Discover the Top Retirement Destinations for American Tower Employees in 2023: Where to Thrive After Your Career

Regardless of age, profession, and living location, many individuals possess the ultimate goal of retiring comfortably, including those employed in American Tower. With that under consideration, it is imperative to acknowledge that retirement does not necessarily have equal value across state lines. One’s state of residency determines their taxes, cost of living, and climate, making some locations more desirable and fitting for retirement to certain American Tower employees. In addition, income and purchasing power can have different values in various locations of the country. For the purpose of this article, we will be ranking the top states that are ideal for retirement.

For those employed in American Tower, spontaneously moving to a different country with desirable characteristics for retirement may seem appealing. Despite that, it is crucial to consider working with a financial advisor to increase your likelihood of success and consolidate a solid financial plan that will cater to your retirement needs. Research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement . ¹ When taking that into account, those working for American Tower may benefit from meeting with an advisor at The Retirement Group and running a complimentary cash flow analysis to better understand their future prospects for retirement.

Best States for Minimizing Taxes in Retirement

When contemplating a comfortable retirement, those employed in American Tower must recognize how reducing tax liability is a top priority. The following states listed below either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income. These states also have no state income tax, and favorable sales, property, inheritance, and estate taxes.

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Alaska

Florida

Georgia

Mississippi

Nevada

South Dakota

Wyoming

As an employee of American Tower , if those states aren’t appealing to you, you may want to consider the subsequent tier of states with reduced taxation. While the tax benefits aren’t up to par with the ones mentioned above, these following states have no taxes on social security income. As an example, Washington has no state income tax but has a 6.5% state sales tax. With that under consideration, while it is essential for American Tower employees to look into the pros and cons of taxation when considering retirement in another state, finding a home that is suitable and comfortable for your needs is of utmost importance as well.

Alabama
Arkansas

Colorado

Delaware

Idaho

Illinois

Kentucky

Louisiana

Michigan

New Hampshire

Oklahoma

Pennsylvania

South Carolina

Tennessee

Texas

Virginia

Washington

West Virginia

Reference(s):

https://magazine.northeast.aaa.com/daily/money/retirement/the-true-cost-of-a-financial-advisor-revealed/#:~:text=Still%2C%20research%20suggests%20people%20who,an%20advisor%20over%2025%20years .

What type of retirement plan does American Tower offer to its employees?

American Tower offers a 401(k) retirement savings plan to its employees.

How can employees of American Tower enroll in the 401(k) plan?

Employees of American Tower can enroll in the 401(k) plan through the company’s HR portal or by contacting the benefits department for assistance.

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

Yes, American Tower provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.

What is the maximum contribution limit for the American Tower 401(k) plan?

The maximum contribution limit for the American Tower 401(k) plan is in accordance with IRS guidelines, which may change annually.

When can employees of American Tower start contributing to their 401(k) plan?

Employees of American Tower can start contributing to their 401(k) plan after completing their eligibility requirements, typically within the first few months of employment.

Are there any fees associated with the American Tower 401(k) plan?

Yes, the American Tower 401(k) plan may have administrative fees and investment fees, which are disclosed in the plan documents.

Can employees of American Tower take loans against their 401(k) savings?

Yes, employees of American Tower may have the option to take loans against their 401(k) savings, subject to the plan’s terms and conditions.

What investment options are available in the American Tower 401(k) plan?

The American Tower 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can employees change their contribution amount in the American Tower 401(k) plan?

Employees of American Tower can typically change their contribution amount at any time, subject to the plan’s guidelines.

What happens to the 401(k) savings if an employee leaves American Tower?

If an employee leaves American Tower, they can choose to roll over their 401(k) savings to another retirement account, cash out, or leave the funds in the American Tower plan if allowed.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

In 2024, American Tower announced a major restructuring plan involving layoffs to streamline operations. The company is focusing on reducing costs and optimizing its asset portfolio. Additionally, there are upcoming changes to their benefits and 401(k) plans, which include adjustments in contribution matching and plan eligibility.

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For more information you can reach the plan administrator for American Tower at 116 Huntington Avenue Boston, MA 2116; or by calling them at (617) 375-7500.