Podcasts about Employee Benefit Research Institute

Did you know that a good part of American households haven't thought about retirement planning? When it comes to planning for retirement, there are some key concepts to understand and three traps you should do your best to avoid. Listen to learn why a money increase doesn't always equal a lifestyle enhancement, the three things people often look at but that come back to bite them later on, and how you can effectively plan for retirement and protect your money. As life expectancy increases, people will be finding themselves needing to save more money for retirement. Brian believes that it's going to be possible to be retired for as many years as one has worked, because people are living longer than ever before. According to a 2019 retirement confidence survey by the Employee Benefit Research Institute, more than half of American households are at risk of running out of money in retirement due to the lack of savings and the unpredictability of the stock market. If you look back and think about how much money you were making when you first started working and compare it to today, you should see an increase. However, more than a lifestyle enhancement, the increase is just an inflation adjustment. And the crazy thing is that only 42% of Americans have tried to calculate how much money they will need for retirement! Brian has noticed that many people go into retirement because of eligibility, without having actually calculated how much money they would need – this is a problem, especially because of three things that are outside of their control: inflation, markets, and taxes. To offset inflation, you need to earn more on your money than the inflation rate that is eroding your purchasing power. Want to protect yourself from market losses? Then, you either need to not be in the market or work to insulate your portfolio through diversification strategies that are challenging for most people to leverage. As far as taxes are concerned, the best way to tackle them would be to focus on building tax-free assets and stop the propensity to kick the “tax can” down the road. Even though these may sound like obvious moves, Brian has seen people do the opposite – with things like funding their 401k accounts, parking money in the bank, or pouring it into the stock market. Brian warns against tapping into the stock market as a means to draw income because it's the Government and Wall Street that have control over it, not you. There's a key difference that some people tend to forget when it comes to retirement planning: accumulating money is done one way, drawing income for retirement is done another way. Brian stresses the importance of not taking retirement planning lightly. Remember: underestimating the amount of money needed to maintain a comfortable lifestyle in retirement, or relying on too many things outside of your control can be a significant financial risk.     Mentioned in this episode: BrianSkrobonja.com BrianSkrobonja.com/FamilyOfficeQuiz Center for Disease Control Pew Research Center Employee Benefit Research Institute Susan Powter Chat GPT     Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA &SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clientsor prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Our firm is not permitted to offer and no statement made during this podcast shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the US Government or any governmental agency. The information and opinions contained herein provided by the third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm.

In this episode of The Health Literacy 2.0 Podcast, Seth Serxner is joined by Paul Fronstin, Director of Health Benefits Research at the Employee Benefit Research Institute (EBRI), to discuss how employers can enhance health benefit strategies and workforce health literacy.Health literacy is essential for enabling employees to navigate their health plans with confidence and ease. Clear communication and accessible resources from employers are crucial in simplifying health benefits, as a lack of understanding can result in underutilized services. To address this, many organizations are enhancing health literacy by promoting knowledge-sharing and offering educational opportunities. By focusing on strategies that boost consumer engagement and satisfaction, the evolution of health benefits can drive a healthier and more informed workforce.Paul highlights employers' pivotal role in fostering health literacy by offering essential resources to help employees understand their health plans.In an insightful conversation with Seth Serxner, they examine how insufficient communication contributes to low enrollment in health savings accounts and explore how improved numeracy and clearer messaging can increase the utilization of vital services, such as cancer screenings.Seth and Paul also discuss:☑️ Strategies for employers to effectively communicate Health Savings Account (HSA) benefits for better enrollment and understanding.☑️ How employer collaboration can enhance health benefit strategies and workforce health literacy.☑️ The impact of data advancements in studying links between financial wellness programs and healthcare usage.☑️ Insights on how social determinants, especially financial factors, influence health outcomes and what wage-based data reveals.☑️ Implications of Paul Fronstin's research on medication adherence for employer-sponsored health plans.☑️ Identifying improvement opportunities in health benefits despite high satisfaction survey scores.☑️ Adapting to pandemic-era constraints on conference participation through alternative information-sharing methods.☑️ Effective incentives for driving engagement in wellness and preventive health programs.☑️ And much more!Learn About EdLogicsWant to see how EdLogics' gamified platform can boost health literacy, drive engagement in health and wellness programs, and help people live happier, healthier lives? Visit EdLogics.

Retirement Confidence – In this episode, Chris Boyd and Jeff Perry discuss the 34th Annual Retirement Confidence Survey conducted by the Employee Benefit Research Institute and Greenwald Research. Chris and Jeff dig into topics surveyed which include responses about Social Security, pensions, IRAs/401Ks, inflation, working after retirement and various expected sources of income. The discussion goes off on a tangent as the pair discuss the non-financial aspects of retirement planning. Chris also invites you to join him at an upcoming seminar titled “Your Retirement Countdown”. Click the link below to read the entire Retirement Conference Survey: https://www.ebri.org/docs/default-source/rcs/2024-rcs/2024-rcs-release- report.pdf?sfvrsn=2447072f_2 For more information or to reach Chris Boyd or Jeff Perry, click the below link: https://www.wealthenhancement.com/s/advisor-teams/amr  

