Unlocking Retirement Potential: 5 Essential Updates to Your Leggett & Platt 401(k) You Need to Know

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

Over the last forty years, the 401(k) plan has become the most popular retirement savings vehicle for Leggett & Platt employees, outpacing both individual retirement accounts (IRAs) and traditional pension plans. This change highlights a major shift in retirement planning, as employees are now more responsible for shieldinging their financial security than they were in the past when employers handled defined benefit pension plans. The shift from self-managed 401(k) plans to guaranteed company pensions is a significant shift in the design of retirement benefits. Even though the 401(k) has many benefits, improvements might be made to better serve the needs of Leggett & Platt retirees in the future.

According to recent findings from the Employee Benefit Research Institute (EBRI) , raising catch-up contributions might greatly increase retirement savings for Leggett & Platt employees who are getting close to retirement. In addition to the regular cap, individuals 50 years of age and beyond can contribute an extra $6,500 to their 401(k) plans as of 2021. Leggett & Platt employees in their later years of employment who need to increase their retirement savings will find this option especially helpful. Improving these contributions could further assist retirees' financial stability and better prepare them for longer retirement periods, as life expectancy continues to rise. These changes would be an essential improvement over the 401(k) plans that are in place.

Examine the development and significance of the 401(k) plan, which has surpassed IRAs and traditional pensions to become the most popular option for retirement savings for Leggett & Platt employees. Discover how these programs, which give you flexibility and control over your retirement funds, have evolved to meet the demands of contemporary finance. To better prepare for a secure future, recognize the need for self-managed retirement planning and the possibility of increasing 401(k) contributions. This is perfect for Leggett & Platt professionals aiming to maximize their financial stability as they approach retirement.

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Think of the 401(k) as the flagship ship cruising the wide retirement waters for Leggett & Platt employees. Previously, retirees depended on the crew of the ship—traditional pensions—to lead them securely to their final destination: retirement. But as times have evolved, Leggett & Platt employees are now in control and using contemporary navigational aids (401(k) plans) to design their own path. These tools have developed to provide greater flexibility and control, but just as improving a ship's equipment can increase its effectiveness and safety, so too can improving a 401(k) plan's features, such as adding more investment options and raising contribution limits, assist in a a safer and more comfortable transition to retirement.