As with many things, hands-on instruction is generally the best way to achieve this, especially if you make it into an engaging workshop that’s all about the employee and the employee’s dreams, not about the plan.
Tag "retirement"
Those who work with retirees and people saving for retirement often have the best perspective when it comes to guidance pertaining to what is comfortable and what is not. It begins with a very simple definition.
There’s a fear that those rushing to promote their own PEPs are merely trying to return to the bundle service provider environment the industry evolved away from more than a decade ago. This makes due diligence all the more important.
More sophisticated plan participants who can afford to hire their own adviser. They don’t ask more from the plan. They ask for less, in hopes of gaining more control over their own destiny. For a variety of reasons, this isn’t as easy as some participants would like it to be.
This doesn’t mean you shoot haphazardly for the stars when you can have the moon. After all, you’ve got to know your limitations. Seeking unreachable goals will only make your retirement seem hollow and pointless.
When it comes to retirement anxiety, it’s best to set aside all those matters that fall outside your ability to manage. You can’t change everything. Focus instead on what you can change.
There’s a perverse incentive working here, however. The more aggressive a plan sponsor gets in terms of promoting “financial wellness,” the more likely that plan sponsor will accidentally cross some compliance line.
There’s not a sin in listening to radio shows sponsored by those selling gold and silver. It’s quite another thing to actually act on their “recommendation.”
But that idea contained a flaw. In the early years, limited choices made it easy for employees. The proliferation of the number of options in later years, however, exposed the lack of sophistication within the employee cohort. That can lead to bad decision-making. Alternative solutions were needed.
The Biggest 401k Fiduciary Fireworks, Fizzles, And Flops In 2021
Flops may not be forever. They may just be good ideas before their time. If you’re going to belittle them, you best hurry, because, if you wait too long, you may just discover they aren’t flops anymore. As a result, let’s not waste any time before the shelf-life of these flops expire.