Did you know that a good part of American households haven't thought about retirement planning? When it comes to planning for retirement, there are some key concepts to understand and three traps you should do your best to avoid. Listen to learn why a money increase doesn't always equal a lifestyle enhancement, the three things people often look at but that come back to bite them later on, and how you can effectively plan for retirement and protect your money. As life expectancy increases, people will be finding themselves needing to save more money for retirement. Brian believes that it's going to be possible to be retired for as many years as one has worked, because people are living longer than ever before. According to a 2019 retirement confidence survey by the Employee Benefit Research Institute, more than half of American households are at risk of running out of money in retirement due to the lack of savings and the unpredictability of the stock market. If you look back and think about how much money you were making when you first started working and compare it to today, you should see an increase. However, more than a lifestyle enhancement, the increase is just an inflation adjustment. And the crazy thing is that only 42% of Americans have tried to calculate how much money they will need for retirement! Brian has noticed that many people go into retirement because of eligibility, without having actually calculated how much money they would need – this is a problem, especially because of three things that are outside of their control: inflation, markets, and taxes. To offset inflation, you need to earn more on your money than the inflation rate that is eroding your purchasing power. Want to protect yourself from market losses? Then, you either need to not be in the market or work to insulate your portfolio through diversification strategies that are challenging for most people to leverage. As far as taxes are concerned, the best way to tackle them would be to focus on building tax-free assets and stop the propensity to kick the “tax can” down the road. Even though these may sound like obvious moves, Brian has seen people do the opposite – with things like funding their 401k accounts, parking money in the bank, or pouring it into the stock market. Brian warns against tapping into the stock market as a means to draw income because it's the Government and Wall Street that have control over it, not you. There's a key difference that some people tend to forget when it comes to retirement planning: accumulating money is done one way, drawing income for retirement is done another way. Brian stresses the importance of not taking retirement planning lightly. Remember: underestimating the amount of money needed to maintain a comfortable lifestyle in retirement, or relying on too many things outside of your control can be a significant financial risk.     Mentioned in this episode: BrianSkrobonja.com BrianSkrobonja.com/FamilyOfficeQuiz Center for Disease Control Pew Research Center Employee Benefit Research Institute Susan Powter Chat GPT     Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA &SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clientsor prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Our firm is not permitted to offer and no statement made during this podcast shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the US Government or any governmental agency. The information and opinions contained herein provided by the third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm.

Our guest on the podcast today is Kathy Stokes. Kathy is director of Fraud Prevention Programs with AARP, where she leads AARP's efforts to educate older adults on the risks that fraud represents to their financial security. Kathy currently serves on the advisory council to the board of the International Association of Financial Crimes Investigators and on the advisory council to the Senior Issues Committee of the North American Securities Administrators Association. Kathy also serves on a Federal Reserve Working Group on scam information sharing. Before joining AARP, Kathy managed her own company, KSM Communications, and she also held various roles in public affairs at the Brookings Institution, Ernst & Young, Mercer, and the Employee Benefit Research Institute. She received her bachelor's degree in rhetoric and communications at the University of Pittsburgh and her master's in American government at Johns Hopkins University.BackgroundBioInternational Association of Financial Crimes InvestigatorsSenior Issues Committee of the North American Securities Administrators AssociationFederal Reserve Fraud Definitions Work GroupFinancial Fraud“6 Common Types of Investment Fraud and How to Identify Them,” by Cheryl Winokur Munk, aarp.org, April 11, 2024.“Data Spotlight: Who Experiences Scams? A Story for All Ages,” by Emma Fletcher, ftc.gov, Dec. 8, 2022.“Data Spotlight: Social Media: A Golden Goose for Scammers,” by Emma Fletcher, ftc.gov, Oct. 6, 2023.“Americans Reported Losing a Record $10 Billion to Scams and Fraud in 2023,” by Christina Ianzito, aarp.org, Feb. 9, 2024.“Many Americans Worry About Becoming Scam Victims, New Report Finds,” by Christina Ianzito, aarp.org, May 8, 2024.“Precious Metals Scams Target Investors Amid the Pandemic,” by Hanna Kozlowska, aarp.org, Jan. 19, 2022.“What You Need to Know to Protect Yourself Against Bank Scams,” by Patrick J. Kiger, aarp.org, Aug. 12, 2024.Crypto and AI“What to Know About Cryptocurrency Scams,” by Patrick J. Kiger, aarp.org, March 15, 2024.“New Technology Has Supercharged an Old, Formidable Foe: Fraud,” by Martha Boudreau, linkedin.com, April 18, 2024.“AI Fuels New, Frighteningly Effective Scams,” by Christina Ianzito, aarp.org, April 3, 2024.Senior Fraud“‛She Hooked Me': How an Online Scam Cost a Senior Citizen His Life's Savings,” by Feliz Solomon, wsj.com, June 8, 2024.“5 Ways to Prevent Elder Financial Exploitation,” by John Rosengren, aarp.org, June 10, 2024.“How to Keep a Loved One With Cognitive Decline Safe From Scams,” by Christina Ianzito, aarp.org, June 28, 2024.ResourcesBrokercheck.finra.orgInvestor.govBankSafeThinkingaheadroadmap.orgaarp.org/scammapAARP Fraud Watch Network Helpline: 877-908-3360Internet Crime Complaint Center (IC3)

What does a law to protect worker pensions have to do with how health insurance is regulated? Far more than most people may think. The Employee Retirement Income Security Act, or ERISA, turns 50 in September. The law fundamentally changed the way the federal and state governments regulate employer-provided health insurance and continues to shape health policy in the United States.In this special episode of “What the Health?”, host and KFF Health News chief Washington correspondent Julie Rovner speaks to Larry Levitt of KFF, Paul Fronstin of the Employee Benefit Research Institute, and Ilyse Schuman of the American Benefits Council about the history of ERISA and what its future might hold.Click here for a transcript of the episode. Hosted on Acast. See acast.com/privacy for more information.

