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  • Andy Flack, MBA, CFP®

Mercy Health Muskegon - Financial Tips For You

I have had the opportunity to help healthcare providers in the Mercy Health Muskegon system with their financial planning needs and have become familiar with many aspects of their benefits packages and 403(b) investment options. In this article, we will take a look at some of the unique features of the 403(b) that you may be able to use to your advantage.


I have had the opportunity to help healthcare providers in the Mercy Health Muskegon system with their financial planning needs and have become familiar with many aspects of their benefits packages and 403(b) investment options. In this article, we will take a look at some of the unique features of the 403(b) that you may be able to use to your advantage.


The default investment for your Trinity 403(b) will be one of the target date funds based on your expected retirement date. For example, if you are expected to retire in 2030, all of your investments will go into the 2030 Target Date Fund. These are mutual funds that become more conservative every year as you approach your retirement date. By the time 2030 comes around, you are in mostly bonds. It is a one sized fits all, set-it-and-forget-it approach.


Since everybody saves differently and spends differently in retirement, this one sized fits all approach is rarely the best option. Luckily, you have other investment options available in your 403(b) that allow for a more personalized approach. We can use these investments to customize your investment strategy after taking your full financial picture into account. In the health field, you need to know your patients medical history before you come up with care plan. The same concept applies in finance. We need to know the whole picture before we can develop a financial plan.


Once we come up with an investment and savings strategy based on your goals, we can set up the 403(b) to automatically rebalance your investments every 6 months. Rebalancing back to your original investment allocation is a great way to potentially improve your investment returns as well as maintain a mix of investments that is right for you even when the market changes.


If you would like to learn more about the automatic rebalancing feature or are still using a target date fund in your account, please call me to set up a free meeting. We can also go over any other questions you may have regarding your overall financial wellbeing and whether you are taking advantage of the right benefits package.