As The Harvard Happiness study found, social connections are often the most valuable and rewarding aspect of retirement for Lockheed Martin employees - Patrick Ray, The Retirement Group, a division of Wealth Enhancement Group.
As Lockheed Martin employees plan for retirement, they must recognize that the wealth of social relationships built at work can provide more emotional fulfillment in retirement than any financial asset - social capital - Michael Corgiat, The Retirement Group, a division of Wealth Enhancement Group.
In this article we will discuss:
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1. Relationships matter during retirement for Lockheed Martin employees.
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2. Best practices for building and maintaining good work relationships.
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3. Findings from the Harvard Happiness study on how relationships influence retirement satisfaction.
Harvard researchers began investigating what makes us joyful in 1938.
Two years apart, the researchers reviewed 724 health records and asked questions about lifestyles across the globe. As participants aged into middle age and old age, the Harvard study raised many retirement-related questions. Their answers revealed the biggest obstacle for retirees is finding work that lasts them longer than social connections.
Retirees miss working but they miss people they worked with.
We worry about finances, health and caregiving in retirement.
But Lockheed Martin employees should ask how the best retirees build relationships. But almost nobody discusses the importance of finding new meanings and purposes.One participant told CNBC what he missed about being a physician for nearly 50 years. Another participant, Leo DeMarco, said the same thing: Once retired as a high school teacher, he had difficulty contacting former colleagues again.He said discussing business gives him spiritual food. Teaching young people started my exploratory project.
But hobbies are not sufficient.
Many feel most important at work because we serve colleagues, customers, communities, and sometimes our families too. Lockheed Martin employees may relate.Changes at his factory forced Henry Keane into abrupt retirement. So he suddenly had time to himself and energy.He began assisting with the American Legion and Veterans of Foreign Wars. He enjoyed furniture restoration and cross-country skiing. Yet something remained lacking.
To get your golden years now, invest in your relationships.
Lockheed Martin employees should know that Keane's epiphany not only teaches a lesson about retirement, but work in general: We are so consumed by money and time constraints that we do not appreciate our work relationships until they are gone.
According to a Harvard happiness study covering 85 years, the biggest retirement challenge for Lockheed Martin employees that is rarely discussed is finding new social connections and relationships after working years. The study found that retirees do not necessarily miss the work itself but rather the people they worked with. Such is the value of having meaningful relationships throughout one's career and beyond retirement.
Lockheed Martin employees should consider the following when developing deeper relationships:
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Who do I like working with and how do they contribute to my success? Am I seeing their worth?
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Which types of relationships do I want more of but am I lacking? But how will they come about?
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Anyone I should know better? But how do I contact them?
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How do I end a disagreement with a coworker?
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Who thinks differently, has a different background, or works in a different field from me? How will they help me?
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Consider what has shaped your daily experience of meaning and purpose. It may therefore be that this influence is net positive. But in any case - can you make a few minor changes?
- Former university administrator Ellen Freund tells CNBC in a 2006 study.
Every workday is part of our individual experience - and the more interpersonal contact enriches it. Work is also existence.Things we as Lockheed Martin employees should consider when building positive work relationships:
Intimate relationships with others take time and effort. Yet there are also simple things Lockheed Martin employees can do to better communicate with coworkers.
Set your relationship requirements. Know what you expect of others? And can you comprehend what is asked of you? Recognizing these requirements may create stronger relationships.
Develop your interpersonal skills. Relationship health depends on interpersonal competence. Lockheed Martin employees can take the Mind Tools assessment of collaboration, communication, and conflict management. The exam also points you to resources to strengthen any weak spots.
Consider your EI. Emotional intelligence refers to the ability to understand and process one's own and others' emotions. You will get better at recognizing the emotions and demands of others as your EI increases.
Practice mindful listening. They feel more positive about people who listen carefully to what they say. You will speak less and understand more with mindful listening. You will also build a reputation for reliability.
Set aside time for relationship building. You might take a colleague out for a coffee if possible. Comment on a colleague's LinkedIn post or send a short note asking about their health. These little interactions are necessary for lasting relationships.
Establish your boundaries. Make time - but don't waste it! A work relationship can sometimes impede productivity when a friend or coworker takes over your time. There needs to be boundaries and time management around social interactions at work.