This week on the Retirement Quick Tips Podcast, I'm sharing with you some of the top regrets from retirees from surveys as well as from my own experience over the last 17 years working with clients.  Today, I'm talking about the most frequently cited concern during retirement, identified by more that half of retirees - inflation. That's according the 2022 Retiree Reflections Survey from the Employee Benefit Research Institute.

Are you confident you'll be able to retire comfortably someday? Are you taking steps to make that happen?Inadequate savings, faulty assumptions, and high inflation could create barriers to a comfortable retirement. Can we learn anything from today's retirees? Matt Bell thinks we can and joins us today to discuss this.Matt Bell is the Managing Editor at Sound Mind Investing, an underwriter of Faith & Finance. What does the latest Employee Benefit Research Institute data show about how people feel about their retirement prospects?In the latest report, nearly 70% of people in the workforce, and somewhat higher numbers of those who are retired, say they feel at least somewhat confident they'll have enough money to live comfortably throughout retirement. Not surprisingly, one of the top retirement-related concerns among both groups centers on inflation. Today's workers say higher prices make it harder to save for later years. Another concern for both groups is the possibility that the government may change the American retirement system.What lessons can workers learn from this survey?What stands out are several areas of disconnect between worker optimism and their preparedness or between worker expectations and retiree experiences. For example, while many people in the workforce are confident about how well their finances will hold up in retirement, many of today's oldest workers—43 % of those age 55 or older—have less than $100,000 saved for retirement. While we can't control how the stock market performs, many of us have some control over how much we're setting aside for retirement.Another area of disconnect is that many of today's workers say they intend to work past the traditional retirement age of 65. Yet, just 19% of today's retirees actually retire that late. It's essential for all of us working to see that many of today's retirees stepped out of the workforce earlier than they had intended. And while some did so simply because they could afford to, most in that situation had to retire because of health issues or changes at work.On a related note, large numbers of today's workers—75% are counting on being able to work for pay to some degree in retirement, whereas just 30% of today's retirees can.What are the takeaways from those two areas of disconnect?They both have to do with setting realistic expectations. You don't want to create a retirement plan based on an absolute best-case scenario. The ideal scenario is to build a strategy where those things will be helpful if they work out, but they're not absolutely necessary.What else stood out from this study?It's beneficial to run the numbers on retirement. That means using a retirement calculator to estimate how much money you'll need in retirement and how much you should be investing now to achieve that goal. Surprisingly, only half of today's workers have taken that step. But those who have run the numbers tend to begin saving more, which makes sense. The more real we can make retirement—the more we can see what we need to do to retire successfully—the more likely we are to take the steps we need to take.What should future retirees know about Social Security?For starters, it would be helpful to determine how much they're likely to receive in benefits. Social Security will be an essential source of income for most of today's workers in retirement. However, fewer than half know what their benefits will amount to at their planned retirement age, and less than 60% have thought about how the age at which they claim benefits will impact the amount they receive. All this information is available on the Social Security Administration's website, SSA.gov, or your Social Security statements.  What did the survey show about that debt in retirement?In last year's survey, nearly two-thirds of workers acknowledged that debt is a problem for them, and that issue is not likely to have disappeared between the previous year and this year.While last year's survey didn't break debt down into specific types, other surveys have pointed to an increase in the number of people bringing a mortgage into their later years and how that hinders their financial freedom. As we've recommended before, it's wise to plan to retire your mortgage by the time you retire. And, if rates ever go down again and you decide to refinance, be careful not to reset the 30-year payoff clock to a date past your intended retirement age.On Today's Program, Rob Answers Listener Questions:I have a question about comparing the TSP and a Roth IRA. Are there differences in how you can use the money when you can take it out, or anything?I have a long-term care plan for myself, but I do not have one for my husband. So if I had to put him in a nursing home, are they going to take away all of our land and our property?Resources Mentioned:Helpful Lessons From Today's Retirees by Matt Bell (Article on Sound Mind Investing)Sound Mind Investing2024 Retirement Confidence Survey (EBRI)SSA.gov (Social Security Administration)Retirement Planning CalculatorsRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

