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Reap the rewards of consolidation
Are your retirement accounts scattered among different financial institutions? If you’ve worked for different employers, you could lose sight of the retirement accounts you’ve amassed along the way. Changes in plan providers or recordkeepers can make it even more challenging to hunt down your money.
When juggling multiple retirement accounts, it can be hard to stay on track with your savings and investing goals. Consolidating your accounts could be your best move and save you time and headaches.
If you want to consolidate accounts, you can roll qualified funds from other plans into your Sandia 401(k). Reach out to Fidelity for help with streamlining your accounts and maximizing your financial future.
More smart money moves
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.
Fidelity’s annual increase program enables you to maximize savings, even when your attention is elsewhere. Just choose how much you want to increase your contributions by each year — and the date you want the increase to take effect — and the program will automatically bump up your contribution by that amount. Just set it and forget it. As a reminder, you can always change your contribution rate at any time during the year.
A 2022 study conducted by the Employee Benefits Research Institute found that over a 10-year period, employees who participate in automatic 401(k) savings programs typically have balances that are 15% higher than those who manually contribute to their plans. They also experience about 20% less stress.
If you create your own investment mix, you’ll appreciate Fidelity’s 401(k) rebalancing feature, which maintains your preferred asset allocation as markets move and fund prices fluctuate.
Prefer to take a hands-off approach to investing? You can choose the target date fund closest to the year you expect to retire. A target date fund provides an age-appropriate and diversified mix of stocks and bonds that adjusts as your target retirement date approaches.
To access these tools, log in to your Fidelity account.
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.