'PPL 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.
'PPL 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 PPL 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 PPL 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
PPL 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
PPL 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 PPL offer to its employees?
PPL offers a 401(k) retirement savings plan to its employees.
How can PPL employees enroll in the 401(k) plan?
PPL employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What is the employer match policy for PPL's 401(k) plan?
PPL matches employee contributions up to a certain percentage, which is detailed in the plan documents provided to employees.
Are there any eligibility requirements for PPL employees to participate in the 401(k) plan?
Yes, PPL employees must meet specific eligibility criteria, such as length of service, as outlined in the plan documents.
What investment options are available in PPL's 401(k) plan?
PPL offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to tailor their investment strategy.
Can PPL employees take loans against their 401(k) savings?
Yes, PPL allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.
What is the vesting schedule for PPL's 401(k) employer contributions?
PPL has a vesting schedule for employer contributions, which means employees earn rights to those contributions over time based on their years of service.
How often can PPL employees change their contribution amounts to the 401(k) plan?
PPL employees can change their contribution amounts at designated times throughout the year, typically during open enrollment periods.
What happens to my PPL 401(k) if I leave the company?
If you leave PPL, you have several options for your 401(k), including cashing it out, rolling it over to another retirement account, or leaving it with PPL.
Does PPL provide educational resources about the 401(k) plan?
Yes, PPL provides educational resources and workshops to help employees understand their 401(k) options and investment strategies.
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