Advanced Retirement Planning for Rutgers Medical Faculty

This guide provides detailed information on retirement planning specifically for medical doctors, dentists, and professors participating in the New Jersey Alternate Benefit Plan (NJ ABP). It outlines the various retirement plans available, including the 401(a), 403(b), and governmental 457(b) plans, emphasizing the importance of maximizing tax-advantaged savings through strategic contributions. The document explains the unique features of the NJ ABP, such as mandatory contributions, matching formulas, and liquidity restrictions. It details the contribution limits for each plan, including catch-up provisions for those nearing retirement age. Additionally, it highlights the investment options available through the NJ ABP and the implications of salary thresholds on matching contributions. The guide also addresses the process for changing salary deferrals for retirement contributions, ensuring that faculty members can effectively manage their retirement savings and align them with their long-term financial goals.