Top of Mind


Showing entries with the topic “Communication & Education”.

Show all >


11

Jul 2019

Participant Communication: Fun = Engagement

Here is a little exercise for the retirement plan sponsors out there: take the latest piece that you’ve sent (or are about to send) to plan participants, and show it to someone in your office who knows little about the topic. Ask them to read the communication, and then ask if it was fun to read. If…

Read more

27

Jun 2019

What is Happening to "Traditional" Retirement?

Know someone who retired at age 65 and lived out their golden years in paradise with no cares in the world? Well, I used to know people like that, but most of them are dead. While the growing FIRE (Financial Independence/Retire Early) movement is throwing the traditional age of retirement out the w…

Read more

06

Jun 2019

Addressing the Affordability of Retirement Savings

Generally, the reason that employees fail to save for retirement is not because they don’t know the benefits of retirement savings. And, for the most part, it is not because they don’t believe in saving for retirement (although there are some with this mindset). No, the primary reason that people d…

Read more

25

Apr 2019

Why do Employees Cash Out their 401(k)/403(b) When They Leave?

I was talking to a retirement plan participant the other day who had terminated employment with his employer and had a small amount in his 403(b) plan - not so small that it would be automatically cashed out (if the plan had a cash-put provision), but not a giant amount, either. The employee’s first…

Read more

28

Mar 2019

Recordkeeper Financial Wellness Portals: My Personal Experience

As you might imagine, I access the website of my own retirement plan from time-to-time - not so much to check on my personal account, but to see the latest and greatest participant offerings from the recordkeeper. Upon my latest visit, I noticed that there was a “financial wellness” tab. As Top of M…

Read more

14

Mar 2019

The Retirement Plan Raiders are Back!

The anecdotal signs were there: increasing calls from “advisors” requesting instructions on how to roll over plan assets from a qualified retirement plan to an IRA (generally with the participant to whom the IRA was just sold in the room). Often, the participant to whom the advisor is providing “gui…

Read more

28

Feb 2019

Why Borrowing from a Retirement Plan to Pay off Debt is a Bad Idea

It sounds like a no brainer: you’ve racked up high-interest credit card debt, so to pay it off, you plan to borrow from your 401(k)/403(b) plan at a low interest rate that you (in most cases) pay back to yourself. Thus replacing high-interest debt with loan interest debt - and saving tons of money i…

Read more

14

Feb 2019

Simplifying Retirement Plans

According to the latest data, participants are utterly and hopelessly confused about their retirement plans. From lifecycle funds, to the different types of withdrawals/rollovers (a recent white paper cited that participants are more likely to interpret a rollover as a “trick one teaches a dog”), to…

Read more

31

Jan 2019

Decumulation Confusion

Just as the accumulation of sufficient assets is vital to retirement, proper decumulation - or the spending of those assets during retirement - is equally critical. We talk a lot about the former, but not so much about the latter; however as more Baby Boomers age into retirement, this will likely be…

Read more