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Your Medical University of South Carolina Benefits & Career: Financial Planning for Employees, Faculty, and Physicians

By  Brian Thorp

Disclaimer: To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers. Learn how we operate with integrity to earn your trust.

Do you work for the Medical University of South Carolina (MUSC)? Get the resources you need and expert insights from financial professionals who specialize in helping MUSC employees, faculty, and physicians make the most of their compensation package and benefits.

Whether you’re a new Medical University of South Carolina employee or you’ve worked for MUSC 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 Medical University of South Carolina benefits available to you?

✅If you’re thinking about leaving MUSC for another job or planning to retire 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 MUSC Benefits and Compensation Package

Throughout the year, the Medical University of South Carolina provides its employees, faculty, and physicians with updates about their benefits, including health insurance, health savings plans, and retirement plans. While MUSC offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with the Medical University of South Carolina who specialize in helping MUSC employees make the most of their income and benefits.

Whether you work in Chester, Charleston, or anywhere in between, 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 MUSC to work elsewhere or deciding what comes next when you’re scheduled to retire are all conversations that may be more comfortable with a trusted financial advisor.

Should you hire a MUSC specialist financial advisor or an advisor close to home?

You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a financial advisor who specializes in serving Medical University of South Carolina employees, faculty, and physicians.

Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live.

This means you can choose to hire a specialist financial advisor who lives on the other side of the state if you decide their knowledge and experience working with MUSC employees is a better fit to help with your unique needs.

💡 In the Q&A below, you’ll gain insights from financial advisors who work with Medical University of South Carolina 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 MUSC Employees, Faculty, and Physicians

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 Medical University of South Carolina Employees, Faculty, and Physicians
  2. Get Answers to Your Questions About Your MUSC Benefits and Career
  3. Quick Facts & Resources for Medical University of South Carolina Employees
  4. Browse Related Articles

Q&A: Financial Planning Tips for Medical University of South Carolina Employees, Faculty, and Physicians

Answers to Employee Questions with Grant Maddox, CFP®, AWMA®, CSRIC®

Grant Maddox is a financial advisor based in Charleston, South Carolina, who specializes in offering financial planning services to Medical University of South Carolina employees. Grant helps his clients get the most value from their MUSC benefits and compensation package so they can enjoy life and feel confident about their financial future.

Q: As a financial advisor with experience helping Medical University of South Carolina employees save for their retirement, how do you help them make the most of their employee benefits?

Grant: Understanding the ins and outs of the Medical University of South Carolina benefits package and retirement planning allows me to educate and optimize for your situation. MUSC has an extensive benefits package, with employees, faculty, staff, and physicians needing to make pension, deferred elections, and healthcare decisions on an ongoing basis.

Every family’s needs are unique; if both spouses have benefits, it can get even more confusing.

We go through a process with each client to first answer the question of financial independence and then poke holes in our planning (stress test) to ensure that nothing will affect our long-term planning success. Our process is a proactive and collaborative engagement that allows you to work with a trusted accountability partner and review all parts of your financial life. We also take a proactive approach to estate, tax, and investment planning, when applicable.

Q: Is there a particular benefit available to Medical University of South Carolina employees you feel isn’t as well utilized or understood by employees as it should be?

Grant: The 457(b) deferred compensation plan can be confusing; not many employees or physicians know about this benefit. This program is an additional benefit whereby qualified employees can defer compensation on a pre-tax basis OR a post-tax basis. That’s right, MUSC is one of the rare programs that allow for post-tax (Roth) 457(b) deferred compensation. In addition, 457(b) programs can let you put away additional income above and beyond 403(b) or 401(k) contributions.

Furthermore, for those with Student Loans and working with MUSC, you may eventually be eligible for student loan forgiveness under the Public Service Loan Forgiveness program. Lastly, by reviewing federal consolidation considerations, you may even be able to reach forgiveness sooner and at a lower monthly payment. We once saved a client over $70,000 in this review process.

Q: What are some of the unique financial planning challenges you commonly see among your clients who are Medical University of South Carolina employees, and how do you help them overcome these obstacles?

Get to Know Grant Maddox, Financial Advisor for Medical University of South Carolina Employees:

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

Grant: Making decisions on benefits optimization or retirement plan utilization can have substantial long-term effects on your financial health. Unfortunately, getting advice from your colleague or neighbor will not consider your situation. Instead, it would help if you looked at the totality of your financial picture to make the right decisions.

Q: What questions do you recommend Medical University of South Carolina employees ask financial advisors they’re considering hiring to help them decide if they’re a good fit?

Grant: Transparency is vital for a long-term relationship! So here are some of our favorite questions we like to answer:

  • Are you a fiduciary?
  • How do you get paid?
  • What are my all-in costs? Many advisors also earn commissions from annuity sales, insurance, and even specific mutual funds. Hampton Park Financial Planning does not.
  • What are your qualifications?

Q: Is there anything that comes up frequently in your initial meeting with Medical University of South Carolina employees that surprises you?

Grant: Many employees and physicians don’t realize they can access a fee-only fiduciary advisor at any career stage. Hampton Park Financial Planning works with many MUSC employees and physicians and does not require a minimum account balance or any account balance, for that matter.

Q: For highly compensated Medical University of South Carolina employees, are there any special benefits you believe it’s important to take into consideration when preparing their financial plan?

Grant: MUSC is a participant in PEBA-administered retirement plans. In addition, PEBA, Public Employee Benefit Authority, provides several defined benefit (pension) programs for employees or physicians to take advantage of.

Highly compensated employees can review the possibility of contributing to many plans for their future.

Utilizing the MUSC retirement accounts and saving for retirement is essential. Still, the other benefits protect your assets and income and serve as the foundation for your financial success. Benefits are integral to a financial plan and should not be overlooked. Early to mid-career employees and physicians have unique options that we evaluate regularly.

Are you a financial advisor who specializes in working with MUSC employees or another large company or institution?

✅ Join Wealthtender and get featured as a specialist financial advisor based on your knowledge and experience working with employees at the Medical University of South Carolina or another large company. (Subject to availability and terms.)
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🙋‍♀️ Have Questions About Your Medical University of South Carolina Benefits or Career?




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About the Author
Brian Thorp, Founder and CEO of Wealthtender profile picture

Brian Thorp

Founder and CEO, Wealthtender

Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.

With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.

Connect with Brian on LinkedIn

Disclaimer: To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers. Learn how we operate with integrity to earn your trust.