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Navigating Retirement: A Guide for Waste Management Employees

'Waste Management 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.

'Waste Management 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 Waste Management 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 Waste Management 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

Waste Management 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

Waste Management 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 Waste Management?

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

How can I enroll in Waste Management's 401(k) plan?

Employees can enroll in Waste Management's 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

Does Waste Management provide a company match for the 401(k) contributions?

Yes, Waste Management offers a company match for employee contributions to the 401(k) plan, which helps employees save more for retirement.

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

The maximum contribution limit for Waste Management's 401(k) plan is in line with IRS regulations, which may change annually. Employees should refer to the latest IRS guidelines for current limits.

Can I change my contribution percentage to Waste Management's 401(k) plan?

Yes, employees can change their contribution percentage to Waste Management's 401(k) plan at any time by accessing their account through the HR portal.

When can I start withdrawing funds from my Waste Management 401(k) plan?

Employees can typically start withdrawing funds from their Waste Management 401(k) plan at age 59½, but specific conditions may apply.

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

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

Is there a vesting schedule for Waste Management's 401(k) company match?

Yes, Waste Management has a vesting schedule for the company match, which means employees must work for a certain period before they fully own the matched contributions.

How can I access my Waste Management 401(k) account?

Employees can access their Waste Management 401(k) account online through the designated retirement plan website or mobile app.

What happens to my Waste Management 401(k) if I leave the company?

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