Retirees should think for themselves and what alternatives they have regarding their retirement assets. These arenât the same as they were when they were working.
Tag "IRA"
As with many things, hands-on instruction is generally the best way to achieve this, especially if you make it into an engaging workshop thatâs all about the employee and the employeeâs dreams, not about the plan.
Thereâs not a sin in listening to radio shows sponsored by those selling gold and silver. Itâs quite another thing to actually act on their ârecommendation.â
In theory, 401k plans were always intended to be highly portable, but thatâs not what happened. âPortabilityâ only evolved to the extent that the most-attractive balances were picked off and rolled over to IRAs, and everyone else was left holding the bag.
The decision to retain and service company retirees appears (at first blush at least) to be a no-brainer. But that includes a very important assumption.
In a nutshell, what was initially considered a âpick me because you like meâ decision on the part of the prospect has been reframed as a âpick me because I sold you investmentsâ decision. Itâs a subtle distinction, but it drives the difference between a fiduciary act and a non-fiduciary act.
When is a “problem” not really a problem? And what can be better than success, even if no one knows about it.
Whatâs the Goal? Last I heard it was preparation for retirement via tax preferred savings ⊠but, looking around at what is typical industry practice, perhaps I have it all wrong.
Although the Rule appears to be directed primarily at service providers, plan sponsors still have a fiduciary duty to monitor plan compliance, and that includes complying with the demands of this new rule.
Exclusive Interview: Larry Starr Explains âGalactically Stupid,â 3% Math, and More!
Interested to know why small plans are different? What the dumbest retirement idea in the past 10 years was? What the most successful concept was? Read all about it in this article.