Your Mass General Brigham (MGB) Benefits & Career: Financial Planning for Employees and Executives

Do you work at Mass General Brigham? Get the resources you need and expert insights from financial professionals who specialize in helping Mass General Brigham (MGB) employees make the most of their compensation package and benefits.

Whether you’re a new Mass General Brigham employee or you’ve moved up the ranks into a management or executive leadership role over a multi-year career, it’s important to make smart money moves with your income and employee benefits. For example:

✅ Do you know the right moves to make to get the greatest value from the Mass General Brigham benefits available to you?

✅If you’re thinking about leaving Mass General Brigham for another job or planning to retire from the company in a few years, are you taking the right steps today to ensure you will receive all of the compensation and benefits that you’ve earned?

Get the Most Value from Your Mass General Brigham Benefits and Compensation Package

Throughout the year, Mass General Brigham provides its employees and executives with updates about their benefits ranging from health insurance and health savings plans to retirement plans like a 401(k) and deferred compensation plans. While the company offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with Mass General Brigham who specialize in helping Mass General Brigham employees make the most of their income and benefits.

Whether you work in the Mass General Brigham headquarters in Boston, Massachusetts, another office location around the country, or remotely from home, you may have questions about your compensation package and benefits better suited for a financial professional who can offer unbiased advice and guidance.

For example, sensitive topics like discussing the steps you should take before quitting your job at Mass General Brigham to work elsewhere, protecting yourself in advance of a corporate layoff, or deciding when you should plan to retire are all conversations that may be more comfortable with a trusted financial advisor.

💡 In the Q&A below, you’ll gain insights from financial advisors who work with Mass General Brigham employees to help them make smart decisions to get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.

🙋‍♀️ Do you have questions not yet answered? Use the form below to submit questions anonymously and watch this article for updates with answers to your questions. You can also reach out to the financial advisors below to set up an introductory call or contact them with your questions by email.

💸 Smart Money Insights for Mass General Brigham Employees & Executives

This page is organized into sections to help you quickly find the information you need and get answers to your questions:

1. Q&A: Financial Planning Tips for Mass General Brigham Employees & Executives
2. Get Answers to Your Questions About Your Mass General Brigham Benefits and Career
3. Quick Facts & Resources for Mass General Brigham Employees
4. Browse Related Articles

Q&A: Financial Planning Tips for Mass General Brigham Employees & Executives

Answers to Employee Questions with Chris Chen, CFP®, CDFA®

Chris Chen is a financial advisor based in Newton, Massachusetts, who specializes in offering financial planning services to Mass General Brigham employees. Chris helps his clients get the most value from their Mass General Brigham benefits and compensation package so they can enjoy life and feel confident about their financial future.

Q: As a financial advisor with experience helping Mass General Brigham employees save for their retirement, how do you help them make the most of their employee benefits?

Chris: I help Mass General Brigham employees take stock of their benefits, including retirement plans, and show the impact on life in retirement.

Q: When you first speak with a Mass General Brigham employee, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?

Chris: What have you done to plan for your future? How can I best help you?

Q: Is there a particular benefit available to Mass General Brigham employees you feel isn’t as well utilized or understood by employees as it should be?

Chris: The Retirement Medical Savings Account allows employees over 50 to save for retirement expenses. This is in addition to other retirement plans. Many people are confused how that works.

Q: Beyond Mass General Brigham employee benefits for retirement savings, are there other types of benefits offered by the company that you find valuable to discuss with your clients (e.g., stock, education savings, health savings)?

Chris: The programs offered at the Benson Henry Institute for Mind Body Medicine are fascinating and can be helpful.

Q: For Mass General Brigham employees thinking about leaving the company to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?

Chris: Taking stock of the retirement plans. Analyze them so you can estimate what you need from your next job to reach the retirement you want and deserve.

Q: For Mass General Brigham employees approaching retirement age, how do you recommend they prepare to make the transition from living off their salary to relying upon other sources of income?

Chris: Many MGB employees approaching retirement are well compensated. Transitioning from a high income to relying on assets is not an easy exercise. The best preparation is to do a financial plan to show the impact of the sudden income shortfall, how to fill it with income from assets while ensuring other goals are met, how to shelter from volatility, and minimize taxes. Most pre-retirees really appreciate the clarifying aspect of financial planning.

Q: For Mass General Brigham employees who have managed their finances on their own to this point, what would you suggest they consider to help them decide if they should begin working with a financial advisor at this stage in their lives?

Chris: Managing your finances when you are in accumulation mode is well covered in the popular financial media, and large firms such as Vanguard and Fidelity provide a lot of information to help. Decumulation is different. It is not well covered in the popular financial media, and the conventional wisdom of accumulation is not necessarily applicable. There are many unknowns. Coming to mind is the impact of inflation and longevity, the potential cost of long-term care, how to plan for legacy, and how to minimize taxes in retirement. It is a lot of unfamiliar work to manage on your own. And there is no redo.

Q: What are some of the unique financial planning challenges you commonly see among your clients who are Mass General Brigham employees and how do you help them overcome these obstacles?

Chris: Many Mass General Brigham employees retire with substantial assets in pre-tax savings plans. We help them ease out of them to minimize lifetime income taxes.

Q: What questions do you recommend Mass General Brigham employees ask financial advisors they’re considering hiring to help them decide if they’re a good fit?

Chris: One of the key goals of retirees is to not run out of money in your lifetime. If that is your goal also, you can ask how the financial planner does that. If you have a different concern, that’s what you should ask. You want your financial planner to work just for your best interests. Ask if they are fiduciaries, if they are independent, and if they are fee-only. These are the basics to get a financial planner who has minimal conflict of interest.

Q: Is there anything that comes up frequently in your initial meeting with Mass General Brigham employees that surprises you?

Chris: Many Mass General Brigham employees don’t understand the difference between their pension and their 403(b)

Q: For highly compensated Mass General Brigham employees and executives, are there any special benefits you believe it’s important to take into consideration when preparing their financial plan?

Chris: Incorporating tax planning into financial planning is essential to help reduce lifetime taxes.

Q: Is there a particularly memorable experience or a moment you recall with a client who worked at Mass General Brigham when you realized they have unique opportunities and circumstances when it comes to their financial planning needs?

Chris: Having two separate retirement plans is nice. It allows employees to maximize their retirement savings and enter retirement well-funded. At the same time, it provides a tax challenge to maximize assets and income and minimize lifetime taxes. But it is a good challenge to have!

Get to Know Chris Chen, Financial Advisor for Mass General Brigham Employees:

View Chris’s profile page on Wealthtender or visit his website to learn more.

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