Wednesday, January 27th, 2021 A biweekly topical newsletter from PLANADVISER Financial Wellness Greetings PLANADVISER readers and thank you for opening the second PLANADVISER Spotlight newsletter of the year, focused on the timely and evolving topic of financial wellness. Experienced and novice advisers alike will know there is little consensus about how to define the concept of financial wellness in the context of employer sponsored retirement plans. That said, as explored in the following articles, industry practitioners are hard at work seeking ways to better link short-term and long-term financial priorities. Data & Research Advisers Need to Realize Retirees’ Spending Needs Change Over Time A new EBRI issue brief says there are four major things retirees focus on at any given time, but spending during retirement is even more nuanced than it might appear. Client Service How to Get Participants More Engaged in Financial Wellness Programs Access via several means is key, as is meeting people where they are. The Markets Remember to Give the Gift of Rebalancing As one expert tells PLANADVISER, repositioning portfolios after the recent run-up in risk asset prices could help mitigate future volatility. Client Service Advisers Giving Back: Rita Fiumara and the Financial Literacy Gap Providing Barron’s magazine subscriptions to graduate students at her alma mater is one way Rita Fiumara, a retirement plan specialist at UBS, hopes to help improve financial literacy in the U.S. The Markets Economic Recovery Started in 4Q20, Charles Schwab Says The lingering question is what speed the recovery will take. Compliance Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals 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. Client Service Congress Extends Student Loan Repayment Provision to 2025 Employers will be allowed to make tax-free contributions of up to $5,250 per employee annually toward eligible education expenses, including tuition or student loan assistance. Did someone forward you this newsletter? Sign up here to get PLANADVISER Spotlight directly in your mailbox!

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