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Recent Articles on Retirement
Can you access your 401k savings while still working?
Market volatility might have some Lockheed Martin employees logging on to their Empower account a little more often. Did you know that you can pull funds from your 401k before you retire? The in-service withdrawal could be a great option for Lockheed 401k participants looking to access funds in their 401k while they are still working. With funds outside your 401k, you can have more options to make sure your future income is stable down the road. What is an in-service withdrawal? An in-service withdrawal is a feature of some 401k plans that allows you to roll money out [...]
How much income will I need in retirement?
How much income will you need in retirement? Nest eggs, retirement buckets, investment accounts - whatever you might call the lump sum of money you are saving to live off in retirement -will need to fund your retirement income for around 30+ years. But how do Lockheed pre-retirees determine how much income they will need to take care of those retirement expenses? 70-80% Rule A general rule of thumb in the retirement planning world is that you will need between 70% to 80% of your pre-retirement income to live off of. The thought behind that number is that you won't [...]
Market Corrections: Should pre-retirees be frightened?
Market Corrections: Should pre-retirees be frightened? October has not been a great month for the market. The S&P 500 - one of the measuring sticks that is commonly used by investment and major news organizations - is down around 9% for the month, erasing most of the gains we've seen so far this year. Market corrections, like Haunted Houses - can scare investors when they are approaching retirement. A market correction is when a major index like the S&P 500 falls 10% or more below it's recent high. They happen on average once a year (the last one was in [...]
Employee FAQs: Have I saved enough to retire?
Employee FAQs: Have I saved enough to retire? Have you saved enough in your Lockheed Martin 401k to retire? If you are getting close to retirement, than that's probably a question you've asked yourself a few times. So how do you know? Let's take a look. How much will I need? First, you'll want to determine how much income you'll need when you are in retirement. A general rule of thumb is you'll need about 70-80% of your current income in retirement. That estimate can be way off if you're a high earning employee and are pretty frugal. It can [...]
How to Save More Towards your Retirement
According to a recent study by Northwestern Mutual, 78% of Americans are "extremely" or "somewhat" concerned with having enough money to retire. So if you are a part of that 78%, how do you save more towards your Lockheed Retirement? Let's take a look at a few options that might help you add more to your Lockheed retirement account. Get the full company match Make sure you are contributing at least 8% of your salary to your 401k plan. Lockheed will match 4% of your salary if you contribute the 8%, along with another 6% depending on what plan you [...]
Pension vs. 401k: What is the difference?
Over the last few months, I have been describing the changes that are occurring with Lockheed Martin retirement benefits. A lot of these changes are affecting those with a LM pension, but many new employees hired after 2006 weren't offered a pension option at all. So what are they missing? In this post, I'll talk about the difference in a pension and a 401k plan at Lockheed. The Pension First, let's run down the characteristics of a pension. A pension plan is falls into the category of a "defined benefit plan." This means that you'll get a set amount (or [...]