Several pension options are available for Lockheed Martin employees. These retirement and pension benefits can be availed by employees who will either opt for mandatory or early retirement. You can find the appropriate retirement plan from your retirement and financial advisor. These consultations are free of charge for existing employees.
RELATED POST: INVESTING CREATIVELY FOR YOUR RETIREMENT
Lockheed Martin’s Retirement and Savings Plan
The company’s benefits for early and mandatory retirees seem to be progressive. Apart from the principal employees, their spouses or same-sex domestic partners are eligible for benefits, particularly health care. Some of the benefits are the following:
- Lockheed Martin Health Works Plan, which is primarily available for early retirees (under age 65);
- Via Benefits that can be availed by retirees who are aged 65 and above;
- My Savings Plan (Empower)
- Lockheed Martin Employee Disaster Relief Fund
ALSO READ: TOP GROWING DIGITAL MARKETING STARTUPS
Apart from the plans mentioned above, retirees will also have access to the following systems:
- Lockheed Martin Employee Service Center
- My Pension Payments
The employees themselves can even plan all the benefits and services through the use of Lockheed Martin’s Savings Plan Web Tool, Pension Estimator, or the Retirement Income Modeler. These tools can be accessed through the Lockheed Martin Employee Service Center.
401(K) Retirement Savings
The Savings Plan Web Tool can help in maximizing employees’ retirement savings. In this online resource, you can analyze the total amount that you have saved for your retirement based on your age and current income. For more information or questions, you can contact the employee service center hotline and consult a retirement benefits specialist.
ALSO READ: UNDERSTANDING CREDIT CARD DEBT
Alternative Option for Retirement
Aside from the options that are provided by Lockheed Martin, an alternative retirement option is to invest in the company’s stocks. According to recent reports, the company’s market capitalization is currently at around 100 billion dollars. Several investment experts have recommended prospective retirees to buy Lockheed Martin shares as company profit continues to increase. This development was demonstrated by an approximately 167 percent profit increase, which is at around 5 billion dollars.
Third-Party Lockheed Martin Pension Planning
Besides the in-house consultation for retirees, there also exist third-party Lockheed Martin pension planning specialists. Some of those financial entities include the LPL Financial. These entities can provide prospective retirees various financial advice that can be helpful in preparation for their retirement. These advisors can also guide them in choosing the right retirement plan.
ALSO READ: BEST BUSINESS TIPS IN 2020
Financial advisors and representatives from these companies, particularly LPL Financial, help both early and mandatory retirees to transition to their retired life. Advisors provide the prospective retirees’ assessments that include a timeline, a financial retirement plan, and the appropriate time for retirement. All of which would contribute to the customized retirement income strategy that the advisors would formulate.
Consultations to these entities are free for Lockheed Martin employees. Apart from transitioning, they will also provide a financial assessment and a thorough review of existing 401(K) accounts. They will make sure that the savings you have made are more than enough to cater to your needs and wants as you retire.