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With the economic downturn due to the COVID-19 epidemic, many 401(k) plan sponsors are considering suspending their safe harbor arrangements mid-year. But, is this the best course of action? Here are some things to consider. Is the plan top heavy? IRC Sec. 416 provides for certain requirements to be followed if a plan is “top...
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Effective January 1, 2020, the rules for required minimum distributions (RMDs) and beneficiary payouts have significant changes. Some good; some bad. The changes impact the requirements of both employer retirement plans and IRAs to distribute assets from the plan upon a certain age and upon death. RMD Rules Until now, a participant in a retirement...
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The “Setting Every Community Up for Retirement Enhancement” Act (SECURE Act) is the largest single pension reform we’ve had in ten years. There are many provisions that touch various parts of the tax code and impact employers and plan sponsors. In this article, we break down the SECURE Act based on provisions that are important...
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A recent analysis of U.S. Census Bureau data by The National Institute on Retirement Security (NIRS) discovered that the median retirement account balance among all working Americans is zero. They also report that 57% of workers have no assets in a workplace retirement plan, individual retirement account (IRA) or pension. Only one in five of...
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The ideal prospective client that financial advisers would generate would undoubtedly show young, college-educated workers with above-average incomes since this prospect gives the advisers the opportunity to assist the client with growing their wealth over several decades. A recent survey of over 1,400 health care consumers, indicated that those using tax-advantaged Health Savings Accounts (HSAs)...
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Women seem to express greater openness to financial education and getting professional financial advice than men do according to a recent study/white paper from Massachusetts Mutual Life Insurance Company. The study reports that 79% of retired women are receiving professional financial advice, versus 68% of men The white paper, “Closing the Retirement Gender Gap,” compiles...
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Among Americans between the ages of 45 and 65 who are saving for retirement, an online survey of 1,007 adults done last April by Allianz Life reported that 49% are “chasers” – people who think they need to catch up on their retirement savings and wish there was a way to make up for lost...
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A survey recently conducted by Bankrate.com indicated that those who have made an estimate, put the median amount at $650,000. Lee Barney of PlanSponsor.com reported on this survey in early June, quoting the following numbers: 61% of those Americans surveyed don’t have any idea of how much they will need to retire successfully. $650,000 was...
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NAPA Net I’s Ted Godbout, reported on an online survey conducted April 9-20, 2018, by Convergys for Merrill Edge Report. The online survey polled 1,000 respondents with investable assets between $20,000 – $250,000. This report indicated that wealthy Americans still value in-person knowledge and expertise for financial advice over emerging technologies that are shaping the...
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The Retirement Income Gap What can cause a shortfall? Social Security – Timing is Everything What happens if you claim early? Retirement Accounts What can employees do to boost their savings? Helpful Hints for Plan Sponsors Upcoming Compliance Deadlines The Retirement Income Gap Many American workers participate in company retirement plans, methodically contributing to their...
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