employees with a tax-advantaged way to save for retirement.

How can employees at Block enroll in the 401(k) Savings Plan?

Employees at Block can enroll in the 401(k) Savings Plan through the company’s HR portal during the enrollment period or after they meet eligibility requirements.

Does Block offer a company match for the 401(k) contributions?

Yes, Block offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

What types of contributions can employees make to Block's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and possibly catch-up contributions if they are age 50 or older in Block's 401(k) Savings Plan.

What is the vesting schedule for Block's 401(k) company match?

Block has a specific vesting schedule for the company match, which typically requires employees to work for a certain number of years before they fully own the matched funds.

Can Block employees take loans against their 401(k) Savings Plan?

Yes, Block allows employees to take loans against their 401(k) Savings Plan, subject to certain terms and conditions outlined in the plan documents.

What investment options are available in Block's 401(k) Savings Plan?

Block's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

How often can Block employees change their contribution amounts to the 401(k) Savings Plan?

Block employees can typically change their contribution amounts to the 401(k) Savings Plan at any time, subject to the plan’s rules.

Is there an auto-enrollment feature in Block's 401(k) Savings Plan?

Yes, Block may have an auto-enrollment feature that automatically enrolls eligible employees in the 401(k) Savings Plan at a default contribution rate.

What is the minimum age requirement for Block employees to participate in the 401(k) Savings Plan?

The minimum age requirement for Block employees to participate in the 401(k) Savings Plan is usually 21 years old, though this can vary based on specific plan provisions.