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Navigating Retirement: A Guide for ServiceNow Employees

'ServiceNow 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.

'ServiceNow 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 ServiceNow 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 ServiceNow 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

ServiceNow 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

ServiceNow 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 401(k) plan offered by ServiceNow?

The 401(k) plan at ServiceNow is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.

How does ServiceNow match employee contributions to the 401(k) plan?

ServiceNow offers a matching contribution to the 401(k) plan, typically matching a percentage of employee contributions up to a certain limit.

Are there any eligibility requirements for ServiceNow's 401(k) plan?

Yes, employees must meet certain eligibility criteria, such as length of service and employment status, to participate in ServiceNow's 401(k) plan.

Can employees at ServiceNow change their contribution percentage to the 401(k) plan?

Yes, employees at ServiceNow can change their contribution percentage to the 401(k) plan at any time, subject to plan rules.

What investment options are available in ServiceNow's 401(k) plan?

ServiceNow's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Does ServiceNow provide financial education resources for employees regarding the 401(k) plan?

Yes, ServiceNow provides financial education resources and tools to help employees make informed decisions about their 401(k) investments.

When can employees at ServiceNow start contributing to the 401(k) plan?

Employees at ServiceNow can typically start contributing to the 401(k) plan after they meet the eligibility requirements, often within their first month of employment.

What happens to my 401(k) account if I leave ServiceNow?

If you leave ServiceNow, you have several options for your 401(k) account, including rolling it over to another retirement account, cashing it out, or leaving it in the ServiceNow plan if allowed.

Is there a vesting schedule for ServiceNow's 401(k) matching contributions?

Yes, ServiceNow has a vesting schedule for matching contributions, which means employees must work for a certain period before they fully own the matched funds.

Can employees take loans against their 401(k) plan at ServiceNow?

Yes, ServiceNow allows employees to take loans against their 401(k) plan, subject to specific terms and conditions outlined in the plan document.