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Navigating Retirement: A Guide for ON Semiconductor Employees

'ON Semiconductor 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.

'ON Semiconductor 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 ON Semiconductor 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 ON Semiconductor 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

ON Semiconductor 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

ON Semiconductor 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 ON Semiconductor 401(k) plan?

The ON Semiconductor 401(k) plan is a retirement savings plan that allows employees to save for retirement through pre-tax contributions, with the option for after-tax contributions as well.

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

Employees can enroll in the ON Semiconductor 401(k) plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.

What is the employer match for the ON Semiconductor 401(k) plan?

ON Semiconductor offers a competitive employer matching contribution to the 401(k) plan, which typically matches a percentage of employee contributions, up to a certain limit.

At what age can I start contributing to the ON Semiconductor 401(k) plan?

Employees can start contributing to the ON Semiconductor 401(k) plan as soon as they meet the eligibility requirements, which generally begin upon employment.

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

Yes, employees can change their contribution amount to the ON Semiconductor 401(k) plan at any time by accessing their account online or by contacting HR.

Does ON Semiconductor offer a Roth 401(k) option?

Yes, ON Semiconductor offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

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

The ON Semiconductor 401(k) plan provides a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

When can I access my ON Semiconductor 401(k) funds?

Employees can access their ON Semiconductor 401(k) funds upon reaching retirement age, or in certain circumstances such as financial hardship, termination of employment, or other qualifying events.

Is there a vesting schedule for the ON Semiconductor 401(k) employer match?

Yes, ON Semiconductor has a vesting schedule for the employer match, meaning employees must work for a certain period before they fully own the matching contributions.

How do I check my balance in the ON Semiconductor 401(k) plan?

Employees can check their balance in the ON Semiconductor 401(k) plan by logging into their account on the plan's administrative website or through the mobile app.