Grow your financial well-being: What you need to know

April 9, 2018  //  FOUND IN: Updates & Resources,

Last week, readers learned about the organization’s financial structure from Chief Financial Officer Paul Castillo, C.P.A.

Now it’s time to focus on your finances — a subject that can often seem daunting. Fortunately, the organization provides faculty and staff with a number of resources to make managing finances easier to handle.

“We know that taxes, finances and planning for retirement can be a confusing and even overwhelming subject for some people,” said Rich Holcomb, senior director for benefits and health and well-being services in University Human Resources. “That’s why we offer employees a number of financial planning and retirement resources to help them understand their finances and prepare for retirement.”

For example, the university provides online resources, virtual workshops, in-person seminars, and even a full week of events on campus dedicated to financial wellness.

Here are ways Michigan Medicine can help you keep your finances in check:

Learn your options

Financial plans may be perplexing at first glance, so the U-M Human Resources website breaks down every type of plan offered to faculty and staff. Visit the site for complete information on your retirement savings plans, flexible spending account options, life insurance, and long-term disability plan.

If you’re short on time, check out these two-minute videos about the retirement savings plans and the health care flexible spending account.

The university also has an option to help faculty and staff should unforeseen circumstances arise. The Emergency Hardship Program is designed to provide resources to faculty and staff in the case of a personal financial crisis.

To learn more about the hardship program, call the Michigan Medicine Office of Counseling and Workplace Resilience at 734-763-5409 or click here.

Putting your plans into action

If you are looking to retire or make a major financial decision in the near future, it’s always best to make sure you are on the right track. As a starting point, download a quick retirement planning guide and timeline or a one-page overview of retirement resources at U-M.

The university also offers regular workshops — both in person or online — that are free and open to Michigan Medicine faculty and staff. The Benefits Office holds monthly Planning for Retirement classes at Wolverine Tower or you can watch the presentation online at any time.

Employees are also encouraged to consult this handy 10-step retirement checklist to ensure that nothing is overlooked as you embark on the retirement process.

Look after your financial wellness                      

Finally, Financial Wellness Week will take place from May 7-11, with a variety of courses conveniently located on the medical campus.

The courses are open to all Michigan Medicine faculty and staff:

Make the Most of Your Retirement Savings: If you want to save more for retirement, learn how to maximize your retirement savings, save for retirement beyond your workplace savings plan and take steps today to get prepared for the future.

Fundamentals of Retirement Income Planning: If you’re planning to retire within the next few years, learn the benefits of a retirement income plan, factors to consider when transitioning your savings into income and ways to develop a retirement plan for your goals and lifestyle.

Make the Most of Social Security: Learn about strategies for claiming your Social Security benefit and how it fits with other income sources to create your retirement paycheck.

Invest Confidently for Your Future: If you want to manage your own investments, learn how to build a long-term investment plan for all your accounts that you can feel confident about.

“The university is here to partner with you as you plan your financial future,” Holcomb said. “Don’t hesitate to consult these resources, or call the Shared Services Center if you have any questions or want more information. We’re always here to help.”

The Shared Services Benefits Office can be reached at 734-615-2000.

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