In this enlightening episode, Bill and Andy Bush of Horizon Retirement Plans delve into the intricacies of planning for retirement, sharing personal anecdotes and professional insights. The brothers discuss expectations versus reality in retirement planning, the impact of health and work dynamics on retirement age, and strategies for ensuring a fulfilling and financially secure retirement. Episode Highlights: - **00:00:08:** The episode kicks off with introductions and a heartwarming recount of the Bush brothers taking their mother to the Kentucky Derby, setting a personal tone while hinting at the broader theme of family and retirement. - **00:01:10:** The conversation shifts to the reality of aging and health as they compare their active mother to their slower-pacedbretired father, introducing the episode's core topic of retirement expectations. - **00:02:01:** Bill and Andy discuss how most people's retirement age expectations do not align with reality, citing a significant statistical deviation discovered by the Employee Benefit Research Institute. - **00:03:12:** The importance of understanding Social Security's full retirement age is highlighted, pointing out common misconceptions and the reasons people might retire earlier than planned, often due to health or unexpected job changes. - **00:05:00:** Delving into the reasons people retire early, the dialogue covers health issues, family care responsibilities, and company downsizing, emphasizing the unpredictability of work and health on retirement plans. - **00:05:58:** The brothers advocate for having a backup plan including disability insurance and saving aggressively, aiming for two years of expenses in a liquid account as a cushion for market downturns. - **00:07:41:** Discussion about those who retire on their own terms, contrasting full retirement with partial retirement and examining reasons for continuing to work that range from financial needs to personal fulfillment. - **00:09:26:** Exploring motivations behind part-time work post-retirement, distinguishing between working out of necessity versus desire, indicating a trend toward seeking engagement and fulfillment even in later years. - **00:12:03:** The episode wraps up with an exploration of transitioning to retirement, emphasizing the need for purpose, proper use of time, socialization, and health management to make retirement fulfilling, borrowing concepts from JP Morgan's PUSH framework. Key Takeaways: 1. Retirement expectations often do not match reality, with many retiring earlier due to health or employment changes. 2. Planning for retirement requires considering health insurance, adequate savings, and the timing of Social Security benefits. 3. Partial retirement and part-time work can offer financial flexibility, purpose, and social engagement, enhancing the retirement experience. 4. Purpose, use of time, socialization, and health (PUSH) are crucial for a fulfilling retirement, suggesting retirees need to plan not just financially, but holistically.   Tweetable Quotes: - "Most people's retirement age expectations don't align with reality - plan not just for the when, but also for the unforeseen whys." - Bill and Andy Bush - "Retirement is more than just financial planning; it's about crafting a life that continues to bring purpose, joy, and health." - Bill and Andy Bush   Resources Mentioned: - https://www.horizonfg.com/

Larry Fink highlights a growing retirement crisis, emphasizing the strain from declining birth rates and increasing lifespans. Discover why saving gaps and demographic shifts could redefine financial security for future generations. #RetirementCrisis #LarryFink #FinancialSecurity #Longevity #SavingGaps #BirthRateDecline #PensionReform #FutureOfWork #EconomicShifts #SocialSecurity -----  Subscribe to podcast updates: https://form.jotform.com/223614751580152  Ask Ric: https://www.thetayf.com/pages/ask-ric  -----  Links from today's show:  VISION – Register Now: https://dacfp.com/2024-dacfp-vision/    Funding Our Future Coalition: https://fundingourfuture.us/   Employee Benefit Research Institute: https://www.ebri.org/   National Endowment for Financial Education: https://www.nefe.org/   American Savings Education Council: https://www.asec.org/   Jumpstart Coalition for Personal Financial Literacy: https://www.jumpstart.org/   Institute for Financial Literacy: https://financiallit.org/   Boys and Girls Clubs: https://www.bgca.org/   -----  Follow Ric on social media:  Facebook: https://www.facebook.com/RicEdelman  Instagram: https://www.instagram.com/ric_edelman/  LinkedIn: https://www.linkedin.com/in/ricedelman/  X: https://twitter.com/ricedelman  YouTube: https://www.youtube.com/@RicEdelman  -----  Brought to you by:  Invesco QQQ: https://www.invesco.com/qqq-etf/en/home.html  Schwab: https://www.schwab.com/  Disclosure page: https://www.thetayf.com/pages/sponsorship-disclosure-fee  ----- 

Today on AirTalk, the latest on this morning's UCLA encampment dispersal led by hundreds of police in riot gear. Also on the show, a new survey by the Employee Benefit Research Institute shows shifting expectations for those heading into retirement; our critics review the latest shows on TV and streaming; and more. Police in riot gear clear UCLA encampment (00:17) What's in store for Paramount? (17:33) New book on sports broadcaster Vin Scully (28:22) The Steelhead trout moves to 'endangered list' (51:22) New survey on retirement expectations (1:09:15) Our critics review the latest TV shows (1:25:08)

