Retirement Plan Enrollment: How to Get More Employees in the Game

July 26, 2011

Do you have a population of employees that are still on the sidelines regarding participating in your retirement plan?  According to a recent study by Aon Hewitt, 76% of eligible employees participated in their company’s DC plan in 2010, which means that almost 1 in 4 employees ARE NOT participating!  It just amazes me that even with the popularity of auto enrollment, there are still so many employees not taking advantage of saving for retirement. Continue reading “Retirement Plan Enrollment: How to Get More Employees in the Game”

I WAS Officially Depressed, but Feeling Better Now

July 22, 2011

What started out as a quick thought about a depressing article on the difficulty younger generations may face preparing for retirement, has now become a mini-series about some of the positive trends I see, and today’s thoughts (the last installment of this series) are on some things that people who have a few decades prior to retirement can do to get into a much better long term financial position. Continue reading “I WAS Officially Depressed, but Feeling Better Now”

I WAS Officially Depressed, but Feeling Better Now

July 15, 2011

Last Friday, I talked about how each generation’s retirement income is increasingly at risk and the factors (longer life spans, shrinking pensions, uncertainty with Social Security, rising health care costs and declining investment returns) behind that trend.  While all of these factors exist and are real reasons for concern, I also see hopeful signs out there as well.  Today, and next Friday, I’ll talk about why I am hopeful and some of the things you can do, small things that may seem inconsequential, to take control of your financial life and buck the negative trends that I showed you last week. Continue reading “I WAS Officially Depressed, but Feeling Better Now”

OK, I’m Officially Depressed

July 08, 2011

Wow.  I don’t think I want to read financial news stories for a while now.  This is one of those times I wish I were older.  What am I talking about?  This article talks about how many Baby Boomers and Gen X’ers are “at risk” where retirement income is concerned.  The numbers get worse with each successive younger generation, and with each passing year.  Here are some numbers (I know, who comes to a financial blog to see numbers…). Continue reading “OK, I’m Officially Depressed”

Obstacles to Benefits Communications

July 05, 2011

As part of my four-part series, I’ve been exploring what I see as the four key reasons why employers do not prioritize benefits education, even though the majority of employers are very eager to increase employee satisfaction with their benefits package.  These four reasons are: Continue reading “Obstacles to Benefits Communications”

GUEST BLOG POST: The 6 Reasons Why the 401(k) Is the Best Way to Save for Retirement

June 30, 2011

401(k)s have gotten some negative press due to the market downturn during the recession, which took a big toll financially on many employees. Even so, as someone who has dedicated my whole working life to retirement planning, specifically to the 401(k), I wanted to share six important points on why 401(k) are still a better vehicle for saving for retirement.

  1. The matching contribution. The vast majority of companies who sponsor 401(k) plans match your contribution into the plan. You can’t get that with any other savings vehicle. For example if you’re going to put money into an IRA nobody is going to come in and give you $0.50 for every dollar that you put into that IRA. Continue reading “GUEST BLOG POST: The 6 Reasons Why the 401(k) Is the Best Way to Save for Retirement”

What About My House? (A Soon to be Retiree’s Dilemma)

June 24, 2011

I met with someone who is preparing to retire in the next year, and we started talking about what a day in his new-styled life would look like.  I asked what I thought was a simple question, “Are you planning to stay in your house, move somewhere warmer (he lives in New England), or stay local and downsize?”  It turns out, the question wasn’t so simple. Here’s why: Continue reading “What About My House? (A Soon to be Retiree’s Dilemma)”

Obstacles to Benefits Communications – Part 1

June 21, 2011

Last week I wrote about a recent study that revealed a decline in employee perception of the value and satisfaction level of employer-provided benefits.  Over the next month, I will explore the four key reasons that I have discovered on why employers do not prioritize benefits education, even though the majority of employers are very eager to increase employee satisfaction with their benefits package.  The four reasons are: Continue reading “Obstacles to Benefits Communications – Part 1”

Poorer Can Actually Be Richer – Fulfilling a Lifelong Dream

June 17, 2011

I recently read an article talking about something we don’t like to talk about.  It was written by a hospice nurse and is about the regrets of the dying.  It was interesting to me to read what the five most mentioned regrets were from those who realized that their time on this earth was coming to an end.  I wasn’t surprised to find that one of the top five was, “I wish I didn’t work so hard.”  (In case my boss is reading this…I wish I could find a way to work even harder!  Is that sucking up too blatant?) Continue reading “Poorer Can Actually Be Richer – Fulfilling a Lifelong Dream”

Investment Secrets Revealed

June 15, 2011

Several weeks ago I was in Chicago giving a workshop on investing.  Every time I give this workshop, I almost always get asked the same thing, “Greg, what is the best thing to invest in right now?”

