Top of Mind


Showing entries with the topic “Retirement Readiness”.

Show all >


11

Feb 2021

The “Best” Annuity Out There: The One Participants Already Have

A frequent question from participants transitioning from the accumulation phase to the decumulation phase of their retirement plan lifecycle is whether they should consider using some or all of their assets to purchase an annuity to lock in an income stream in retirement. Often, what these participa…

Read more

04

Feb 2021

There’s Always Money in the Retirement Plan

In the cult classic TV sitcom, Arrested Development, one of the funniest scenes involved former CEO-turned-prisoner, George Bluth (played by Jeffrey Tambor), and his son, Michael Bluth (played by Jason Bateman). During a jailhouse visit to George, Michael indicated that there was money trouble, to w…

Read more

21

Jan 2021

Measuring ROI on Financial Wellness Programs

Considering the woeful state of employee financial wellness statistics and the number of individuals living paycheck-to-paycheck, employer-sponsored financial wellness program should be relatively effective. But how can we determine whether the programs are working as intended? There has not been a…

Read more

10

Dec 2020

Getting to the Bottom of Financial Wellness for Women

The challenges facing women as they strive to achieve financial wellness are unique - and this year’s pandemic has shed even more light on just how important the topic is. In collaboration with my peers at the Retirement Advisor Council, we look to highlight some of the key elements of this importan…

Read more

22

Oct 2020

SECURE Act Refresher

Although it was signed into law on December 20, 2019, it seems like a decade ago that the SECURE Act was headline news. Between the COVID-19 pandemic and the flurry of legislative and regulatory activity in 2020, some plan sponsors have likely forgotten what was, at the time, the first piece of reti…

Read more

15

Oct 2020

Should Retirement Plan Sponsors Be Limiting Plan Loans?

As I have written in the past, I am not a fan of retirement plan loan overutilization, for a variety of reasons. However, loan regulations clearly provide plan sponsors with a great deal of flexibility in this area, including the ability to be overly permissive, quite restrictive, or somewhere in be…

Read more

24

Sep 2020

Helping Those Who Can’t Afford to Save for Retirement (or Anything Else)

The number one reason given by people who don’t save for retirement is that they cannot afford it. And, for some people, this is truly the case; their income is so low, relative to necessary expenses, that they are unable to save at all. For these individuals, Social Security provides a decent safet…

Read more

17

Sep 2020

Why "Six is the New Three" When It Comes to Automatic Enrollment

At last month’s Retirement Advisor Council annual meeting, I had the pleasure of sitting in on a session about participant retirement readiness, where Joe Smith made the statement: “six is the new three” when it comes to automatic enrollment. While I tend to be a sucker for snappy catch phrases, her…

Read more

10

Sep 2020

Young People, Financial Wellness, and Some Interesting Survey Data

Many retirement plan sponsors are aware that financial wellness/independence is a powerful benefit that should be strongly considered or enhanced. Generally, employees who are more financially healthy are able to save more for retirement (and other purposes). And, thanks to the magic of compounding,…

Read more

20

Aug 2020

How Successful is Your Retirement Plan? Ask This Simple Question

There are many ways to measure the success of a retirement plan - from simple methods such as assessing plan asset growth, average account balance, and voluntary participation percentage metrics, to more complicated approaches like monitoring the percentage of participants on track to accumulate eno…

Read more