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Navigating Retirement: A Guide for NCR Employees

'NCR 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.

'NCR 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 NCR 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 NCR 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

NCR 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

NCR 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 NCR 401(k) plan?

The NCR 401(k) plan is a retirement savings plan that allows NCR employees to save for retirement through pre-tax contributions, which can grow tax-deferred until withdrawal.

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

You can enroll in the NCR 401(k) plan by visiting the employee benefits portal or contacting the HR department for assistance with the enrollment process.

What types of contributions can I make to the NCR 401(k) plan?

NCR employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older.

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

Yes, NCR offers a company match on employee contributions to the 401(k) plan, which helps to enhance your retirement savings.

How does the NCR company match work?

The NCR company match typically matches a percentage of your contributions up to a certain limit, which is outlined in the plan documents.

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

You can start contributing to the NCR 401(k) plan after you have completed the eligibility requirements, which are detailed in the employee handbook.

Can I change my contribution amount to the NCR 401(k) plan?

Yes, NCR allows employees to change their contribution amounts at any time throughout the year, subject to plan rules.

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

The NCR 401(k) plan offers a variety of investment options, including mutual funds, index funds, and target-date funds, allowing employees to choose based on their risk tolerance.

Is there a vesting schedule for the NCR company match?

Yes, NCR has a vesting schedule for the company match, meaning you must work for NCR for a certain period before you fully own the matched contributions.

How can I access my NCR 401(k) account?

You can access your NCR 401(k) account online through the plan's designated website or mobile app, where you can view your balance and make changes.