The future of retiree health care costs is on the rise. In fact, the Employee Benefit Research Institute released numbers for 2023 showing an 8% increase in retiree healthcare costs for the year. Stay tuned as Phil and Marc unpack these latest figures, which suggest that a typical U.S. couple may need upwards of $413,000 to cover their healthcare expenses in retirement.   Here's some of what we discuss in this episode: 0:00 – Intro 1:20 – The 8% increase in healthcare costs in the U.S. 4:56 – Pros and cons of Medigap and Advantage plans 8:37 – How Phil's office helps clients with healthcare 11:17 – Understanding the costs and complexities of Medicare and Medicaid   Resources for this episode: https://www.fa-mag.com/news/retiree-healthcare-costs-increased-8--in-2023-76822.html   For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Here's one of our best podcasts from the archive that you may have missed.Thanks for listening to Money Talks News…the podcast!   Let's start with a question: Do you have enough in your retirement account? According to a recent report from Vanguard, the average American has around $140,000 saved for retirement. For those 65 and older, that average balance is about twice that, or $280,000. Sounds like a lot, right? But for many people, even with Social Security, it's not going to be enough. If that's you, let's fix it. In this podcast, we help you create a plan to beef up those retirement savings. As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week's guest is a friend of the show, Joe Saul-Sehy from Stacking Benjamins. Disclaimer:Remember, even though we sometimes talk about money and specific investments, never take them as recommendations. Before investing in anything or making any other money moves, do your own research and make your own decisions. You can watch this episode below, or if you'd prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts: Listen on Apple PodcastsListen on Google PodcastsListen on Spotify Don't forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos. Are you ready for retirement? The Employee Benefit Research Institute points out that 7 in 10 workers are confident they can retire comfortably. In this show, we talk about the potential disconnect between what you might think is enough and what's actually enough. Here are some articles that can help. How Much People Have Saved for Retirement at Every Age6 Big Obstacles to Having a Comfortable RetirementMost People Say They've Reduced or Stopped Saving for Retirement Because of Inflation4 Generations Share the Age They Started Saving for RetirementHere's the New Magic Number for Living Comfortably in Retirement6 Reasons Americans Are Fast-Tracking Their Retirement9 Signs Your Retirement Is on TrackEven Millionaires Share These 4 Retirement Worries7 Reasons Americans Seniors Stay Frugal in Retirement10 Reasons Today's Older Workers Are Delaying Retirement How to create a retirement plan that works for you Stacy mentions his book "[amazon url="https://www.amazon.com/Life-Debt-2010-Financial-Freedom/dp/1439168601" text="Life or Debt"][/amazon]," as a good starting point to help you figure out what you want out of life—and how to prioritize it. Joe and Miranda also have some good ideas for creating a retirement plan you'll stick with. We also mention our podcast on paying off your mortgage aggressively so you have more money available in retirement. Let's take a look at some great Money Talks News resources about planning for retirement. 15 Tips for Those Within 10 Years of RetirementPre-Retirement Checklist: What to Do Within 5 Years of RetiringFinancial Advisers Say These Are the Top 10 Retirement Planning MistakesOver 50? Here's How to Catch Up on Retirement SavingsHealth Savings Accounts and Why They Are Great for Retirement (Miranda never gets tired talking about HSAs.)Is a Bond Ladder Strategy Right for Your Retirement?4 Things You Can Control in Retirement13 Types of Retirement Income That Are Not Taxable3 Things You Should Do – and Not Do – to Prepare for Your Retirement6 Ways to Guarantee Yourself a Steady Retirement IncomeSequence of Returns Risk and How to Protect Your Retirement From It Meet this week's guest, Joe Saul-Sehy Joe is a former financial adviser (16 years) and represented American Express and Ameriprise Financial in the media. He was the "Money Man" at Detroit television station WXYZ-TV, appearing on air twice weekly. He's appeared in Bride, Best Life, and Child magazines, and in the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers. He's also appeared online in more than 200 different places, including CNBC.com and WSJ.com. WebsiteStacking Benjamins PodcastTwitterInstagramLinkedIn Don't listen to podcasts? A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle. You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS. If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did! About the hosts Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate. Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.Become a member: https://www.moneytalksnews.com/members/See omnystudio.com/listener for privacy information.

Did you know that a good part of American households haven't thought about retirement planning? When it comes to planning for retirement, there are some key concepts to understand and three traps you should do your best to avoid. Listen to learn why a money increase doesn't always equal a lifestyle enhancement, the three things people often look at but that come back to bite them later on, and how you can effectively plan for retirement and protect your money. As life expectancy increases, people will be finding themselves needing to save more money for retirement. Brian believes that it's going to be possible to be retired for as many years as one has worked, because people are living longer than ever before. According to a 2019 retirement confidence survey by the Employee Benefit Research Institute, more than half of American households are at risk of running out of money in retirement due to the lack of savings and the unpredictability of the stock market. If you look back and think about how much money you were making when you first started working and compare it to today, you should see an increase. However, more than a lifestyle enhancement, the increase is just an inflation adjustment. And the crazy thing is that only 42% of Americans have tried to calculate how much money they will need for retirement! Brian has noticed that many people go into retirement because of eligibility, without having actually calculated how much money they would need – this is a problem, especially because of three things that are outside of their control: inflation, markets, and taxes. To offset inflation, you need to earn more on your money than the inflation rate that is eroding your purchasing power. Want to protect yourself from market losses? Then, you either need to not be in the market or work to insulate your portfolio through diversification strategies that are challenging for most people to leverage. As far as taxes are concerned, the best way to tackle them would be to focus on building tax-free assets and stop the propensity to kick the “tax can” down the road. Even though these may sound like obvious moves, Brian has seen people do the opposite – with things like funding their 401k accounts, parking money in the bank, or pouring it into the stock market. Brian warns against tapping into the stock market as a means to draw income because it's the Government and Wall Street that have control over it, not you. There's a key difference that some people tend to forget when it comes to retirement planning: accumulating money is done one way, drawing income for retirement is done another way. Brian stresses the importance of not taking retirement planning lightly. Remember: underestimating the amount of money needed to maintain a comfortable lifestyle in retirement, or relying on too many things outside of your control can be a significant financial risk.     Mentioned in this episode: BrianSkrobonja.com BrianSkrobonja.com/FamilyOfficeQuiz Center for Disease Control Pew Research Center Employee Benefit Research Institute Susan Powter Chat GPT     Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA &SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. Skrobonja Wealth Management, LLC is a registered investment adviser. Advisory services are only offered to clientsor prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Our firm is not permitted to offer and no statement made during this podcast shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the US Government or any governmental agency. The information and opinions contained herein provided by the third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm.

