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What if I told you there was a way to receive free money through Lockheed Martin’s 401(k) plan? No, this is not a joke. Luckily for you, Lockheed Martin’s 401(k) provides plenty of this “free” money, you just have to know the rules and how to take advantage of them. Below is important information, as well as tips and tricks, that will allow you to use the benefits to your advantage.
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- What’s Old: Employer match of 50% on the first 8% of employee contributions. Therefore, if you contribute the full 8% of salary, Lockheed contributes 4% of salary. This already is a pretty sweet deal of a total combined contribution of 12%.
- What’s New: Additional employer contribution of 6% (previously only 2%) known as the Lockheed Retirement Savings Program. This goes to show how great of an employer Lockheed Martin is to be adding benefits for its employees instead of reducing them.
- Unique to Lockheed: Lockheed Martin’s plan also offers a unique feature in which you can contribute up to 40% of your base pay. There is a limitation; however, in that the maximum contribution amount for a profit-sharing plan is the lesser of 100% of compensation or $57,000 ($63,500 with the over 50 catch-up). Most companies limit salary deferral to $26,000, but Lockheed allows more! If you are able to contribute this added amount, it’s a sensational way to grow your retirement earnings even quicker.
- Maximum Benefit: To ensure you are making the most out of Lockheed’s 401(k), contributing at least 8% of your salary provides a generous employer contribution of 10%! That’s quite a bit higher than the typical 3% match that most employers provide. The sooner you take advantage of this extra funding, the more your account has time to grow.
Now that you have an idea of just how tremendous Lockheed Martin’s matching program is, you have the ability to take full advantage of boosting your retirement earnings!
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For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointment, click here to sign up for our Lockheed Retirement Workshop or click here to just give us a call (817) 210-3444.
Be sure and check back next week for more incredibly valuable information. Cheers!
Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.
Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.
Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.
SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.
Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.
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