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Navigating Retirement: A Guide for Veritiv Employees

'Veritiv 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.

'Veritiv 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 Veritiv 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 Veritiv 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

Veritiv 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

Veritiv 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 type of retirement savings plan does Veritiv offer to its employees?

Veritiv offers a 401(k) retirement savings plan to help employees save for their future.

Does Veritiv match employee contributions to the 401(k) plan?

Yes, Veritiv provides a matching contribution to the 401(k) plan, helping employees maximize their retirement savings.

What is the eligibility requirement for Veritiv employees to participate in the 401(k) plan?

Employees at Veritiv are eligible to participate in the 401(k) plan after completing a specified period of service, typically within their first year of employment.

How can Veritiv employees enroll in the 401(k) plan?

Veritiv employees can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

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

Veritiv's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to suit different risk tolerances and investment goals.

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

Yes, Veritiv employees can change their contribution percentage at any time, allowing them to adjust their savings based on their financial situation.

What is the maximum contribution limit for Veritiv's 401(k) plan?

The maximum contribution limit for Veritiv's 401(k) plan is in line with IRS guidelines, which may change annually. Employees should check the current limit for the year.

Does Veritiv allow for catch-up contributions in the 401(k) plan?

Yes, Veritiv allows employees aged 50 and older to make catch-up contributions to their 401(k) plan, enabling them to save more for retirement.

What happens to the 401(k) savings if a Veritiv employee leaves the company?

If a Veritiv employee leaves the company, they have several options for their 401(k) savings, including rolling it over to an IRA or a new employer's plan, or cashing it out.

Are there any fees associated with Veritiv's 401(k) plan?

Yes, Veritiv's 401(k) plan may have administrative and investment fees, which are disclosed in the plan's summary documents.