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

Navigating Retirement: A Guide for TTEC Holdings Employees

'TTEC Holdings 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.

'TTEC Holdings 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 TTEC Holdings 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 TTEC Holdings 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

TTEC Holdings 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

TTEC Holdings 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 TTEC Holdings?

The 401(k) plan at TTEC Holdings is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can employees of TTEC Holdings enroll in the 401(k) plan?

Employees of TTEC Holdings can enroll in the 401(k) plan during their initial onboarding process or during the annual open enrollment period.

Does TTEC Holdings offer a matching contribution to the 401(k) plan?

Yes, TTEC Holdings provides a matching contribution to the 401(k) plan to help employees maximize their retirement savings.

What is the vesting schedule for TTEC Holdings' 401(k) matching contributions?

The vesting schedule for TTEC Holdings' matching contributions typically follows a standard schedule, which employees can review in the plan documents.

Can employees of TTEC Holdings take loans against their 401(k) savings?

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

What investment options are available in the TTEC Holdings 401(k) plan?

The TTEC Holdings 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.

Is there an automatic enrollment feature in the TTEC Holdings 401(k) plan?

Yes, TTEC Holdings may have an automatic enrollment feature that enrolls eligible employees in the 401(k) plan unless they opt out.

How can employees of TTEC Holdings change their contribution percentage to the 401(k) plan?

Employees can change their contribution percentage by accessing their account online or by contacting the HR department at TTEC Holdings.

When can employees of TTEC Holdings access their 401(k) funds?

Employees can access their 401(k) funds upon reaching retirement age, or under certain circumstances such as hardship withdrawals or loans.

Are there any fees associated with the TTEC Holdings 401(k) plan?

Yes, there may be fees associated with the TTEC Holdings 401(k) plan, which are disclosed in the plan documents and can vary based on investment choices.