Together, we can maximize your Wellstar benefits.
Financial Planning for Wellstar Employees
While working at Wellstar, you may have questions regarding the specifics of the plans and benefits available to you. By coordinating company benefits with your outside assets, our wealth management approach helps you understand each offering to maximize your benefits and achieve your personal financial goals.
Save More Using Wellstar’s Supplemental Retirement Savings Plan
Wellstar’s SRSP TransAmerica 403(b)
Whether retirement is around the corner or off in the distant future, you want to ensure you save in the most tax-efficient manner for you and your family. We help you get the most from both pre-tax and after-tax savings in your SRSP.
How we help Wellstar Professionals with their SRSP:
- Review deferral percentages to ensure you maximize qualified plan contributions each year
- Annually determine the appropriate mix of pre-tax and Roth contributions
- Monitor investment performance and implement investment, savings, and tax-minimization strategies tailored to your long-term goals
- Coordinate with TransAmerica to update your beneficiary designations to match your estate planning goals
Making the Most of Wellstar’s Deferred Compensation Plan (DCP)
For those with certain job levels, the DCP can be a valuable benefit to defer real-time compensation into future years when you have a greater need for it and at potentially lower tax brackets. We optimize your DCP elections in coordination with your expected retirement income to reduce taxes today and minimize them in the future.
Protecting Yourself & Your Family with Wellstar’s Insurance & Health Plans
You care about providing for and protecting those you love most, but do you have the right contingency plan in place if an unexpected event arises? As a fiduciary advisor working in your best interest, we never sell insurance products. Instead, we help you understand the various insurance options available to you and help you decide on a plan that works best for you and your family. Our goal is to ensure that you only pay for what you need instead of all the extras you don’t.
Wellstar offers Short-Term Disability plans, Long-Term Disability plans, a Supplemental Life Insurance Plan (SLIP), and Term insurance plans.
Selecting the Right Wellstar Health Plan for You
With each plan comes various trade-offs and opportunities. We walk you through each plan, plan your contributions for healthcare costs and future retiree medical costs in the most tax-efficient manner, and help you maximize your take-home pay by optimizing your HSA and HC FSA accounts.
Wellstar offers two high-deductible PPO options with co-insurance and one EPO option with co-pays.
Maximizing Wellstar’s Benefits for Your Family
Whether you’re planning for children or well into parenthood, choosing the wrong benefit enrollments can leave money on the table. Wellstar provides a Dependent Care Flexible Spending Account employees can use to pay for qualified daycare expenses tax-free. Open Enrollment is also the time to choose your family’s health insurance for the upcoming year, a critical decision to manage out-of-pocket costs and coordinate coverage with a working spouse.
Navigating Job Uncertainty or Severances at Wellstar
If you’re affected by a reorganization or layoff, we can help determine if retirement is a viable option. Whether you decide to retire or move into a new role, we can provide insights into your options and their impacts.
If you’re unsure about future employment at Wellstar or how a job change could affect your future, we know Wellstar severance packages and benefits. We can help you evaluate your goals, analyze your current financial status, and prepare for the next steps forward so you can start your next venture with confidence.
Navigating Promotions at Wellstar
Earning a promotion can be exciting and filled with new responsibilities, a new job title, and potentially a higher salary and benefits package. What many Wellstar executives fail to realize is that this also means more considerations and opportunities for mistakes. When you begin reaching certain income thresholds, there are more nuances regarding your 403(b) and other savings options, your taxes, and financial planning strategies you can leverage. If you aren’t adjusting your contributions or paying attention to specific tax forms, you could be leaving money on the table. As you climb the corporate ladder, your financial plan needs to evolve alongside you. We can help you pivot and adapt your financial strategy to ensure that you have a plan in place anywhere your career takes you.
Leaving Wellstar to Become Self-Employed
Upon retirement from Wellstar, you may choose to continue working as a consultant. If you plan to do this, we can help you understand how to structure your finances and retirement to fit your new role. Our team of tax and financial professionals can help you navigate:
- Liability Protection for LLCs
- Tax Deferral Strategies for Solo 401(k), Sep IRA and Solo Pension Plans
- Tax forms unique to consultants, such as Form 1099 and the Correct Way to File Them
- Negotiating Compensation and Hourly Fees with an Understanding of How Consultants Are Taxed
Evaluating a Job Beyond Wellstar?
Being recruited is exciting, but how can you know if accepting a new position is the right move? It is often difficult to directly compare the value of two compensation packages and all the benefits on the table. With our expertise in corporate benefit plans, we can map out the difference in value between your current job and the one you’re considering to help you decide between them or leverage for a better offer. Whether you choose to take the job or not, we’ll help you optimize your elections — at Wellstar or your new company.
Planning Retirement From Wellstar
Deciding if you’re prepared for retirement can be a daunting task, and for most, retirement is a once-in-a-lifetime decision. So it’s important to get it right the first time. We will walk you through the complex options and timelines to correctly handle all elections so you avoid losing any benefits and minimize taxes.
We’ll also help you answer common questions like:
- Which savings account should you draw from first, and when should you take Social Security.
- If you want to consult before winding down, how can you start a consulting business?
- How should your investment strategy change in retirement?
When Should You Retire From Wellstar?
When you decide to retire from your career at Wellstar can significantly impact your retirement income. Sometimes, waiting a few weeks or retiring just a month earlier can be a difference of tens of thousands of dollars. By understanding the timing of the payouts and tax implications of your benefits, we can determine the most tax-efficient retirement date for you that optimizes your income into your retirement days.
Leveraging Your Wellstar 403(b)
Wellstar’s SRSP TransAmerica 403(b)
As you think about retirement, you might be asking the question: From where should I take the money I need for expenses? Our team can help rebalance your SRSP for your transition into retirement while considering your full financial picture. The transition from accumulating assets to living off of them can be tricky, so working with an advisor can help you understand which assets you should be pulling from and in what order to minimize taxes for a smooth retirement.
Utilizing the Wellstar Deferred Compensation Plan (DCP)
The DCP can be a valuable benefit for deferring current-year compensation into future years when you have a greater need for it. Upon retiring, it’s crucial to incorporate your DCP election payout schedule into your income tax planning to minimize taxes in your early retirement years.
Setting Up Your Consulting Practice
Upon retirement from Wellstar, you may choose to continue working as a consultant. If you plan to do this, we can help you understand how to structure your finances and retirement to fit your new role. Our team of tax and financial professionals can help you navigate:
- Liability Protection for LLCs
- Tax Deferral Strategies for Solo 401(k), Sep IRA and Solo Pension Plans
- Tax forms unique to consultants, such as Form 1099 and the Correct Way to File Them
- Negotiating Compensation and Hourly Fees with an Understanding of How Consultants Get Taxed
Baker Wealth Group, LLC is not endorsed by nor affiliated with Wellstar Health System, Inc.