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Engineer & Manufacturing Retirement Planning

Building a successful retirement requires a well-crafted plan. We know that you as an industrial sector professional know the importance of a plan.

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At Premier Financial, we understand what it takes to construct that plan in order to build a better retirement for you. Our experience helping employees in the engineering and manufacturing industries includes identifying the unique challenges you face and capitalizing on opportunities awarded to professionals in the industrial sector.

Your job requires hands-on experience, and so does ours. With our proprietary process called The Tailored FORMula, we listen to your specific needs, identify your risk tolerance, and determine your growth goals to secure you a meaningful retirement.

We work hard for you because you work hard enough.

Types of 401(k) Plans

State of Michigan 401(k) & 457 Plan

If you're an engineer or manufacturing worker employed by the state of Michigan, you might be eligible for the state-sponsored 401(k) and 457 plan. This plan offers features including automatic enrollment, employer matching contributions, and a Roth 401(k) option for after-tax contributions with tax-free withdrawals in retirement.

Multiple Employer 401(k) Plans (MiMEP)

Michigan offers the Multiple Employer 401(k) Plan (MiMEP) through the Michigan Chamber of Commerce for those in the private sector. This plan allows smaller to medium-sized businesses to offer employees access to a 401(k) plan with features typically seen in larger companies.

Standard Employer-Sponsored 401(k) Plans

Many companies will have their own 401(k) plans offered as part of their employee benefits package. These plans vary depending on your specific employer.

Individual 401(k)s

If you're a self-employed engineer or own a small manufacturing business, you may be eligible to open a Solo 401(k) which offers some of the tax benefits of a traditional 401(k) plan.

Pension Plans

Private Sector

Most engineering and manufacturing companies in Michigan have transitioned away from traditional defined-benefit pension plans. Most companies today in these two sectors offer 401(k) plans as the primary retirement savings entity.

Public Sector

Unlike many public sector jobs, engineers and manufacturing workers in Michigan typically won’t have state-sponsored pension plans. There are some exceptions though. Publicly employed engineers, including those working for the state government or municipalities, might still receive defined-benefit pension plans alongside other retirement savings options.

Union Representation

Union representation might have negotiated pension plans as part of their collective bargaining agreements. If you’re an engineer or manufacturing professional in a union, be sure to look into what your pension options include. These plans are specific to the union and employer involved.

Book an appointment to learn more about your retirement options with one of our financial advisors today.