6 Retirement Myths Every Leggett & Platt Employee Should Not Fall For!

Healthcare Provider Update: Healthcare Provider for Leggett & Platt: Leggett & Platt typically offers health benefits through major insurance providers, with Aetna being one of the key healthcare partners. Aetna provides a range of health and wellness solutions for its employees, ensuring access to healthcare services and support. Potential Healthcare Cost Increases in 2026: The healthcare landscape is bracing for significant premium hikes in 2026, driven by a convergence of factors including rising medical costs and the potential expiration of enhanced ACA premium subsidies. Reports indicate that ACA marketplace premiums could surge by as much as 75% for many enrollees, with certain states anticipating increases exceeding 60%. This scenario is compounded by large insurers filing for substantial rate increases, leading to not only a financial hit for consumers but also raising concerns over access to affordable healthcare coverage. As companies like Leggett & Platt navigate these impending cost escalations, both employers and employees will need to strategize and adapt to maintain care affordability amidst these challenges. Click here to learn more

During our 30+ years helping retirees, the majority have been very excited to start the planning process. However, some have been surprised to find out our recommendations differ from what they have heard elsewhere.

This is because there’s a lot of misinformation swirling around. As a fiduciary, we are legally obligated to serve your best interests at all times. So, we can tell you achieving the retirement you desire is not going to happen if you’re sidetracked by myths and false information.
That's why we aim to debunk the top six retirement myths that Leggett & Platt employees may have heard. Our goal is to help you start building the retirement of your dreams today.

Myth #1: If I receive a pension, I do not have to make any decisions regarding my pension.

If Leggett & Platt offers you a defined-benefit plan, your pension is primarily the responsibility of the company. However, that doesn’t mean you just wait for a check in the mail once you retire. You have major decisions to make.

If offered a pension, employees can potentially elect to receive a monthly payout like a traditional pension or they could convert their pension into a one-time lump-sum benefit, which can be subsequently rolled over into an Individual Retirement Account (IRA) and then controlled by the retiree.

So, monthly or lump-sum pension?

Each payout has its own set of pros and cons. Deciding which option is most appropriate for you involves many factors. Deciding which option is most appropriate for you involves many factors. It is best done with the help of a professional, who can incorporate all aspects of your financial life – Social Security, 401(k), real estate, and inheritance into your decision.

Further, married Leggett & Platt employees may have survivor benefit options to consider. At retirement, it is possible that you have multiple survivor options to choose from for the monthly pension, but these are only available for a qualified spouse.

Myth #2: If I receive a pension from Leggett & Platt , Social Security becomes less important.

Social Security will likely be one of your primary sources of retirement income. And just like your pension, you should carefully consider how best to use it based on your personal needs.

The size of your Social Security benefit is greatly determined by your age when you claim. You can receive your full Social Security retirement benefit upon reaching your Full Retirement Age, which is age 66 or 67, depending on your date of birth. But you can claim a permanently reduced benefit as early as age 62. Delaying Social Security until age 70 entitles you to a higher benefit of up to 8% per year. A benefit at age 70 will be 76-77% higher than the payout if you start at age 62.

Ultimately, factors such as your other income sources, marital status and health should guide your decision, not just when you can get the biggest Social Security paycheck.

Myth #3: When I retire from Leggett & Platt doesn’t matter

No, no, no. When you retire has a major effect on the quality of your retirement.

For one, years of service is one of the primary factors in your pension calculation. Generally, the longer you work at Leggett & Platt, the higher your pension. Your pension is also impacted by interest rates, which fluctuate. When rates are lowered, lump-sum pension payouts are increased, and vice versa.

Plus, Leggett & Platt retirement benefits are not set in stone. They are subject to change. For example, the significant changes made to Leggett & Platt’s pension calculation, health care subsidies and retiree health insurance.

You may find that it is more financially advantageous to retire sooner or later than your desired retirement date.

Myth #4: Leggett & Platt stock is a good investment

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Something Leggett & Platt employees should be aware of is that we commonly see employees invest an excessive amount of their 401(k) in their company’s stock. While it can be rewarding to own a piece of a respected company, it may be risky from a retirement planning perspective.

Firstly, most of your financial life becomes dependent on the performance of one company. That includes your current income and retirement income from the Leggett & Platt pension and 401(k) plan (if Leggett & Platt offers these to you). Such a high concentration of your financial well-being in a single company is risky. Secondly, a single stock can be riskier and more volatile than a mutual fund or the broader stock market. Therefore, the greater amount of Leggett & Platt stock you have in your 401(k), the more you can expect your investment return to fluctuate.

It’s more appropriate to diversify the investment choices in your Leggett & Platt 401(k) account (If Leggett & Platt offers you a 401K). That means selling your company stock and investing in mutual funds. The right mix of funds depends on your specific needs, goals and level of risk you’re comfortable with.

Myth #5: It’s better to leave my 401(k) with my company.

Upon leaving Leggett & Platt, you may leave some or all of your savings in your Leggett & Platt 401(k) account (If this is offered to you). However, there are a variety of benefits to rolling over your 401(k) to an Individual Retirement Account (IRA). These include greater investment choices, greater withdrawal flexibility, more withholding options, and professional management by an advisor of your choosing.

When done properly, no tax applies to the rollover. One area of your 401(k) that provides no flexibility is tax withholdings.Every withdrawal is subject to a mandatory 20% federal tax plus applicable state taxes.

Myth #6: Medicare will cover my medical expenses

One of the biggest expenses for most people in retirement is health care. Taking the time to review your options can help you plan accordingly and avoid large out-of-pocket costs that could derail your retirement.

Once you turn 65 you are Medicare-eligible You and your Medicare-eligible dependents are required to enroll in Medicare Part A (hospital benefits) and Part B (doctor benefits). These two parts cover about 80% of health care benefits for individuals, so it’s important to consider your supplemental coverage options.