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Retirement

Retirement

Plan now to retire later: Invest in your 401k Plan

Helping you worry less about retirement is one of our goals. We provide a 401k through Charles Schwab.

We contribute .75% of every dollar for the first 4% of your contribution, for a total of 3% Smithers contribution.

If you do not make an election, we make it easy for you and automatically enroll you at 6% (As of 1-1-22) of gross pay, and your money is invested in your age based Target Retirement Fund.  One of the features of the Smithers 401k plan are automatic enrollment and increases over time that allow you maximize your savings.

We also offer Target Retirement funds that will manage your plan for you.
After your first paycheck, new employees can enroll in the Smithers 401k Retirement Plan.

To login to your personal Schwab account: https://workplace.schwab.com/public/workplace/retirement-planning

2 programs to choose from, and 22 Investment choices.

  • 401(k) – pre-tax contribution
  • Roth 401(k) – post-tax contribution

2022 Maximum Contribution – $20,500
2022 Roth Contribution – $6,500

Catch-up contributions
Those employees age 50 or over can contribute an additional $6,500

Retirement Advice and to discuss rolling over a retirement fund into your Smithers retirement plan:

  • Talk with a Charles Schwab representative at (800) 724-7526 or in-person at their office.
  • We offer on-site retirement planning advice every fall through Captrust

Retirement approaching: Information to help ease the transition to retirement

Captrust Advisors offer you a customized Blueprint Retirement Plan based on your individual needs. Meet with an Advisor and earn tokens towards your wellness program.  Captrust looks forward to getting to know you, answering your questions, and working together to develop a plan that’s designed to meet your individual financial wellness and retirement savings goals. It all starts with a simple appointment. Click https://www.captrustadvice.com/scheduler/ to schedule a 30-minute call with one of their expert advisors.

Tip: So that they may most effectively assist you, please have your Charles Schwab account login information, a recent copy of your account statement, a current paycheck, and any other financial records you would like us to review available for reference during your appointment.

Medicare Information and Help With Enrolling:

What is Medicare?

Medicare is the health insurance program run by the Federal Government.  It is available to those 65 and older, those under 65 with certain disabilities, and those with end-stage renal disease

Assembling the Right Coverage

Assemble different types of coverage

Original Medicare

Part A : Hospital Insurance

Part B:  Medical Insurance

Part D: Prescription Drug Coverage
Optional coverage by approved private companies.

Medicare Supplemental Insurance
Option coverage from private insurance companies that fill gaps in Original Medicare Coverage.

— OR —

Combine the parts into one plan

Medicare Advantage Plans

Part C: (HMOs and PPOs)
Combines Part A (Hospital) and Part B (Medical) and in some cases, Part D (Prescription Drugs)

It’s not supplemental coverage.  A variety of plans are offered by private insurance companies approved by Medicare.

When to Enroll in Medicare
  • Starting three months before your 65th birthday
  • Or three months before you retire
  • Or to move employer based coverage if you are 65 or older
How to Enroll in Medicare?
  • Call 1-800-722-7331
  • Sign up at your local Social Security office
  • Online at www.ssa.gov

Why wait? Call 1-800-722-7331 today to get your questions answered. Or, click HERE to schedule a convenient time to speak with one.

We have partnered with InsureOneBenefits to provide you and your family members assistance in navigating the Medicare landscape. Click here to learn more about Medicare and connect with an advisor from InsureOneBenefits to evaluate your options.