First of all, if I really knew what the absolute best things to invest in at any time was, do you really think I’d be writing this blog?  I get the sense that people think financial professionals have some sort of secret knowledge when it comes to investing.  They think we can read the tea leaves and know where to invest, and where not to invest.  I can’t blame them, though.  I think the industry has done this to them on purpose.  For years financial institutions have spent countless dollars trying to convince you that they have an edge, a better way to research, a better strategy for picking winners, etc. Continue reading “Investment Secrets Revealed”

Could Vegas Hold the Answer to Your Employees’ Retirement Jackpot?

June 07, 2011
Welcome to Fabulous Las Vegas
Photo by By Goynang/Flickr

The secret to a good retirement planning strategy can be found in Las Vegas, but not at the poker table.  The SHRM 2011 Annual Conference and Exposition kicks off on Saturday, June 25th at the Las Vegas Convention Center and promises to be loaded with practical tips, informative HR sessions, new innovations, and networking opportunities – not to mention nonstop entertainment, Vegas style. Continue reading “Could Vegas Hold the Answer to Your Employees’ Retirement Jackpot?”

Should I Manage My Investment Account or Use a Financial Advisor?

June 02, 2011

If I had a dime for every time I heard this question – I would have a lot of dimes! This is actually one of those questions I feel shows that an investor has entered the introspective phase of their investing life. The good news here is that the sooner you can answer this question, the quicker you can get on with the business of putting your money to work for you! Continue reading “Should I Manage My Investment Account or Use a Financial Advisor?”

Can We Stall the Coming Retirement Crisis?

May 31, 2011

It is hard not to hear about the pending doom and gloom forecast for the baby boomers approaching retirement.  I was standing in line waiting to pick up my rental car last week and the flat screen TV on the wall had CNN reporting about how boomers “don’t even know what they are going to end up doing” since many are unprepared to face retirement and that Social Security and Medicare may fail as a safety net for the boomers.  The irony is that I was on my way to facilitate a workshop on Retirement Readiness for a company that is proactively preparing their workforce to have a financially secure retirement, bucking the trend of many employers who are putting more of the burden on the workers to save for their own retirement.  So what is the answer to having your employees take charge of their own futures and focus on building a sizeable retirement nest egg? Continue reading “Can We Stall the Coming Retirement Crisis?”

“I Have a Pension? I Didn’t Realize That.”

May 17, 2011

Less than 1 in 5 workers today have a traditional pension these days, so those that do have a pension should be very appreciative, right?  Well, not if they aren’t even aware they have a pension!  I meet with thousands of employees each year who are fortunate enough to work for companies that still offer a company-funded pension, yet they don’t even know how lucky they are and don’t realize they are accruing a pension benefit for retirement by just coming in to work every day.  I’m sure when they were hired, their new employee handbook had details about the pension, and they may even get a yearly statement mailed to them, but do they really understand what it means to them? Continue reading ““I Have a Pension? I Didn’t Realize That.””

Risk of Failure to Balance Budget

May 11, 2011

So in my last blog I outlined the real danger of government spending without a balanced budget.  If the government continues to borrow and spend, borrow and spend, borrow and spend, pretty soon Uncle Sam won’t be able to borrow any more.  If that happens – if foreign governments don’t lend the U.S. money, if investors don’t buy U.S. Government Bonds – how will the government pay for its expenditures?  This is a difficult question, and one we hope we never have to answer, but rather than cross our fingers and put our heads in the sand, we need to face this potential reality head on.  We know that the government’s going to have to do something, so here’s what you can do to be prepared: Continue reading “Risk of Failure to Balance Budget”

What the Navy Seals can Teach Us about Executing a Plan

May 06, 2011

The biggest news story all over the world right now is the U.S. Navy Seals Team Six’s mission into Osama bin Laden’s home.  This event has created an incredible amount of emotion across the globe and as of this writing, a controversy over publishing photos.  While I won’t go into a political discussion here or a religious one either, there are things that we can all take from this event and apply to our own lives. Continue reading “What the Navy Seals can Teach Us about Executing a Plan”

What Should I Consider When Taking My RMD?

May 05, 2011

I was doing some workshops for a group of pre-retirees (talk about envy!) and we were going over a lot of the basic questions that group often has, how do I know if I have enough money, how do I plan for medical costs, what should I do about my investment allocations, etc.  But the question that seemed to generate a lot of interest was if there were any strategies surrounding taking the Required Minimum Distribution (RMD).  The strategies listed below can help you be more efficient in deciding which dollars you should consider using to pay your RMD. Continue reading “What Should I Consider When Taking My RMD?”