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Navigating Retirement: A Guide for Ingersoll Rand Employees

'Ingersoll Rand 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.

'Ingersoll Rand 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 Ingersoll Rand 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 Ingersoll Rand 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

Ingersoll Rand 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

Ingersoll Rand 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 Ingersoll Rand 401(k) plan?

The Ingersoll Rand 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them prepare for retirement.

How does Ingersoll Rand match employee contributions to the 401(k) plan?

Ingersoll Rand offers a company match on employee contributions up to a certain percentage, which helps employees maximize their retirement savings.

When can I enroll in the Ingersoll Rand 401(k) plan?

Employees can typically enroll in the Ingersoll Rand 401(k) plan during their initial onboarding or during the annual open enrollment period.

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

The Ingersoll Rand 401(k) plan offers a range of investment options, including mutual funds, target-date funds, and other investment vehicles to suit various risk tolerances.

How can I change my contribution rate to the Ingersoll Rand 401(k) plan?

Employees can change their contribution rate to the Ingersoll Rand 401(k) plan by accessing the benefits portal or contacting the HR department for assistance.

Is there a vesting schedule for the Ingersoll Rand 401(k) company match?

Yes, the Ingersoll Rand 401(k) plan has a vesting schedule that determines how much of the company match you own based on your years of service.

Can I take a loan from my Ingersoll Rand 401(k) plan?

Yes, employees may be able to take a loan from their Ingersoll Rand 401(k) plan, subject to specific terms and conditions outlined in the plan documents.

What happens to my Ingersoll Rand 401(k) if I leave the company?

If you leave Ingersoll Rand, you can choose to roll over your 401(k) balance to another retirement account, withdraw the funds, or leave it in the Ingersoll Rand plan if permitted.

How often can I change my investment allocations in the Ingersoll Rand 401(k) plan?

Employees can change their investment allocations in the Ingersoll Rand 401(k) plan as often as they wish, subject to any restrictions set by the investment options.

What is the minimum contribution percentage for the Ingersoll Rand 401(k) plan?

The minimum contribution percentage for the Ingersoll Rand 401(k) plan may vary, but employees are encouraged to contribute at least enough to receive the full company match.