Fill in the gaps for a more complete retirement picture

Feb 19, 2018 | Virginia Olson | @volson

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Saving, investing and planning for your retirement can be highly personal and complicated. That’s why Mayo Clinic has partnered with Financial Engines since 2007 to provide advice and guidance to Mayo 403(b)/401(k) Plan participants. Mayo Clinic automatically enrolls plan participants into the Financial Engines Professional Management program, although they may opt out at any time. If you were automatically enrolled in this program, have you taken action to provide Financial Engines with additional personal information?

The Financial Engines team researches and analyzes the options available in your plan to create and automatically implement your customized investment strategy. They monitor your portfolio on an ongoing basis, making adjustments as needed to help keep it on track. While Financial Engines has basic details about you as a participant, providing them with additional information, such as information about your spouse (if married), your desired retirement age, other retirement accounts you may have and your risk tolerance will help determine the most appropriate investment mix for your Mayo 403(b)/401(k) account.

Updating your personal information with Financial Engines is easy. Login to your Fidelity account and click on the Get Personalized Help from Financial Engines link. Within the Financial Engines website, select the Your Plan tab and go to the fill in the gaps for a more complete retirement picture section.

Look for upcoming Financial Engines events to learn more about their advice services as well as other topics, such as:

  • Retirement Planning. Understand your savings goals, time horizon and risk tolerance as you plan for your retirement.
  • Optimizing Social Security. Know your full retirement age (FRA), your spousal benefit, and if you can afford to wait to take your benefit.
  • Healthcare. Early retirees may need to consider individual health insurance; understand the A’s, B’s and D’s of Medicare; and know your gap options.

You can also go to FinancialEngines.com/formayo to learn more about available advice services.

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