With our office located in the heart of Spartan Country, we have a vast amount of experience working with Michigan State University (MSU) faculty. Our experience in working with MSU faculty has given us unique insights and knowledge into the retirement plans available at MSU. Some of the planning questions and considerations that we can help with are:
- Which plan sponsor should I use Fidelity or TIAA-CREF? What are the pros and cons of each plan sponsor?
- How can my advisor help me manage my retirement plans more closely?
- What is the difference between the 403(b) and 457 deferred compensation plan? Which plan is right for me?
- What should I do with my retirement plan when I retire or separate service? Should I take advantage of the fixed annuity account currently available to me?
- At age 59 1/2, MSU employees are eligible to move their retirement assets from the 403(b) plan into an Individual Retirement Account while they are still working. This strategy has many advantages and disadvantages and should be explored thoroughly.
- Consideration of a Roth IRA and the benefits of tax diversifying retirement income.
We have a clear understanding of what benefits you will receive when you retire. From your pension to your insurance benefits, we know what you can expect. The knowledge and experience we have gained working with MSU faculty who have transitioned into retirement allows us to help you determine if you are financially able to retire and live the lifestyle you want to live.
Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.