Retirement Planning for Mayo Clinic Employees
Advising a large concentration of clients who work at Mayo Clinic, our fiduciary team of advisors in the Jacksonville area understands your unique retirement planning needs.
Decades of experience working with Mayo doctors, nurses, scientists, and executives has prepared us to provide you with valuable financial guidance and help you navigate Mayo Clinic’s various retirement benefits.
Understanding the nuances of your Mayo pension and retirement savings plans, including the Mayo 403(b) and 457(b) deferred compensation plans, can make all the difference when faced with a life-altering decision such as retirement. Most people only want to retire once. With the right team, you can position yourself to make your retirement dreams a reality. Our team is here to help you connect the dots so that you can achieve financial independence, which we call Economic FreedomTM.
Planning for our Mayo Clinic clients typically covers three main areas:
Mayo Pension
In 2023, Mayo Clinic made some important changes to its pension plan, making one of the most common questions we hear even more critical: “What is the better pension option – taking the monthly annuity or rolling over the lump sum?” The answer depends on when you were hired because your pension benefit calculation may incorporate two formulas instead of just one. The key you need is understanding how interest rates will increase or decrease your pension benefit, as this could alter your retirement goal.
Mayo 457(b) Deferred Compensation Plan
As a nonprofit organization, Mayo Clinic employees have an advantage that many private sector professionals do not – access to a 457(b) deferred compensation plan. The potential to double your contributions by pairing a 457(b) plan with a 403(b)/401(k) plan is a tremendous opportunity to build a sizable nest egg. Deciding how best to incorporate the Deferred Compensation Plan and payout strategies is just one part of retirement planning we can help you with.
Mayo Clinic Retiree Benefits
As you prepare your retirement papers, you will face some post-retirement benefits-related decisions that are unique to Mayo Clinic. The two most common situations our clients encounter involve Mayo Clinic-provided cash-value life insurance policies and Mayo Clinic-provided retiree health care. To boil it down to one question, should you continue those benefits after retirement or not? We can help with the answer.
Mayo Clinic Retirement Case Study
Meet Mike and Sandy Davis. Mike, 60, is a nurse anesthetist, and Sandy, 55, is a radiologist – both work for Mayo Clinic. Mike is eager to retire early, ideally, in the next 6-12 months. Sandy intends to scale back her schedule to two days/week and work another five years. She could be convinced to retire if they can achieve their desired lifestyle and travel goals.
Case Study
Meet Mike and Sandy Davis. Mike, 60, is a nurse anesthetist, and Sandy, 55, is a radiologist – both work for Mayo Clinic. Mike is eager to retire early, ideally, in the next 6-12 months. Sandy intends to scale back her schedule to two days/week and work another five years. She could be convinced to retire if they can achieve their desired lifestyle and travel goals.
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The information provided is believed to be accurate but is not guaranteed or warranted by Mercer Advisors.