As you know, the Waterbury Hospital has been bought and as of October 1, 2016 your current 403(b) retirement plan ceased to exist. What does this mean for you? It is a huge opportunity—if you know how to take advantage of the benefits.
A Chance to Rollover
Generally, there are only two instances when you can rollover the money in your 403(b) retirement account without getting hit with penalties—when you turn 59 and a half or when you leave your job or retire, known as a “separation of service.” Otherwise, you are stuck.
Due to the current Waterbury Hospital buy-out, hospital employees are considered to be separating from service and are poised to take advantage of a unique opportunity. You can either pick the default option of rolling over your money into the new 401(k) with Transamerica or you can rollover your money into an Individual Retirement Account (IRA) managed by your financial advisor.
Benefits of an IRA
Why should you opt out of the default option and roll your money into an IRA with a trusted financial advisor? There are three main reasons.
- You can choose your own financial advisor now and have the ability to change advisors at any time in the future
- You may gain access to more investment options
- You can have access to more customized service
Instead of calling a 1-800 number and being connected to a service representative, you could call your dedicated financial advisor, who can answer your questions, provide personalized service, and make changes to your account.
A More Personalized Experience
By moving your funds into an IRA, an independent financial advisor has the ability to provide more one-on-one customized services than you will have in the Transamerica plan. With the default plan, participants are not receiving the customized care and detail dedicated to your retirement planning. By having that one-on-one experience, you’ll be able to better understand the actions you take today can impact how your future looks tomorrow.
With an IRA, you are the account owner and are free to invest in a variety of instruments with the personalized guidance of an advisor who has taken the time to get to know your individual needs and goals.
Finally, an independent wealth management firm is able to offer a variety of services that would not be included in your 401(k), such as wealth planning, Social Security planning, risk management, tax planning, and estate planning. Access to a financial advisor may allow you to take a more comprehensive approach to your financial health.
An Advisor Familiar With Your Current Retirement Situation
The advisors at FLP Financial have worked closely with other physicians, registered nurses, physician assistants, hospital administrators, and IT. With our years of experience, we can help maximize your benefits and make informed, financial decisions for your entire family.
The team at FLP Financial works with your entire financial picture, including your spending, saving, and planning choices. By listening to your goals and understanding your financial health through this wider lens, the team is able to provide personalized service that truly benefits you and your family.
We have created a proven process to help you save more money to put toward your retirement nest egg. We offer a wide range of personalized investment strategies tailored to each individual’s specific risk tolerance and goals. As an independent fiduciary, we offer unbiased advice, instead of proprietary products and sales incentives that drive most corporate financial providers.
Want to Learn More?Matthew Glatt, CPA is the Founder and CEO of FLP Financial Group, LLC in Cheshire, CT. Matt is a 1989 graduate of Bryant University with a Bachelor of Science in Accounting. Matt has been a practicing CPA for over 25 years specializing in individual and small business tax planning, compliance and advisory services. In pursuit to service his clients as holistically as possible, Matt expanded his CPA practice to include Financial Services in the year 2000. His experience over the last 16 years, coupled with his passion to help individuals, families and businesses build financial strength, lead Matt to develop his trademark program Spend with C.A.R.E. Through awareness, knowledge, planning and action, Matt helps strengthen his clients’ financial health.
Matt resides in Cheshire with his wife of 21 years, Karolyn. He is the proud father of three beautiful daughters, Kelly, Emily and Jessica. In his spare time, Matt has served on boards for various organizations such as United Way, YMCA, Waterbury Incorporators, Red Cross and the First Congregational Church of Cheshire. He has also coached youth soccer and basketball for many years. Matt is passionate about health and fitness and enjoys spending time exercising outdoors and playing golf with friends.
Investment advice offered through CWM, LLC, a Registered Investment Advisor. CWM, LLC do not provide tax or legal advice or services. Please consult your tax or legal advisor regarding your specific situation.
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