Discover the Top Retirement Destinations for Martin Marietta Materials Employees in 2023: Where to Thrive After Your Career

Regardless of age, profession, and living location, many individuals possess the ultimate goal of retiring comfortably, including those employed in Martin Marietta Materials. With that under consideration, it is imperative to acknowledge that retirement does not necessarily have equal value across state lines. One’s state of residency determines their taxes, cost of living, and climate, making some locations more desirable and fitting for retirement to certain Martin Marietta Materials employees. In addition, income and purchasing power can have different values in various locations of the country. For the purpose of this article, we will be ranking the top states that are ideal for retirement.

For those employed in Martin Marietta Materials, spontaneously moving to a different country with desirable characteristics for retirement may seem appealing. Despite that, it is crucial to consider working with a financial advisor to increase your likelihood of success and consolidate a solid financial plan that will cater to your retirement needs. Research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement . ¹ When taking that into account, those working for Martin Marietta Materials may benefit from meeting with an advisor at The Retirement Group and running a complimentary cash flow analysis to better understand their future prospects for retirement.

Best States for Minimizing Taxes in Retirement

When contemplating a comfortable retirement, those employed in Martin Marietta Materials must recognize how reducing tax liability is a top priority. The following states listed below either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income. These states also have no state income tax, and favorable sales, property, inheritance, and estate taxes.

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Alaska

Florida

Georgia

Mississippi

Nevada

South Dakota

Wyoming

As an employee of Martin Marietta Materials , if those states aren’t appealing to you, you may want to consider the subsequent tier of states with reduced taxation. While the tax benefits aren’t up to par with the ones mentioned above, these following states have no taxes on social security income. As an example, Washington has no state income tax but has a 6.5% state sales tax. With that under consideration, while it is essential for Martin Marietta Materials employees to look into the pros and cons of taxation when considering retirement in another state, finding a home that is suitable and comfortable for your needs is of utmost importance as well.

Alabama
Arkansas

Colorado

Delaware

Idaho

Illinois

Kentucky

Louisiana

Michigan

New Hampshire

Oklahoma

Pennsylvania

South Carolina

Tennessee

Texas

Virginia

Washington

West Virginia

Reference(s):

https://magazine.northeast.aaa.com/daily/money/retirement/the-true-cost-of-a-financial-advisor-revealed/#:~:text=Still%2C%20research%20suggests%20people%20who,an%20advisor%20over%2025%20years .

What type of retirement savings plan does Martin Marietta Materials offer to its employees?

Martin Marietta Materials offers a 401(k) retirement savings plan to its employees.

How can I enroll in the 401(k) plan at Martin Marietta Materials?

Employees can enroll in the 401(k) plan at Martin Marietta Materials by completing the enrollment process through the company’s benefits portal.

Does Martin Marietta Materials match employee contributions to the 401(k) plan?

Yes, Martin Marietta Materials provides a matching contribution to employee 401(k) plan contributions, subject to certain limits.

What is the maximum contribution limit for the 401(k) plan at Martin Marietta Materials?

The maximum contribution limit for the 401(k) plan at Martin Marietta Materials is in line with the IRS annual contribution limits, which can change each year.

Can employees at Martin Marietta Materials take loans against their 401(k) savings?

Yes, employees at Martin Marietta Materials may have the option to take loans against their 401(k) savings, subject to the plan’s terms.

What investment options are available in the Martin Marietta Materials 401(k) plan?

The Martin Marietta Materials 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, allowing employees to choose based on their risk tolerance.

Is there a vesting schedule for the employer match in the Martin Marietta Materials 401(k) plan?

Yes, there is a vesting schedule for the employer match in the Martin Marietta Materials 401(k) plan, which determines when employees fully own the matched contributions.

Can I change my contribution percentage to the 401(k) plan at Martin Marietta Materials?

Yes, employees can change their contribution percentage to the 401(k) plan at Martin Marietta Materials at any time, subject to plan rules.

What happens to my 401(k) savings if I leave Martin Marietta Materials?

If you leave Martin Marietta Materials, you have several options for your 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if permitted.

Are there any fees associated with the Martin Marietta Materials 401(k) plan?

Yes, there may be administrative fees associated with the Martin Marietta Materials 401(k) plan, which are disclosed in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Pension Plan: Martin Marietta Materials Pension Plan provides benefits based on years of service and age, with a defined benefit formula. 401(k) Plan: Martin Marietta Materials 401(k) Savings Plan offers opportunities for employees to contribute with an employer match after 30 days of service.

Layoffs & Restructuring: In 2023, Martin Marietta Materials announced a strategic restructuring plan aimed at optimizing operational efficiency. This involved a reduction in workforce, particularly in non-core areas, to streamline operations and reduce costs. The company stated that the layoffs were part of a broader strategy to enhance its competitive position amid fluctuating market conditions. Given the current economic climate, such restructuring is significant as it reflects the company’s effort to remain agile in response to economic uncertainties and shifts in the construction industry. Benefit Changes & 401k: There have been notable changes to the company's benefits package and 401k plan. Martin Marietta updated its retirement benefits by increasing the company match for 401k contributions to better support employee financial planning. Additionally, there have been adjustments to health benefits to align with new regulations and to improve coverage. These changes are important to address because they impact employee financial security and retirement planning, especially in a volatile economic environment where investment and tax conditions are continually evolving

Martin Marietta Materials stock options and RSUs are granted to attract and retain key talent within the company. Martin Marietta Materials provides these benefits primarily to executives and high-potential employees to align their interests with the company's long-term goals. The stock options and RSUs offered by Martin Marietta Materials in 2022, 2023, and 2024 are designed to incentivize and reward significant contributions to the company's success.

Health Benefits Summary: Martin Marietta Materials provides a comprehensive benefits package that includes medical, dental, and vision coverage. The benefits extend to both employees and their dependents. Specific Terms: HDHP (High Deductible Health Plan): A health insurance plan with higher deductibles and lower premiums. HSA (Health Savings Account): Tax-advantaged savings account used in conjunction with an HDHP. EAP (Employee Assistance Program): Provides mental health resources and counseling.