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Why Surgery Partners Employees Can Thrive in Retirement Without a Bucket List

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The first few years of retirement are frequently a time of transitions for many, including those leaving Surgery Partners. It is a critical period that can influence the next few decades financially and emotionally. At the age of sixty-six, Wall Street Journal distinguished editor Stephen Kreider Yoder announced his retirement. His wife, sixty-seven-year-old Karen Kreider Yoder, followed suit. Their experiences, highlighted in the 'Retirement Rookies' column each month, demonstrate a departure from conventional retirement preparation. They emphasize crafting adaptable, meaningful experiences that serve as a foundation for future undertakings over following predetermined bucket lists.

This approach to retirement highlights a larger movement among individuals reimagining their post-employment years. By focusing on personal development and continual exploration, retirees can ensure a fuller, more satisfying experience. This narrative offers invaluable insights for Surgery Partners employees looking to maximize their life-changing retirement years.

Recent studies by the American Psychological Association (APA) underline the advantages of the Yoders' method of unstructured retirement planning. The research indicates that retirees adhering rigidly to their pre-planned bucket lists report lower levels of satisfaction and fulfillment compared to those who engage in activities based on their own interests and whims. This suggests that a flexible retirement lifestyle can lead to more fulfilling and significant experiences, an important consideration as employees transition from structured careers to the freedom of retirement.

In the Retirement Rookies column, Stephen and Karen Kreider Yoder share their journeys and offer a fresh perspective on retirement planning. Learn why they're passing on typical bucket lists in favor of flexible, meaningful experiences, and how this strategy might enhance your post-work years at Surgery Partners. Discover how embracing an unstructured retirement can lead to increased contentment and pleasure, setting the stage for a rewarding future.

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Forgoing a conventional retirement plan is akin to sailing a ship without a defined course. Retirees like the Yoders choose to navigate the waters of their golden years with the liberty to uncover new horizons as they appear, rather than charting every port of call. This method, much like a sailor discovering new adventures in uncharted waters, allows them to encounter unexpected joys and experiences, enriching each day with personal growth and satisfaction.

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.