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Navigating Retirement: A Guide for Crown Holdings Employees

'Crown Holdings 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.

'Crown Holdings 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 Crown Holdings 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 Crown Holdings 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

Crown Holdings 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

Crown Holdings 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 type of retirement savings plan does Crown Holdings offer to its employees?

Crown Holdings offers a 401(k) retirement savings plan to its employees.

Does Crown Holdings provide a company match for contributions made to the 401(k) plan?

Yes, Crown Holdings provides a company match for employee contributions to the 401(k) plan, subject to certain limits.

What is the eligibility requirement to participate in Crown Holdings' 401(k) plan?

Employees of Crown Holdings are typically eligible to participate in the 401(k) plan after completing a specified period of service.

How can Crown Holdings employees enroll in the 401(k) plan?

Crown Holdings employees can enroll in the 401(k) plan through the company's HR portal or by contacting the HR department for guidance.

What investment options are available in Crown Holdings' 401(k) plan?

Crown Holdings offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.

Are there any fees associated with Crown Holdings' 401(k) plan?

Yes, there may be fees associated with managing the 401(k) plan at Crown Holdings, which are disclosed in the plan documents.

Can Crown Holdings employees take loans against their 401(k) savings?

Yes, Crown Holdings allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What happens to my Crown Holdings 401(k) if I leave the company?

If you leave Crown Holdings, you can choose to roll over your 401(k) balance to another retirement account, cash out, or leave it in the Crown Holdings plan if permitted.

Does Crown Holdings offer hardship withdrawals from the 401(k) plan?

Yes, Crown Holdings allows hardship withdrawals under certain circumstances as defined by the IRS and the plan rules.

How often can Crown Holdings employees change their contribution amounts to the 401(k) plan?

Crown Holdings employees can typically change their contribution amounts on a quarterly basis or as specified in the plan guidelines.

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For more information you can reach the plan administrator for Crown Holdings at 770 Township Line Rd. Yardley, PA 19067; or by calling them at 215-698-5100.