Archive for January, 2019
Thursday, January 31st, 2019
FEBRUARY PLAN SPONSOR CHECKLIST:
• Update the plan’s ERISA fidelity bond coverage to reflect the plan’s assets as of December 31 (calendar-year plans). Remember that if the plan holds employer stock, bond coverage is higher than for non-stock plans.
• Issue a reminder memo or email to all employees to encourage them to review and update, if necessary, their beneficiary designations for all benefit plans by which they are covered.
• Review and revise the roster of all plan fiduciaries and confirm each individual’s responsibilities and duties to the plan in writing. Ensure than each fiduciary understands his or her obligations to the plan.
Tags: 401K, employee, finances, payroll, plan sponsor checklist, retirement, Retirement Plans, roth IRA
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Wednesday, January 23rd, 2019
Imagine for a moment that your elderly mother slips and falls and breaks an arm and a leg. She is hospitalized and undergoes rehab — for 12 weeks. Most people think of chronic illnesses when they think of long-term care, but accidents can also trigger the need for extended nursing care, as well as physical and occupational therapy.
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Tags: annuities, Assisted Living, elderly, family, finances, financial planning, healthcare, insurance, life insurance, money, nursing home costs, occupational, retirement, savings
Posted in Uncategorized | Comments Off on The Ins and Outs of Long-Term Care
Thursday, January 17th, 2019
It’s funny, sometimes I run into people in the street who ask me how my grandfather is doing – not because they know him, but because I quite often write about him and how his advice has had such an influence on me.
I recently returned from Australia where I visited my grandfather each day in his nursing home. It was hard to see the change in him and how, at 99 years old, his body is clearly shutting down. His 100th birthday is in March and, as we say in Australia, “He has had a good innings.” But the question is, will he bat a century? (more…)
Tags: financial planning, nursing home costs, planning for long-term care, retirement planning, retirement savings
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Tuesday, January 15th, 2019
The Tax Cut and Jobs Act of 2017 included several provisions that could affect the taxes you pay in 2018 and in the future. If you haven’t already done so, be sure to check with your HR department or benefits manager to verify that you are not under- or over-withholding federal and state tax payments.
Tags: federal tax, financial advice, financial planning, quarterly reminder, state tax, tax cut and jobs act, tax withholding, taxes
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Friday, January 11th, 2019
Employees may ask you for advice about how much of their income they should be saving for retirement, how much they should already have saved, and how much they will need. It’s never a good idea to give one-size-fits-all answers to these important questions, but it’s good that you’re interested in helping participants learn more.
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Tags: 401K, finances, financial planning, income, money, retirement, roth IRA, savings
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Tuesday, January 8th, 2019
For the past 10 years, it’s seemed hardly worth putting any money in the bank. When the country was deep into recession, the Federal Reserve slashed interest rates to nearly zero to stimulate the economy. More recently, in light of improving jobs growth and healthy corporate earnings, the Fed has begun to increase rates.
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Tags: CDs, certificates of deposit, interest, interest rates, money market, savings account
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Thursday, January 3rd, 2019
If your workforce includes recent college graduates, it’s likely that some of them have debt associated with their college years. Student debt may play a large part in the finances of these young (and even not-so-young) employees; that’s why a complete picture of employee financial wellness should consider it. (more…)
Tags: 401K, finances, financial planning, retirement, retirement plan, retirement planning, savings, student debt, student loans
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