Make sure you are at least contributing enough to get the full company match.
Lockheed will put 4% of your income into your 401k each year if you contribute 8% of your pay. Make sure you are getting that 4%! Read more
Make sure you’ve updated your 401k beneficiaries
Any time you have a major life event (marriage, birth of a child, divorce, etc.), it’s a good idea to update your beneficiaries. Not naming beneficiaries could cost your heirs a decent chunk of change after you die.
Make sure you don’t have too much in the LM stock plan
Lockheed is a great company – but no matter how great the company, you never want more than 10% of your overall net worth in any one company. Make sure you are diversified. Read more
If you’re out of debt, max out your 401k
If you’ve paid off most of your consumer debt (cars, credit cards, student loans, etc.) you might consider maxing out your 401k. In 2021, employees can contribute up to $19,500 of their pay into the plan. Over 50? You get an additional $6,500.
Check your current and future contributions to make sure they are right for you
Is the default investment option the right one for you? Make sure your current allocation and your future contributions are going to the right place. You want to make sure your investment choices match up with your financial goals.