We have many clients who are current and retired employees of Sparrow Hospital of Lansing. Our experience working with Sparrow Hospital employees make us uniquely equipped to handle their needs. A few examples of how we can help Sparrow Hospital employees are below:
- While you are employed you can contribute to your 401K plan directly through your payroll deduction. We can help provide information and guidance on your 401K and the investment options offered by Transamerica, along with practical strategies to make the most of these options.
- You can also take advantage of what is called a Personal Choice Retirement Account (PCRA) option for your 401K. This allows you to hire your own financial advisor to help manage your retirement and gives access to many more investment options.
- When you reach 59 ½ years old, you are eligible to do an in-service rollover (tax free transfer while employed) from your 401(k) to an IRA. There can be significant benefits to doing this but there can also be disadvantages. We can help you determine if an in-service rollover makes sense for you.
- At retirement or termination of employment, you are eligible to rollover your 401K to an IRA (Individual Retirement account). There are multiple benefits for doing this, including access to a wider array of investments and increased flexibility, but there are also disadvantages. We can help you determine if the benefits of rolling over your 401K outweigh the disadvantages.
- If you have worked for the hospital long enough, you may be eligible for pension benefits. We can help you determine if a lump sum or spousal benefits make sense for you. Check out this article from our very own Brandon Carter on this subject Pension Lump Sum Guide.
- Provide guidance on when and how you should claim your social security benefits.
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.