Happy Friday, readers! This weekend’s mailing is centered on the timely topic of emergency savings and holistic financial wellness. Skilled retirement plan advisers know that long-term financial success begins with short-term economic stability. Armed with such knowledge, some advisers and their plan sponsor clients are pushing into the areas of emergency savings accounts, debt counseling, tax-advantaged health care savings and more. Collected below is a series of informative articles on these topics. We hope you will share some of what you read with a client or colleague.
Employers are accustomed to having five generations in the workforce, but they now need to focus on the new expectations Gen Z brings to the workplace, Fidelity says.
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Generous and well-designed employee benefits are even more essential when the unemployment rate dips well below 4%—and so is cultivating a sense of trust and inclusion among the workforce.
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Start by presenting health care expenses rationally, as a combination of predictable monthly expenses (insurance premiums) that can be budgeted for, and less predictable expenses (out-of-pocket) that can be managed from savings, a report from T. Rowe Price suggests.
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Educating people about the plans is important, as a recent Edward Jones survey found that only 29% of Americans know what the purpose of these plans are.
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The Center for Retirement Research says the reduction for claiming early is currently too large while the increase for claiming late is about right.
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With the acquisition of Cammack’s $154 billion book of business, CAPTRUST now reports assets in excess of $600 billion; one leader at the firm says the growth is nowhere near finished.
Much of the text of the complaint is dedicated to detailing the reduction in the average fees paid by large U.S. retirement plans for both investments and administrative services.
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
