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 Martin Marietta Materials 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 Martin Marietta Materials 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 Martin Marietta Materials 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 Martin Marietta Materials , 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.

For Martin Marietta Materials employees thinking through retirement savings, the transition from general advice to a workable plan starts with your employer's benefits. What the company puts toward your retirement, and the rules around accessing it, shapes every decision downstream.

The retirement plan at Martin Marietta Materials is worth understanding in detail: The company provides retirement plan options including defined contribution savings plans with employer contributions to support employees' long-term financial planning. Equally important is the healthcare picture. Your health plan elections during open enrollment, any HSA you're building, and whether retiree medical coverage or COBRA will bridge you to Medicare all factor into retirement savings.

Taking the time to review your Martin Marietta Materials benefits in the context of retirement savings, rather than treating them as separate decisions, is how you avoid the gaps that catch most employees off guard.