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Navigating Retirement: A Guide for Rite Aid Employees

'Rite Aid 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.

'Rite Aid 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 Rite Aid 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 Rite Aid 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

Rite Aid 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

Rite Aid 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 purpose of Rite Aid's 401(k) Savings Plan?

The purpose of Rite Aid's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

How can Rite Aid employees enroll in the 401(k) Savings Plan?

Rite Aid employees can enroll in the 401(k) Savings Plan by accessing the company’s benefits portal or contacting the HR department for guidance on the enrollment process.

Does Rite Aid offer a company match for contributions to the 401(k) Savings Plan?

Yes, Rite Aid offers a company match for contributions to the 401(k) Savings Plan, helping employees maximize their retirement savings.

What types of investment options are available in Rite Aid's 401(k) Savings Plan?

Rite Aid's 401(k) Savings Plan typically offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

At what age can Rite Aid employees start withdrawing from their 401(k) Savings Plan without penalties?

Rite Aid employees can start withdrawing from their 401(k) Savings Plan without penalties at age 59½, provided they meet other plan requirements.

Can Rite Aid employees take loans against their 401(k) Savings Plan?

Yes, Rite Aid employees may have the option to take loans against their 401(k) Savings Plan, subject to the plan's specific terms and conditions.

How often can Rite Aid employees change their contribution percentage to the 401(k) Savings Plan?

Rite Aid employees can typically change their contribution percentage to the 401(k) Savings Plan at any time, but there may be specific enrollment periods or guidelines to follow.

What happens to Rite Aid employees' 401(k) Savings Plan if they leave the company?

If Rite Aid employees leave the company, they have several options for their 401(k) Savings Plan, including rolling it over to an IRA or another employer's plan, or cashing it out (which may incur taxes and penalties).

Is there a vesting schedule for Rite Aid's 401(k) Savings Plan?

Yes, Rite Aid's 401(k) Savings Plan may have a vesting schedule for employer contributions, meaning employees must work for the company for a certain period before they fully own those contributions.

How can Rite Aid employees access their 401(k) Savings Plan account information?

Rite Aid employees can access their 401(k) Savings Plan account information through the company's benefits portal or by contacting the plan administrator.