The days of working for one employer for the majority of your life are long gone. Our relationship with work has slowly evolved over time. In 2022, 22% of workers aged over 20 years old spent a year or less at their jobs – the highest percentage with a tenure that short since 2006, according to data from the Employee Benefit Research Institute. About 33% spent two years or less in their jobs over the same period. But Gen Z takes it a step further: they aren't even dedicated to a single employer at one time. According to research from marketing data and analytics company Kantar, 40% of Gen Zers report having two or more jobs. That's a figure that suggests that “quiet quitting” is no more than the need to be at their next job on time. In this episode of The Return, we talk to two Gen Zers who have opposite beliefs regarding job loyalty. Kyle Lawerence stayed at his first job in the finance industry for 14 months, even though he didn't enjoy it because he was fully remote and it was hard to make connections. Julie, on the other hand, is juggling four to five jobs at any given time – her 9 to 5 and other gigs, like barista, cater waiter, and events coordinator. Rikki Goldenberg, a career and leadership coach, breaks it down for us in this episode. How does a Gen Zer make the decision to quiet quit? And how does that turn into actual quitting?

Caregiving, whether it be for children or older relatives, can impact employees' retirement security long into their golden years. In this episode, we talk with Craig Copeland, Ph.D. from the Employee Benefit Research Institute on how caregiving affects employees, who it affects, how it affects the broader economy and how employers can help.

Joe Terranova, chief market strategist at Virtus Investment Partners, says the worst is over for the economy -- the worst being the horrible stock and bond market of 2022 -- and that while recessionary conditions exist or may bubble up in some sectors, the overall market is likely to be strong, retaining or growing the gains the market has experienced thus far this year. David Trainer, president and founder at New Constructs puts Wayfair back in the Danger Zone, noting that with the stock having more than doubled this year, recent good news has merely made the situation more dangerous. Also on the show, Chuck takes a listener's question on declaring for Social Security benefits and Craig Copeland, director of wealth benefits research at Employee Benefit Research Institute, talks about the negative impacts that caring for loved ones can have on the caregivers' retirement confidence.

Today's podcast is a replay of a popular show we did a few months back. So if you didn't hear it the first time, or want to hear it again, now's your chance. Thanks for listening to Money Talks News…the podcast! Let's start with a question: Do you have enough in your retirement account? According to a recent report from Vanguard, the average American has around $140,000 saved for retirement. For those 65 and older, that average balance is about twice that, or $280,000. Sounds like a lot, right? But for many people, even with Social Security, it's not going to be enough. If that's you, let's fix it. In this podcast, we help you create a plan to beef up those retirement savings. As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week's guest is a friend of the show, Joe Saul-Sehy from Stacking Benjamins. Remember, even though we sometimes talk about money and specific investments, never take them as recommendations. Before investing in anything or making any other money moves, do your own research and make your own decisions. You can watch this episode below, or if you'd prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts: Listen on Apple Podcasts Listen on Google Podcasts Listen on Spotify Don't forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos. Are you ready for retirement? The Employee Benefit Research Institute points out that 7 in 10 workers are confident they can retire comfortably. In this show, we talk about the potential disconnect between what you might think is enough and what's actually enough. Here are some articles that can help. How Much People Have Saved for Retirement at Every Age 6 Big Obstacles to Having a Comfortable Retirement Most People Say They've Reduced or Stopped Saving for Retirement Because of Inflation 4 Generations Share the Age They Started Saving for Retirement Here's the New Magic Number for Living Comfortably in Retirement 6 Reasons Americans Are Fast-Tracking Their Retirement 9 Signs Your Retirement Is on Track Even Millionaires Share These 4 Retirement Worries 7 Reasons Americans Seniors Stay Frugal in Retirement 10 Reasons Today's Older Workers Are Delaying Retirement How to create a retirement plan that works for you Stacy mentions his book "[amazon url="https://www.amazon.com/Life-Debt-2010-Financial-Freedom/dp/1439168601" text="Life or Debt"][/amazon]," as a good starting point to help you figure out what you want out of life—and how to prioritize it. Joe and Miranda also have some good ideas for creating a retirement plan you'll stick with. We also mention our podcast on paying off your mortgage aggressively so you have more money available in retirement. Let's take a look at some great Money Talks News resources about planning for retirement. 15 Tips for Those Within 10 Years of Retirement Pre-Retirement Checklist: What to Do Within 5 Years of Retiring Financial Advisers Say These Are the Top 10 Retirement Planning Mistakes Over 50? Here's How to Catch Up on Retirement Savings Health Savings Accounts and Why They Are Great for Retirement (Miranda never gets tired talking about HSAs.) Is a Bond Ladder Strategy Right for Your Retirement? 4 Things You Can Control in Retirement 13 Types of Retirement Income That Are Not Taxable 3 Things You Should Do – and Not Do – to Prepare for Your Retirement 6 Ways to Guarantee Yourself a Steady Retirement Income Sequence of Returns Risk and How to Protect Your Retirement From It Meet this week's guest, Joe Saul-Sehy Joe is a former financial adviser (16 years) and represented American Express and Ameriprise Financial in the media. He was the "Money Man" at Detroit television station WXYZ-TV, appearing on air twice weekly. He's appeared in Bride, Best Life, and Child magazines, and in the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers. He's also appeared online in more than 200 different places, including CNBC.com and WSJ.com. Website Stacking Benjamins Podcast Twitter Instagram LinkedIn Don't listen to podcasts? A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They're awesome for learning stuff and being entertained when you're in the car, doing chores, jogging or riding your bicycle. You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS. If you haven't listened to our podcast yet, give it a try, then subscribe. You'll be glad you did! About the hosts Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate. Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.Become a member: https://www.moneytalksnews.com/members/See omnystudio.com/listener for privacy information.