Consider others. Everyone wants to feel appreciated from the manager to the intern. So when others perform well, compliment them. Praise and recognition will build good workplace relationships.
Be optimistic. Keep yourself upbeat. Because positive energy is infectious, people tend to follow those who make them happy.
Avoid gossiping. Occupational politics and gossip sabotage workplace relationships. In a dispute with a group member, contact the member directly. The gossip with other colleagues will only increase distrust and animosity.
Develop and maintain good working relationships that increase interest in your work, your career, and a harmonious work environment. Employ all of the above strategies to build productive working relationships with colleagues / managers / customers / others. Some business relationships will be easier than others. But with thought, time, and effort, these relationships can also be beneficial.
Retirement is like a garden with flowers representing various aspects of our lives. And while the financial blooms are often more prominent - a nest egg or investment return - the social connections we made whilst working go unnoticed. As a garden produces many different and vibrant flowers, so too can our retirement if we take care of our relationships. The Harvard Happiness study finds these social connections - like petals on a flower - are the top retirement challenge for Lockheed Martin employees. The colors they add bring color, joy, and purpose to our golden years. Just as a gardener spends time and care on his or her garden, so must Lockheed Martin employees invest in their relationships with intention and cherish the bonds that make retirement enjoyable and fulfilling.
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Sources:
1. Mineo, Liz. 'Over Nearly 80 Years, Harvard Study Has Been Showing How to Live a Healthy and Happy Life.' Harvard Gazette , 11 Apr. 2017, news.harvard.edu/gazette/story/2017/04/over-nearly-80-years-harvard-study-has-been-showing-how-to-live-a-healthy-and-happy-life .
2. Mineo, Liz. 'Work Out Daily? OK, but How Socially Fit Are You?' Harvard Gazette , 10 Feb. 2023, news.harvard.edu/gazette/story/2023/02/work-out-daily-ok-but-how-socially-fit-are-you .
3. Liebergall, Molly. 'Author Talks: The World’s Longest Study of Adult Development Finds the Key to Happy Living.' McKinsey & Company , 16 Feb. 2023, mckinsey.com/featured-insights/mckinsey-on-books/author-talks-the-worlds-longest-study-of-adult-development-finds-the-key-to-happy-living .
4. Broom, Douglas. 'Scientists Have Found the Key to a Healthy, Happy Life: Our Relationships.' World Economic Forum , 22 Aug. 2023, weforum.org/stories/2023/08/relationships-basis-long-healthy-life .
5. Kram, Kathy E. 'How Will My Relationships Change in Retirement?' WorkTies , 4 Nov. 2024, workties.org/post/how-will-my-relationships-change-in-retirement .
How does Lockheed Martin determine the monthly pension benefit for employees nearing retirement, and what factors should employees consider when planning their retirement based on this calculation? Specifically, how do the concepts of "Final Average Pay" and "Credited Years of Service" interact in the pension calculation under Lockheed Martin’s retirement plan?
Lockheed Martin Pension Calculation: Lockheed Martin calculates monthly pension benefits using the "Final Average Pay" (FAP) and "Credited Years of Service" (CYS). The FAP is determined by averaging the three highest annual compensations prior to 2016, while CYS counts the years from employment start to December 31, 2019, when the pension was frozen. The benefit per year of service is calculated based on whether the FAP is less than or exceeds the Social Security Covered Compensation, with specific formulas applied for each scenario. These calculations directly affect the monthly pension benefit, which may also be reduced if retirement commences before a certain age due to early retirement penalties.
Given the recent changes in Lockheed Martin's pension policy, what implications could this have for employees who are planning to retire in the near future? How should these employees navigate their expectations regarding retirement income given that the pension has been frozen since 2020?
Implications of Pension Freeze: Since Lockheed Martin froze its pension plan in 2020, no future earnings or years of service will increase pension benefits. This freeze shifts the emphasis towards maximizing contributions to 401(k) plans, where Lockheed Martin increased its maximum contribution to 10% for non-represented employees. Employees planning for imminent retirement should recalibrate their financial planning to account for this change, prioritizing 401(k) growth and other retirement savings vehicles to compensate for the pension freeze.
What options does Lockheed Martin provide for employees regarding healthcare insurance as they approach retirement age? How do these options compare in terms of coverage and cost, particularly for those who will transition to Medicare upon reaching age 65?
