'LKQ 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.
'LKQ 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:
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The financial requirements for a comfortable retirement across different U.S. states— How location impacts the savings needed for retirement.
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Affordable and expensive retirement destinations— A comparison of high-cost states like Hawaii versus budget-friendly states such as Arkansas.
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Alternative retirement options, including international living— Exploring cost-effective retirement choices abroad.
Many LKQ 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 LKQ 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
LKQ 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
LKQ 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.
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- Corporate Employees: 8 Factors When Choosing a Mutual Fund
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- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
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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 LKQ offer to its employees?
LKQ offers a 401(k) retirement savings plan to help employees save for their future.
How can employees at LKQ enroll in the 401(k) plan?
Employees at LKQ can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
Does LKQ provide any matching contributions to the 401(k) plan?
Yes, LKQ offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.
What is the vesting schedule for LKQ's 401(k) matching contributions?
The vesting schedule for LKQ's matching contributions typically follows a standard schedule, which employees can review in the plan documents.
Are there any fees associated with LKQ's 401(k) plan?
Yes, there may be administrative fees associated with LKQ's 401(k) plan, and employees can find detailed information in the plan's summary.
Can employees at LKQ take loans against their 401(k) savings?
Yes, LKQ allows employees to take loans against their 401(k) savings, subject to certain terms and conditions outlined in the plan.
What investment options are available in LKQ’s 401(k) plan?
LKQ’s 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How often can LKQ employees change their 401(k) contribution amounts?
Employees at LKQ can change their 401(k) contribution amounts at any time, typically through the HR portal or by contacting HR.
Is there a minimum contribution requirement for LKQ's 401(k) plan?
Yes, LKQ may have a minimum contribution requirement, which employees can find detailed information about in the plan documents.
What is the maximum contribution limit for LKQ's 401(k) plan?
The maximum contribution limit for LKQ's 401(k) plan is in accordance with IRS guidelines, which are updated annually.
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