Did you know? September 5th is National 401(k) Day.Now is the time to invest for your retirement.
Time is of the essence. Plan and grow your 401(k) nest egg based on your future financial goals and retirement needs. Remember, Lennox’s 401(k) dollar match is FREE money, so don’t miss out!
Make the most of your plan by following these simple steps.
It’s never too late to get started.
After your first year of service at Lennox, eligible employees will automatically receive a Company-paid 3% base contribution to their 401(k) on a per pay period basis.
Save a few extra dollars by changing your personal contribution rate at any time. It’s better to invest a little amount over a longer period than a lump sum all at once.Earn tax benefits with your 401(k).
Traditional 401(k) contributions are taken directly out of your paycheck before federal income taxes are withheld. You can also contribute to a Roth 401(k), which use after-tax funds instead of pre-tax ones.
Consider your income tax bracket when deciding which type of retirement savings plan is right for you.Maximize the Lennox-paid dollar match.
Lennox will match a portion of your 401(k) contributions – that’s FREE money!
Once you set up your 401(k), Lennox will automatically match 50% of your qualified contribution dollars (up to 6% of your eligible pay) on a per pay period basis. Use Lennox’s 401(k) Maximizer Tool (Salaried) to model your annual contributions.Designate a 401(k) beneficiary.
A 401(k) beneficiary is generally any person who you (as the account owner) chooses to be the receiver of your retirement savings after you pass away.
You can designate multiple beneficiaries. Not designating a beneficiary could cause your 401(k) assets to go through a costly and time-consuming probate process.Set up automatic investments.
You don’t need to be an expert to invest your retirement savings.
Fidelity automatically invests your 401(k) contributions in the default target date fund. There will be no change in your investments until you choose to move them. Log into NetBenefits to learn more.Access personalized 1-on-1 financial guidance.
Lennox employees can schedule a FREE confidential 1-on-1 consultation to get advice on any small or big financial decisions.- Call Fidelity directly at (877) 902-0007,
- Visit a local Fidelity Investor Center, or
- Attend a Fidelity-hosted onsite workshop at Lennox.