November 7, 2022
How S.M.A.R.T. are your financial goals?
Whatever your financial goals—whether short or long term—taking a S.M.A.R.T. approach can help make your dreams a reality.
Going through a change at work
Leaving your job can give you a lot to think about. And it can be easy to lose track of your retirement savings. We’ll help you figure it all out, including what you could do with your savings plan.
We can help you choose the right option for you
When you leave your job, you’ll need to decide how to manage your savings.
Talk to someone about your options
When you’re transitioning from your group savings plan, you have access to a transition consultant for retirement plans who can explain your options and help you make the right choice for you.1
Keep saving with Manulife
The Manulife Personal Planᵀᴹ offers many of the same features and benefits you had in your Manulife group retirement program.
Retiring
When you retire, you may want to receive income from your savings. Manulife offers retirement income options that come with many of the features you've enjoyed in your group savings plan.
Call us at 866-991-3056 to get started!
1 If you already have a Manulife advisor, please contact them for help transitioning from your group savings plan.
Compare your options
Learn your options for managing your savings in your employer's plan after a job change or retirement. Good news: You have several options, and we can help you with them. Explore your options to decide which may be best for you. If you have questions, our team of transition consultants is here to help. Call us at 866-991-3056, Monday to Friday, 9:00 A.M. to 5:00 P.M., ET.
1. Move to a Manulife Personal Plan
2. Stay in your current plan
3. Move to a different account
4. Take it as cash
1. Move your savings to the Manulife Personal Plan
This is an option that allows you to keep your money invested with Manulife and offers you other retirement benefits outside your workplace plan. With Personal Plan, you can access many of the same perks you have with your plan today—and more!
A good choice if you’d like to:
- Keep your savings growing tax deferred
- Create one place for all your retirement savings
- Invest in an account that isn’t tied to an employer
- Earn rewards with the Member Reward Program
- Keep all or most of the funds you have now
- Have more investment options, with access to more than 200 funds, including guaranteed investment accounts and other funds that may not be available in your employer's plan or in other individual plans
Keep in mind:
- Investments may be different than those in your group plan.
- Fees may be different than those in your group plan.
2. Stay in your current employer’s plan
Give us a call to find out if this option is available to you—and we'll explain all your options while we're at it.
Call us at 866-991-3056
A good choice if you’d like to:
- Keep your current services
- Stay with your current investments, with access to the same options you have today
- Continue your Manulife relationship
Keep in mind:
- You can no longer contribute to your account.
- Investment and withdrawal options are controlled by your former employer.
- There may be a minimum balance required to stay in the plan.
- Fees may apply and could be different than what you currently pay.
3. Move to an account outside of Manulife
If you have a new job, you may want to move your money to your personal savings account or transfer it to your new employer’s retirement savings program. Give us a call to learn more.
A good choice if you’d like to:
- Consider new investment and service options
- End your relationship with Manulife
Keep in mind:
- Investment options vary depending on the provider
- Fees may be different than what you currently pay
- You may have to pay fees for transferring your money out of this account
- Depending on your account and type of investments, you might encounter tax implications
4. Take it as cash
If your money isn’t locked-in, you may be able to take it as cash, but you may have to pay taxes on the money you take out. Give us a call to learn more.
Worth considering if:
You have a serious need in the short term for money that can’t be met any other way.
Keep in mind:
- Depending on your plan, some of your savings may be locked-in, which means typically that you can’t take the money out until you’re ready to retire
- Cash withdrawals may be available from some of your savings plans
There are advantages and disadvantages to all options. You are encouraged to review your options to determine if staying in a retirement plan, moving into Personal Plan, or another option is best for you.
6 considerations to help you choose what's right for you
Answering a few key questions can help you decide what you should do with your savings when your employment ends.
1. Investments
- Are your current investments working for you? Do you want to stay invested in them?
- Are you invested in the right mix of funds, based on how you feel about risk and how much time you have till you retire?
- Does the account offer you funds that suit your investment style and strategy for retirement?
2. Account services and tools
- Does the account offer tools to easily manage your savings online?
- Would it be easy if you wanted to combine accounts?
- Do you get the financial guidance you need?
- Do you have the insurance and health benefits you need?
3. Your savings goals and progress
- Does the account offer you a way to check in on your savings goals and progress?
- Are there tools to help you assess your financial strengths and gaps, set goals, and stick to a savings strategy?
4. Advice and support
- What happens if you have questions?
- Will you have access to meet with an advisor?
5. Fees
- How much do the accounts cost?
- Do you understand all the fees?
- Is the cost appropriate for the value you’re receiving?
6. Taxes
Depending on the types of accounts and investments you hold, there may be an impact on your taxes.
We’re here to answer your questions and help make your change easy.
Call us at 866-991-3056 to speak with a consultant.
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