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Navigating Retirement: A Guide for Steelcase Employees

'Steelcase 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.

'Steelcase 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 Steelcase 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 Steelcase 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

Steelcase 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

Steelcase 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 Steelcase's 401k/Savings Plan?

The purpose of Steelcase's 401k/Savings Plan is to help employees save for retirement by providing a tax-advantaged way to invest a portion of their earnings.

How can Steelcase employees enroll in the 401k/Savings Plan?

Steelcase employees can enroll in the 401k/Savings Plan through the company’s HR portal or by contacting the HR department for assistance.

Does Steelcase offer a company match for the 401k contributions?

Yes, Steelcase offers a company match for employee contributions to the 401k/Savings Plan, which helps to enhance retirement savings.

What are the eligibility requirements for Steelcase's 401k/Savings Plan?

Employees of Steelcase are generally eligible to participate in the 401k/Savings Plan after completing a specific period of service, as outlined in the employee handbook.

Can Steelcase employees change their contribution percentage to the 401k/Savings Plan?

Yes, Steelcase employees can change their contribution percentage to the 401k/Savings Plan at any time, subject to certain guidelines.

What investment options are available in Steelcase's 401k/Savings Plan?

Steelcase's 401k/Savings Plan offers a range of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance.

Is there a vesting schedule for Steelcase's company match in the 401k/Savings Plan?

Yes, Steelcase has a vesting schedule for the company match in the 401k/Savings Plan, which determines when employees fully own the matching contributions.

How often can Steelcase employees review their 401k/Savings Plan account?

Steelcase employees can review their 401k/Savings Plan account at any time through the online portal provided by the plan administrator.

What happens to Steelcase employees' 401k/Savings Plan accounts if they leave the company?

If Steelcase employees leave the company, they have several options for their 401k/Savings Plan accounts, including rolling over the balance to another retirement account or cashing out.

Are there any fees associated with Steelcase's 401k/Savings Plan?

Yes, Steelcase's 401k/Savings Plan may have administrative fees and investment-related fees, which are disclosed in the plan documents.