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

Navigating Retirement: A Guide for Conduent Employees

'Conduent 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.

'Conduent 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 Conduent 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 Conduent 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

Conduent 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

Conduent 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 Conduent 401(k) plan?

The Conduent 401(k) plan is a retirement savings plan that allows employees to save a portion of their earnings in a tax-advantaged account to help prepare for retirement.

How can I enroll in the Conduent 401(k) plan?

Employees can enroll in the Conduent 401(k) plan by visiting the company’s benefits portal or contacting the HR department for guidance on the enrollment process.

What are the contribution limits for the Conduent 401(k) plan?

The contribution limits for the Conduent 401(k) plan are set annually by the IRS. Employees should check the latest IRS guidelines for the current limits.

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

Yes, Conduent offers a company match for employee contributions to the 401(k) plan, which helps employees to save more for retirement.

When can I start contributing to the Conduent 401(k) plan?

Employees can start contributing to the Conduent 401(k) plan after completing the eligibility requirements, which are outlined in the plan documents.

Can I change my contribution amount for the Conduent 401(k) plan?

Yes, employees can change their contribution amount for the Conduent 401(k) plan at any time, subject to the plan’s guidelines.

What investment options are available in the Conduent 401(k) plan?

The Conduent 401(k) 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.

How often can I make changes to my investment choices in the Conduent 401(k) plan?

Employees can typically make changes to their investment choices in the Conduent 401(k) plan on a quarterly basis or as specified in the plan documents.

What happens to my Conduent 401(k) plan if I leave the company?

If you leave Conduent, you have several options for your 401(k) plan, including rolling it over to another retirement account, cashing it out, or leaving it with Conduent until you reach retirement age.

Is there a loan option available in the Conduent 401(k) plan?

Yes, the Conduent 401(k) plan may offer a loan option, allowing employees to borrow against their savings under specific conditions.

Additional Articles

Check Out Articles for Conduent employees

For more information you can reach the plan administrator for Conduent at 100 Campus Drive Florham Park, NJ 7932; or by calling them at (844) 663-2638.