Medora Lee’s Post

According to our new report from Cogent Syndicated, retirement plan advisors value the SECURE 2.0 Act, recognizing its potential to enhance retirement savings momentum. DC plan sponsors, meanwhile, welcome additional SECURE 2.0 guidance and want to understand the implications and opportunities for their organizations. This presents plan advisors with a great opportunity to build stronger relationships with plan sponsor clients and provide more value-add services. Read the full release: https://hubs.li/Q02d99D-0 #mrx #financialadvisors #retirementplanning

In a recent interview with 401(k) Specialist Magazine, Sonia Davis talks about the top SECURE 2.0 provisions influencing retirement plan advisors as the industry marks one year since the passage.   Sharing insights from the latest Cogent Syndicated report, Sonia adds, "We have to remember that SECURE 2.0 really does have the potential to change the industry for the greater good."   Read more here: https://lnkd.in/g-hSeC6W #mrx #financialadvisors #retirementplanning

Emergency savings accounts within retirement plans are a relatively new concept that has not been widely studied yet. Recent research underscores the current emergency savings challenge and shines a light on the potential benefits of these accounts.

Emergency savings accounts within retirement plans are a relatively new concept that has not been widely studied yet. Recent research underscores the current emergency savings challenge and shines a light on the potential benefits of these accounts.

On April 23, 2024, the U.S. Department of Labor (DOL) released its much-anticipated Retirement Security Rule for retirement plans. The rule redefines the term “investment advice fiduciary” under ERISA by expanding the circumstances in which a financial professional must give impartial investment advice that puts the interests of retirement investors first. The new rule closes loopholes that allow some financial professionals to give “conflicted” advice that puts profit first in certain circumstances. In my view, the new rule is a big win for retirement investors – a definition that includes employers who sponsor a 401(k) plan for their employees. Stay informed and explore the full details in today's blog post: https://hubs.ly/Q02wwN2h0 #401k #DOL #fiduciary

Preparing for retirement is crucial! A recent survey shows that with just a decade until retirement, 55-year-old Americans have less than $50k in median retirement savings. Additionally, one-third of Americans have delayed their retirement due to ongoing inflation. This situation is further complicated by projections that Social Security's trust funds will run out by 2035; making this the first generation to confront retirement without full backing of Social Security and, in many instances, without a defined benefit pension plan. #RetirementPlanning #401K

Do you remember playing with that kid in the neighborhood who set up a game and then changed the rules as the game went on to suit himself? Just like those games, you’ll never come out winning with your retirement plan if someone else sets – and constantly changes – the rules! Here’s one of those inconvenient truths: When your retirement savings are in a government-controlled plan sponsored by your employer, your employer can change the rules at any time. And so can the government. Which leads to the question… Is there a better way to save for retirement? Yes! The alternative retirement plan I discuss on this website, Bank On Yourself, has no such strings attached. In addition to being able to tap your money in the plan at any time and for any reason, your plan can provide retirement income when and how you want it, with no government restrictions or penalties for “early” withdrawal or waiting “too long.” There are no penalties for taking “too little” each year and none of the mandatory minimum annual withdrawal requirements common to conventional retirement plans. Learn more here! #financialplanning #retirementplanning

New research from Nationwide discovers that "In contrast to previous generations, trust in...Social Security has waned. Lack of confidence in the viability of Social Security upon retirement (38%) is a significant factor influencing pre-retirees to rethink or redefine their retirement planning strategies. Over two-fifths (43%) are not counting on Social Security benefits as much as previously expected, and more than a quarter (27%) expect to receive less in benefits than previously anticipated. https://lnkd.in/enEdnCeA

Even as the total US retirement assets mark consecutive growth, participants lack the proper education and financial wellness tools to manage their accounts. PLANADVISER points to data from our latest report, highlighting that 40% of participants admit to estimating retirement savings goals off the top of their head. “It’s both the amount and the methods being used to calculate retirement savings goals across all cohorts that’s concerning,” says Sonia Davis. Read more: https://hubs.li/Q023xWJV0 #mrx #retirementplanning #financialwellness

Scary report! Pension plans are vanishing, leaving many without sufficient funds for retirement. Currently, older generations survive on just $10,000 yearly from their savings. To avoid this fate, leverage your 401K and explore investment opportunities early on. #RetirementPlanning #FinancialSecurity