Healthcare Options Near Retirement: As Lockheed Martin employees approach retirement, they can choose from several health insurance options. Before Medicare eligibility, they may use COBRA, a Lockheed Martin retiree plan, or the ACA's private marketplace. Post-65, they transition to Medicare, with the possibility of additional coverage through Medicare Advantage or Medigap plans. Lockheed Martin supports this transition with a Health Reimbursement Arrangement, providing an annual credit to help cover medical expenses.
Understanding the complex nature of Lockheed Martin's pension and retirement benefits, what resources are available to employees to help them navigate their choices regarding pension claiming options? In what ways can the insights from these resources aid employees in making informed decisions about their financial future?
Resources for Navigating Retirement Benefits: Lockheed Martin employees have access to resources like the LM Employee Service Center intranet, which includes robust tools such as a pension estimator. This tool allows for modeling different retirement scenarios and understanding the impacts of various pension claiming options. Additional support is provided through HR consultations and detailed plan descriptions to ensure employees make informed decisions about their retirement strategies.
For employees with varying years of service at Lockheed Martin, how can their employment history impact their pension benefits? What strategies should individuals explore to maximize their benefits given the different legacy systems that might influence their retirement payout?
Impact of Employment History on Pension Benefits: The length and nature of an employee’s service at Lockheed Martin significantly influence pension calculations. Historical changes in pension policies, particularly the transition points of the pension freeze, play critical roles in determining the final pension benefits. Employees must consider their entire career timeline, including any represented or non-represented periods, to understand and maximize their eligible pension benefits fully.
How does the Lockheed Martin retirement plan ensure that benefits are preserved for spouses or dependents after an employee's passing? How do different claiming options affect the long-term financial security of the employee's family post-retirement?
Benefit Preservation for Dependents: Lockheed Martin's pension plan includes options that consider the welfare of spouses or dependents after an employee's passing. Options like "Joint and Survivor" ensure ongoing benefits for surviving spouses, while choices like "Life with X-Year guarantee" provide continued payments for a defined period after the employee’s death. Understanding these options helps secure long-term financial stability for beneficiaries.
What steps can Lockheed Martin employees take to prepare financially for retirement, especially if they have outstanding loans or financial obligations? How crucial is it for employees to understand the conditions under which these loans must be settled before retirement?
Financial Preparation for Retirement: Employees approaching retirement should focus on clearing any outstanding loans and maximizing their contributions to tax-advantaged accounts like 401(k)s and Health Savings Accounts (HSAs). These steps are crucial for ensuring a smooth financial transition to retirement, minimizing potential tax impacts, and maximizing available retirement income streams.
With the evolution of Lockheed Martin's retirement initiatives, particularly the shift toward higher 401(k) contributions, how should employees balance contributions to their 401(k) with their overall retirement savings strategy? What factors should they consider in optimizing their investment choices post-retirement?
Balancing 401(k) Contributions: With the pension freeze, Lockheed Martin employees should increasingly rely on 401(k) plans, where the company has increased its contribution cap. Employees must balance these contributions with other savings strategies and consider their investment choices carefully to ensure a robust retirement fund that can support their post-retirement life.
How does Lockheed Martin's approach to retirement planning include the management of health savings accounts (HSAs) for retirees? What are the tax advantages of HSAs, and how can employees effectively utilize this resource when planning for healthcare expenses in retirement?
Management of HSAs for Retirees: Lockheed Martin encourages maximizing contributions to Health Savings Accounts (HSAs), which offer significant tax advantages. These accounts not only provide funds for current medical expenses but can also be used tax-free for healthcare costs in retirement, making them a critical component of retirement health expense planning.
What is the best way for employees to contact Lockheed Martin regarding specifics or questions about their retirement benefits? What channels of communication are available, and how can they access the most current and relevant information regarding their retirement planning? These questions aim to encourage thoughtful consideration and discussion about retirement planning within Lockheed Martin, addressing various aspects of the company's benefits while promoting engagement with internal resources.
Contacting Lockheed Martin for Retirement Benefit Queries: Employees should direct specific inquiries about their retirement benefits to Lockheed Martin's HR department or consult the benefits Summary Plan Descriptions available through company resources. These channels ensure employees receive accurate and comprehensive information tailored to their individual circumstances.