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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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.
