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A recent Fidelity Investments poll illuminates new trends in the ever-changing retirement planning landscape. Notably, 66% of respondents envision a phased-in approach to retirement, which deviates from the conventional full-stop strategy. This choice shows a shift towards flexible retirement solutions across generations, as evidenced by the significant interest shown by both Gen Zers and millennials.
The wide-ranging implications of this trend point to the necessity of flexibility in retirement advice and planning when preparing to retire from Surgery Partners. The departure from traditional retirement models highlights a more comprehensive reassessment of retirement goals and work-life balance, reflecting shifting perspectives toward the end of your Surgery Partners career. Advisors who want to fulfill their Surgery Partners clients' complex needs must have a thorough understanding of these preferences as retirement planning continues to change.
A growing number of retirees who desire social connection and intellectual stimulation in addition to financial security are adopting the idea of 'Work for Pleasure' in phased retirement, a viable option for Surgery Partners employees.
According to an American Psychological Association study, continuing to work after retirement can enhance mental well-being, increase life satisfaction, and facilitate the transition to complete retirement. Retirement is now seen as a new chapter with opportunity for learning, growth, and contribution rather than as an end. This is especially true for seasoned professionals from high-ranking roles.
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Retirement is becoming less and less like the unexpected curtain call at the end of a play and more like a well planned art display. Similar to how an exhibition progressively moves from one theme and era to another, providing visitors with an extensive array of experiences, the modern retirement trip, as defined by Fidelity Investments, takes place in stages. With this method, people can combine the elegant brushstrokes of their personal passions and hobbies with their professional creations. Today's retirees and soon-to-be retirees find joy and fulfillment in doing work that pleases them, much like an artist who paints for the love of art even after their formal career has concluded. This is creating a retirement experience that is as nuanced and fulfilling as a well-curated gallery.
What type of retirement savings plan does Surgery Partners offer to its employees?
Surgery Partners offers a 401(k) retirement savings plan to its employees.
Does Surgery Partners match employee contributions to the 401(k) plan?
Yes, Surgery Partners provides a matching contribution to employee contributions made to the 401(k) plan, subject to certain limits.
What is the eligibility requirement to participate in the Surgery Partners 401(k) plan?
Employees of Surgery Partners are generally eligible to participate in the 401(k) plan after completing a specified period of service, typically 30 days.
Can employees of Surgery Partners choose how their 401(k) contributions are invested?
Yes, employees at Surgery Partners can choose from a variety of investment options for their 401(k) contributions.
How much can employees contribute to the Surgery Partners 401(k) plan each year?
Employees can contribute up to the IRS annual limit for 401(k) contributions, which is adjusted periodically. For 2023, the limit is $22,500, with an additional catch-up contribution for those aged 50 and older.
When can employees of Surgery Partners start withdrawing from their 401(k) accounts?
Employees can typically begin withdrawing from their Surgery Partners 401(k) accounts at age 59½ without penalties, subject to plan rules.
Does Surgery Partners allow for loans against the 401(k) plan?
Yes, Surgery Partners allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.
What happens to my 401(k) balance if I leave Surgery Partners?
If you leave Surgery Partners, you can choose to roll over your 401(k) balance to another retirement account, leave it in the Surgery Partners plan, or cash it out, though cashing out may incur taxes and penalties.
Is there a vesting schedule for the Surgery Partners 401(k) matching contributions?
Yes, Surgery Partners has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the matched funds.
How can employees at Surgery Partners access their 401(k) account information?
Employees can access their Surgery Partners 401(k) account information through the plan’s online portal or by contacting the plan administrator.
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