If your workforce includes recent college graduates, it’s likely that some of them have debt associated with their college years. Student debt may play a large part in the finances of these young (and even not-so-young) employees; that’s why a complete picture of employee financial wellness should consider it. In addition, carrying student debt may play a role in how much workers are saving for their eventual retirement. Both of these are good reasons for employers to take an interest in the impact of student debt on their workforce.
What financial, business, or life priorities do you need to address for 2019? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to lowering your taxes. You have plenty of options. Here are a few that might prove convenient.
The shift away from traditional pension plans means today’s employees are largely responsible for their own retirement security. Yet many seem to long for the “good old days,” at least in the sense of knowing they will receive a monthly income throughout retirement.
What role should companies play in the retirement security of their employees, especially as it relates to steady retirement income? And how can employees best meet the need for a retirement income they can count on? Those were among the questions explored recently with about 1,000 U.S. employees.
What changed for you in 2018? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then you will want to review your finances before this year ends and 2019 begins.
Even if your 2018 has been relatively uneventful, the end of the year is still a good time to get cracking and see where you can plan to save some taxes and/or build a little more wealth.
Volatility will always be around on Wall Street, and as you invest for the long term, you must learn to tolerate it. Rocky moments, fortunately, are not the norm.
Simon Sinek had a famous TED Talk titled, “How great leaders inspire action,” which gave birth to the concept of the Golden Circle and starting with the question “Why?” I believe this rational can be applied to your financial goals to inspire you to take purposeful action, and help you pursue your financial goals with maximum fulfillment.
As an employer, you face a challenge: attracting and retaining the right talent is necessary to drive your business forward. At the same time, you likely feel a responsibility to help your employees achieve retirement financially prepared. Your 401(k) plan can help manage both of these goals.
Keeping an eye on the latest trends and tactics in the 401(k) arena is one way you can keep your plan competitive. Let’s take a peek into defined contribution plan design and activities across a wide variety of industries and company sizes, with data drawn from a recent survey.
The financial world is full of complex topics and concepts. Getting on a path towards financial freedom however is fundamentally simple. Following this golden rule will allow you the opportunity to establish a solid foundation where all of your other financial goals and ambitions can branch off of, and pursue opportunities to become fruitful and multiply. The goal is to use this concept as a jumping off point toward understanding the fundamentals around which everything else that impacts your financial wellness is built upon.
In Fiduciary Fitness Part 1, we talked about the roles and responsibilities of a fiduciary. In this article, we’ll dive a little deeper and talk about the kinds of fiduciary duties that can be outsourced, what that means, and what your role is.
Let’s start by being very clear – if you are a fiduciary, you can never fully delegate your responsibilities. Even if you hire a professional to manage every aspect of the plan, you are still ultimately responsible for making the decision about who you hired and retained to provide those services. With that said, you can receive a lot of help from professionals in a number of different respects.
There are different kinds of fiduciary help, identified by ERISA Code Sections. The three most common are ERISA 3(21), ERISA 3(38), and ERISA 3(16). Let’s take a closer look.
We hear time and time again to start investing early, do it often, and do it more. While this is true, it is important to take note of four key things before you decide to start your investment journey. Once you have these four things taken care of: Start early, do it often, and do it more!
GRP Advisor Alliance is an independent network of retirement plan focused advisors. GRP Advisor Alliance is not affiliated with or endorsed by LPL Financial. LPL Financial and Financial Finesse are not affiliated entities.
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