Archive for the ‘Uncategorized’ Category

Should You Include Or Avoid Social Security Education?

Thursday, March 19th, 2020

By all means, include accurate information about Social Security, because for most Americans, it will make up a large portion of their retirement income. According to the Social Security Administration, it will replace roughly 40% of pre-retirement income for the typical retiree.

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Knowledge Is Retirement Power

Tuesday, March 17th, 2020

According to Nationwide Retirement Institute’s “2019 Annual Consumer Survey on Social Security,” less than 25% of people know what their full retirement age is. Your full retirement age is the age at which you can begin receiving 100% of your primary insurance amount, also known as your full retirement age benefit. Your full retirement age depends on your year of birth:

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Tips For Forming A Retirement Plan Committee

Wednesday, March 11th, 2020

Congratulations on seeking an optimal structure for plan oversight. There is no need to reinvent the wheel; a lot of good information has been published on the topic of retirement plan committees.

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Take Five

Thursday, March 5th, 2020

Five easy ways to reduce daily stress

No matter how calm you try to stay, life is going to throw some stressful moments at you. It can really affect your focus on retirement planning or other financial goals. One day you might be stressing on the cost of braces or the cable bill. Other days you’re stressing about how you need to start an emergency fund because your dishwasher or washing machine just conked out for good. Or that college saving fund that just never seems to happen.

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March Checklist

Monday, March 2nd, 2020

  • Begin preparing for the timely completion and submission of the plan’s Form 5500 and, if required, a plan audit (calendar-year plans). Consider, if appropriate, the S. Department of Labor’s small plan audit waiver requirements.
  • Review all outstanding participant plan loans to determine if there are any delinquent Also, confirm that each loan’s repayment period and the amount borrowed comply with legal limits.
  • Check bulletin boards and display racks to make sure that posters and other plan materials are posted and readily available to employees, and that information is complete and

Consult your plan’s financial, legal, or tax advisor regarding these and other items that may apply to your plan.

How Many Accounts Do I Need?

Thursday, February 27th, 2020

A frequently asked question in the retirement industry is, how many accounts should I have at retirement? Should I have a savings account, an investment account and a pension account, or should I have multiple accounts for multiple purposes in multiple places?

I think the question often arises from being told over and over to be diversified in our investments and not to have all our eggs in one basket, meaning that we should spread our money and assets with many companies as opposed to just a single firm. The reasoning behind this is that if something does happen, it will not cause financial ruin. It will only cause mental irritation.

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Is It Really A Hardship Withdrawal?

Tuesday, February 25th, 2020

When an employee has requested a hardship withdrawal from the 401(k) plan and you hear that they are not in true financial need, what do you do? Do you take the word of the person requesting the withdrawal, or demand documentation?

The pertinent point is whether or not the Plan Administrator has “actual knowledge” of the participant’s financial status. In the Final Regulations covering hardship withdrawals, released on September 19, 2019, the Internal Revenue Service (IRS) addresses that point.

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Cashing Out on Bad Spending Habits

Wednesday, February 19th, 2020

Four tips to help keep you from overspending

Do you find yourself looking out at your porch more often, wondering when your next Amazon package will arrive? Do you leave the grocery store with a couple more bags than you planned for? Do you feel like sometimes you just want to buy stuff? For almost 16% of Americans, “buying stuff” is an addiction, or what the American Journal of Psychiatry calls a “compulsive habit of buying with significant adverse consequences.”

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Retirement Savings and Plans Don’t Always Align

Thursday, February 13th, 2020

Nearly half (48%) of retirement plan participants are either “confident” or “very confident” about achieving a secure retirement by the date they plan to leave the workforce. Yet, 55% of them have saved less than $100,000 toward retirement. The lack of saving doesn’t seem to have dampened their enthusiasm about retiring early, though: 36% expect to retire before age 65. It’s true, those could be among the small number of total workers who have saved at least $250,000 for retirement; perhaps the 22% who expect to work until age 70 (or more) are among those whose savings and confidence about retirement security are relatively low.

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Your Retirement Super Bowl

Tuesday, February 11th, 2020

A Strategic Saving Plan is the Key to Victory

Super Bowl LIV, the 54th Super Bowl, will decide the National Football League champion for this current season. The game is scheduled to be played on February 2, 2020, at Hard Rock Stadium in Miami, Florida. Jennifer Lopez and Shakira will be performing at halftime. In the meantime, you’re still trying to figure out how much you should be saving for retirement.

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