Retirement Planning Tips and resources that everyone can use Money Conversations When you are in a close relationship, it can be easy to put off talking about money with your partner. Even if you’re anxious about your financial situation, it’s important to be open to discussing it. It is possible to work toward multiple goals [...]
Near-retirees and midcareer workers feeling similar stress as recent college grads. There’s no doubt that the rising cost of college is putting lots of financial stress on American workers. Frequently, the cost of a 4-year private university is more than the average cost of a home in most areas of the country. Here is a snapshot [...]
There are lots of advantages to an HSA. But you should keep these three potential pitfalls in mind before you decide to open an account: Contributing when you are no longer eligible – In 2020, you can participate in an HSA if you have a high-deductible health insurance policy with an annual deductible of $1,400 [...]
In the sports world, a mental error can cost your team the big game. When you are investing, a mental error can put your retirement portfolio at risk. Mistakes often result from letting misconceptions and emotions affect your decisions. Successful investing generally requires logic and reasoning. To avoid a fumble, you may want to guard [...]
Q: Our 401(k) plan is relatively small. Do we need to be concerned about fiduciary issues and lawsuits? It seems like there are bigger fish to fry! A: If your plan does not hold much money in assets, you are correct that ERISA enforcement agencies have bigger fish to fry. However, that does not mean [...]
Grab your sunglasses -- summer's here, and it's time to kick back and relax...(and create a financial plan). If only it were that easy. It would be great if all your worries disappeared when summer arrived, but that doesn't happen. Actually, if money is stressing you out and you're planning to take a vacation, summertime [...]
In projecting what you’ll need to save in order to generate enough retirement income, it helps to (1) prepare a realistic household budget and (2) understand what types of expenses you’ll have once you stop earning a regular paycheck. Types of Expenses Fixed Expenses – “Must Haves” Mortgage or rent Taxes (income and property) Car [...]
401k Results improve with thoughtful use of auto features The assumption when plan sponsors began to include auto features in their 401(k) plans was that participation rates and deferral amounts would increase — but no one knew for sure. As time has passed, it appears the assumption was good: auto-enrollment and auto-increases have had very [...]
Q: We know that emotion plays a role in money, and therefore retirement. What are some ways we can help employees offset less-than-rational emotion and thus make better decisions about their retirements? A: Behavioral economics have been the subject of much discussion in recent years, as you know. Money is a deeply personal subject for [...]
Q: In reviewing employment data at our company, we were surprised to find the average time our employees stay with us to be about 6 years. Considering that many employees who leave us take a lump sum distribution from their 401(k) accounts, it made us wonder what we can do help more transient employees prepare [...]
