New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Navigating Retirement: A Guide for Paramount Global Employees

'Paramount Global 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.

'Paramount Global 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 Paramount Global 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 Paramount Global 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

Paramount Global 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

Paramount Global 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 type of retirement savings plan does Paramount Global offer to its employees?

Paramount Global offers a 401(k) retirement savings plan to its employees.

Is there a company match for contributions made to the 401(k) plan at Paramount Global?

Yes, Paramount Global provides a company match for employee contributions to the 401(k) plan, subject to certain limits.

How can employees at Paramount Global enroll in the 401(k) plan?

Employees at Paramount Global can enroll in the 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.

What is the eligibility requirement for participating in the 401(k) plan at Paramount Global?

Employees must meet specific eligibility criteria, such as age and length of service, to participate in the 401(k) plan at Paramount Global.

Can employees at Paramount Global take loans against their 401(k) savings?

Yes, Paramount Global allows employees to take loans against their 401(k) savings, subject to the plan's terms and conditions.

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

The Paramount Global 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

How often can employees at Paramount Global change their 401(k) contribution amount?

Employees at Paramount Global can change their 401(k) contribution amount at any time, typically during open enrollment or through the benefits portal.

Does Paramount Global provide educational resources for employees regarding their 401(k) plan?

Yes, Paramount Global offers educational resources and workshops to help employees understand and manage their 401(k) savings effectively.

What happens to the 401(k) savings if an employee leaves Paramount Global?

If an employee leaves Paramount Global, they have several options for their 401(k) savings, including rolling it over to another retirement account or cashing it out, subject to taxes and penalties.

Is there a vesting schedule for the company match in the Paramount Global 401(k) plan?

Yes, there is a vesting schedule for the company match in the Paramount Global 401(k) plan, which determines when employees fully own the matched funds.