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Use automation to save more and stress less
You’ve got a lot going on. With everything that competes for your attention, it’s no surprise that saving for your future isn’t always top of mind. Since your 401(k) will likely be a key source of income in retirement, we want to make sure you’re taking advantage of the Fidelity tools that simplify saving and investing. You can access these tools by logging in to your Fidelity account.
More smart money moves
Don’t leave money on the table
Sandia contributes 66.667 cents to your 401(k) account for every dollar you contribute each pay period up to the first 6% of your earnings. Make sure you contribute at least 6% to get the full match. Otherwise, you’re losing out on free money from Sandia that can help you accumulate greater savings faster.
To receive every dollar of the Sandia match, be sure your contributions are spread evenly through the year. If you contribute up to the IRS limit before the end of the year, Sandia’s match will stop.
Sandia also makes an enhanced contribution to your 401(k) if you are not eligible for the Sandia pension plan. The enhanced contribution amount increases with your years of service with Sandia:
- Years 1-14: 6% of eligible pay
- Years 15+: 7% of your eligible pay
To make sure you’re receiving the full match, log in to your Fidelity account.
Consult an investment advisor
Getting on the right financial path may be easier with support from an investment advisor. In addition to accessing tools and resources through Fidelity, you can use Edelman Financial Engines.
There are two ways to work with Edelman:
- Take advantage of do-it-yourself resources (at no cost to you)
- Work with an advisor to personalize your plan for paying debt and planning for short- and long-term needs (fee-based service)
For more information, visit the Edelman Financial Engines website or call 800-601-5957.
Establish a will and have an estate plan
To be sure that your assets go to the people you want to have them when you die, you need an estate plan that includes a will and/or a trust, advanced medical directives, and a power of attorney on your behalf. As your financial circumstances and the people in your life change through the years, it’s likely that you’ll want to be sure to keep your plan updated to reflect those changes.
Here are some resources to help you get started:
- Review the fundamentals of wills, trusts, and powers of attorney.
- Learn about preserving your savings for future generations.
- For more about creating an estate plan, visit Fidelity.
- If you’re enrolled in the voluntary legal insurance plan through Sandia Extras, you have access to no-cost estate planning services through ARAG (enter access code: 18375san) or call 800-247-4184.
- Connect with a Wellthy care coordinator to learn about legal and financial resources they offer.
- Explore resources available through your Employee Assistance Program (EAP) benefits. For information about who provides your EAP benefits, visit hr.sandia.gov.