In today's episode, we're diving deep into the results of the 33rd Annual Retirement Confidence Survey conducted by the Employee Benefit Research Institute and Greenwald Research. You'll see how American workers and retirees feel about their prospects of a comfortable retirement in 2023.  Are you among the 64% of workers who feel at least somewhat confident about their retirement prospects? Or perhaps you're in the 18% who feel very confident? We'll unpack why these numbers are lower than in previous years and why retirees generally have a slightly higher level of confidence than workers.  If you've noticed a decline in your own retirement confidence, you're not alone. We'll explore why the confidence of both workers and retirees has dropped to levels last seen in 2018 and why this decline is being compared to the dramatic drop seen during the 2008 global financial crisis. We'll also share crucial data points regarding the readiness of workers and retirees to meet basic expenses and deal with inflation during their retirement years. If you're seeking clarity and knowledge to better navigate your retirement planning, this episode is for you. Join us as we unpack these insights and help you understand how you can plan more effectively for your retirement.  _____________________________ We have a way that you can feel confident about your retirement. Click here to ask us how you can complete our Retirement Readiness Check and gain access to your own Income Optimizer Program. It will give you peace of mind and a plan to follow so that you can have a confident retirement.

Many people dream about all the things they can do after they stop working, but how much do people spend in retirement? In October 2022, the Employee Benefit Research Institute conducted a survey on how the pandemic impacted people's spending in retirement. Some of the results could surprise you. Dean Barber and Bud Kasper are going to review some of the statistics from the survey to assess how much people spend in retirement on America's Wealth Management Show. Get started today: See Our Calendar: https://modwm.com/radio-show/complimentary-consultation/?utm_source=AWMS-Pod&utm_medium=AWMS&utm_campaign=actual-retirement-spending Start Planning Here: https://www.modwm.com/retirement-planning-tool/radio?utm_source=AWMS-Pod&utm_medium=AWMS&utm_campaign=actual-retirement-spending More on this episode: https://modwm.com/how-much-do-people-spend-in-retirement/?utm_source=AWMS-Pod&utm_medium=AWMS&utm_campaign=actual-retirement-spending 5 Reasons to Retire: https://youtu.be/byB1yF03pg4 Why the 5 Years Before Retirement Are So Important: https://youtu.be/l8cb3NSUEbk Maximizing Social Security Benefits: https://youtu.be/r2mb_UpN-lw Retiring with Debt: What's OK?: https://youtu.be/d9nB1j7n7LA The Difference Between Good Debt & Bad Debt: https://youtu.be/Xxmv-pA3kQg EBRI Spending in Retirement Survey for 2022: https://www.ebri.org/content/2022-spending-in-retirement-survey-understanding-the-pandemic-s-impact Retirement Plan Checklist: https://www.modwm.com/retirement-plan-checklist/?utm_source=AWMS-Pod&utm_medium=AWMS&utm_campaign=actual-retirement-spending 10 Ways to Fight Inflation in Retirement: https://www.modwm.com/10-ways-to-fight-inflation-in-retirement/?utm_source=AWMS-Pod&utm_medium=AWMS&utm_campaign=actual-retirement-spending Check out our other podcast! The Guided Retirement Show: https://www.youtube.com/c/theguidedretirementshow

