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Navigating Retirement: A Guide for MetLife Employees

'MetLife 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.

'MetLife 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 MetLife 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 MetLife 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

MetLife 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

MetLife 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.

How does the MetLife Retirement Plan structure benefits differently for salaried versus commissioned employees, and what specific factors go into calculating the retirement benefits for each type of employee as detailed in the MetLife plan documents?

Salaried vs. Commissioned Employees: MetLife structures benefits for salaried employees based on their base salary and Annual Variable Incentive Plan, while commissioned employees' benefits are calculated using 42% of commissions from Company proprietary products and services. The benefit formula takes into account eligible pay, Social Security Wage Base, and credited service(MetLife_Retirement_Plan…).

For employees considering early retirement from MetLife, what factors should they weigh in terms of financial security and expected benefits, and how does the MetLife plan accommodate early retirement for participants who may be eligible?

Early Retirement Considerations: Employees considering early retirement should weigh the reduction in benefits due to early retirement factors. Eligibility requires at least 15 years of service and being at least 55 years old. Early retirement benefits are reduced according to specific factors based on age and service(MetLife_Retirement_Plan…)(MetLife_Retirement_Plan…).

What are the implications of the recent changes to the MetLife Retirement Plan regarding the freeze on the Traditional Formula benefits, and how does this impact employees who have been accruing benefits under this system?

Changes to Traditional Formula Benefits: The Traditional Formula was frozen as of December 31, 2022. All future benefit accruals are under the Personal Retirement Account (PRA) formula, which impacts those who were accruing under the Traditional Formula by transitioning them to the PRA(MetLife_Retirement_Plan…).

How does MetLife ensure that employees are fully informed of their rights under the Employee Retirement Income Security Act (ERISA), and what resources does the company provide for employees to understand their pension benefits?

ERISA Rights and Resources: MetLife ensures employees are informed of their ERISA rights through plan documents, the MetLife HR Global Compensation and Benefits Department, and the Retirement Benefits Service Center. Participants can access detailed plan information, their benefits, and contact the plan administrator for legal issues(MetLife_Retirement_Plan…).

In the event of resignation or transitioning to another role within MetLife, what provisions does the retirement plan offer regarding preserved benefits, and how can employees navigate this process to secure their retirement funds?

Preserved Benefits after Resignation: Employees leaving MetLife retain preserved benefits if vested. These benefits can be claimed at retirement age, and employees can opt for different forms of payment, including lump sums or annuities, depending on the value of their preserved benefits(MetLife_Retirement_Plan…).

What measures are in place for employees at MetLife to reach out for support and clarification about their retirement benefits, and how can they utilize those resources effectively to address any concerns they might have?

Support for Retirement Benefit Queries: Employees can seek support through the Retirement Benefits Service Center or the online portal. These resources provide answers to any queries about benefits and can be used to resolve discrepancies in benefit calculations or account information(MetLife_Retirement_Plan…).

As MetLife employees, what strategies can individuals implement to maximize their pension benefits throughout their careers, including understanding the impact of factors like final average pay and years of credited service?

Maximizing Pension Benefits: Employees can maximize pension benefits by understanding the impact of final average pay, credited service, and the Social Security Wage Base. Maintaining consistent employment and maximizing eligible pay are key strategies for increasing retirement benefits(MetLife_Retirement_Plan…).

Can you explain the eligibility criteria for participation in the MetLife Retirement Plan and how an employee can determine their eligible pay throughout the duration of their employment with the company?

Eligibility for MetLife Retirement Plan: To participate in the plan, employees must complete at least one year of service with 1,000 hours and be 21 years old. Eligible pay is determined by the employee's base salary or a percentage of commissions for commissioned employees(MetLife_Retirement_Plan…).

What steps should MetLife employees take if they notice discrepancies or unusual activity in their retirement accounts, and what resources are available to assist them in resolving these issues?

Addressing Discrepancies in Accounts: If employees notice discrepancies, they should contact the Retirement Benefits Service Center immediately. There are procedures in place for filing claims, and employees must report errors within a reasonable timeframe(MetLife_Retirement_Plan…).

How can MetLife employees obtain further information about their pension rights and benefits, and what specific documentation or communication channels should they utilize to ensure they have accurate and comprehensive information? These questions are designed to assist employees in navigating their retirement benefits with MetLife.

Obtaining Further Information: Employees can access comprehensive information on their pension rights and benefits through the online portal or by contacting the plan administrator. The portal provides personalized benefit details, and written requests can be submitted for official plan documents(MetLife_Retirement_Plan…).