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Navigating Retirement: A Guide for Whirlpool Employees

'Whirlpool 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.

'Whirlpool 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 Whirlpool 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 Whirlpool 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

Whirlpool 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

Whirlpool 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 Whirlpool 401(k) Savings Plan?

The Whirlpool 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis to prepare for their future.

How can I enroll in the Whirlpool 401(k) Savings Plan?

You can enroll in the Whirlpool 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for assistance with the enrollment process.

What is the employer match for the Whirlpool 401(k) Savings Plan?

Whirlpool offers a competitive employer match for contributions made to the 401(k) Savings Plan, typically matching a percentage of employee contributions up to a certain limit.

When can I start contributing to the Whirlpool 401(k) Savings Plan?

Employees can start contributing to the Whirlpool 401(k) Savings Plan after they have completed their eligibility requirements, which are outlined in the plan documents.

What types of investment options are available in the Whirlpool 401(k) Savings Plan?

The Whirlpool 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees grow their retirement savings.

Can I change my contribution percentage to the Whirlpool 401(k) Savings Plan?

Yes, employees can change their contribution percentage to the Whirlpool 401(k) Savings Plan at any time, subject to plan rules and guidelines.

Is there a vesting schedule for Whirlpool's employer contributions?

Yes, the Whirlpool 401(k) Savings Plan includes a vesting schedule for employer contributions, which determines how much of the employer match you are entitled to based on your years of service.

How can I access my Whirlpool 401(k) Savings Plan account?

You can access your Whirlpool 401(k) Savings Plan account online through the designated retirement plan website or mobile app provided by the plan administrator.

What happens to my Whirlpool 401(k) Savings Plan if I leave the company?

If you leave Whirlpool, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it with Whirlpool until you reach retirement age.

Are loans available through the Whirlpool 401(k) Savings Plan?

Yes, the Whirlpool 401(k) Savings Plan may allow participants to take loans against their account balance, subject to certain terms and conditions.