Did you know that a good part of American households haven't thought about retirement planning? When it comes to planning for retirement, there are some key concepts to understand and three traps you should do your best to avoid. Listen to learn why a money increase doesn't always equal a lifestyle enhancement, the three things people often look at but that come back to bite them later on, and how you can effectively plan for retirement and protect your money. As life expectancy increases, people will be finding themselves needing to save more money for retirement. Brian believes that it's going to be possible to be retired for as many years as one has worked, because people are living longer than ever before. According to a 2019 retirement confidence survey by the Employee Benefit Research Institute, more than half of American households are at risk of running out of money in retirement due to the lack of savings and the unpredictability of the stock market. If you look back and think about how much money you were making when you first started working and compare it to today, you should see an increase. However, more than a lifestyle enhancement, the increase is just an inflation adjustment. And the crazy thing is that only 42% of Americans have tried to calculate how much money they will need for retirement! Brian has noticed that many people go into retirement because of eligibility, without having actually calculated how much money they would need – this is a problem, especially because of three things that are outside of their control: inflation, markets, and taxes. To offset inflation, you need to earn more on your money than the inflation rate that is eroding your purchasing power. Want to protect yourself from market losses? Then, you either need to not be in the market or work to insulate your portfolio through diversification strategies that are challenging for most people to leverage. As far as taxes are concerned, the best way to tackle them would be to focus on building tax-free assets and stop the propensity to kick the “tax can” down the road. Even though these may sound like obvious moves, Brian has seen people do the opposite – with things like funding their 401k accounts, parking money in the bank, or pouring it into the stock market. Brian warns against tapping into the stock market as a means to draw income because it's the Government and Wall Street that have control over it, not you. There's a key difference that some people tend to forget when it comes to retirement planning: accumulating money is done one way, drawing income for retirement is done another way. Brian stresses the importance of not taking retirement planning lightly. Remember: underestimating the amount of money needed to maintain a comfortable lifestyle in retirement, or relying on too many things outside of your control can be a significant financial risk.     Mentioned in this episode: BrianSkrobonja.com BrianSkrobonja.com/FamilyOfficeQuiz Center for Diseases Control Pew Research Center Employee Benefit Research Institute Susan Powter Chat GPT       Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.   The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.   This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place.   Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier.   This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Our firm is not permitted to offer, and no  statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and  opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client's experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client's experience and is not indicative of future performance.

This week's theme on the Retirement Quick Tips Podcast is: Retire…Never? Today, I'm talking about why more Americans are saying never to retirement.  According to the Employee Benefit Research Institute, 29% of workers expect to work to age 70 or like Jay Simons - the 100 year old attorney I talked about yesterday, have decided to never retire.  In my own life, I can certainly name several people who worked well into their 70s and beyond. I have clients well into their normal retirement years who are still working. My dad turns 70 this year with no plans to retire, and my father in law still works part time at the age of 75.  The WSJ profiled several readers in a recent article on this topic. What I found as the most common thread among why people continue to work past the normal retirement age came down to purpose and meaning in work, that they didn't think they would have in retirement if they stopped working all together.  Kristine Arlitt, age 73, said: “I started formally working at 14. As I sit here today, age 73 and feeling like 30, I simply cannot imagine not working. I just enjoy it too much. I made the decision a few years ago to change how I do it. I left my old firm and took control. Now, I select the clients, the cases I find interesting. I am now able to do a lot of pro bono work for people who simply cannot afford professional services but are desperately in need of them. I enjoy being relevant, productive and making contributions. I enjoy being happy. I will continue to work as long as I am in control. Slowing down—YES. Changing how I work—ABSOLUTELY. Actually retiring—NEVER!” That's it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.     ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

No matter where you're at in your career, you've probably dreamed of retirement at least once or twice. But a growing number of workers and retirees are worried about retirement. This year's new retirement confidence survey shows 64 percent of workers are confident they'll have enough money to live comfortably throughout their retirement years. That's down from 73 percent just last year.   In this episode, we are talking with Craig Copeland. He is the Director of Wealth Benefits Research at the Employee Benefit Research Institute. We'll ask him what's driving this drop in confidence. And what's to come as Americans try to work toward a comfortable life after the office.

Our guest on the podcast today is financial journalist and certified financial planner, Robert Powell. His work appears regularly in MarketWatch.com, USA TODAY, TheStreet.com, The Wall Street Journal, and AARP. Bob also serves as the director of Retirement Education at Sensible Money and as editor in chief of the Investments and Wealth Institute's Retirement Management Journal. He is also an instructor in Salem State University's Online Elder Planning Specialist program. In addition, Bob hosts two podcasts himself: the Investments and Wealth Institute's Exceptional Advisor podcast and the Callaway Climate Insights podcast. He received his bachelor's degree from Marquette University and a master's degree from Boston University.BackgroundBioTwitter handle: @RetirementpediaThe Exceptional Advisor podcastCallaway Climate InsightsCurrent Environment“60/40 Portfolio—Dead or Alive?” by Robert Powell, marketwatch.com, Jan. 11, 2023.Tony Davidow“Common Retirement Questions: Should I Be More Conservative With My Portfolio?” by Mer Brown, the street.com, Dec. 23, 2022.“Estimating the True Cost of Retirement,” by David Blanchett, Morningstar.com, Nov. 5, 2013.“The Bucket Approach to Building a Retirement Portfolio,” by Christine Benz, morningstar.com, Nov. 23, 2022.“Spending Trajectories After Age 65,” by Michael Hurd and Susann Rohwedder, rand.org, 2022.Decumulation“Why Target-Date Funds May Be Sabotaging Your Retirement,” by Robert Powell, marketwatch.com, Aug. 17, 2022.“What Is the Average Retirement Age?” by Emily Brandon, money.usnews.com, July 26, 2022.“2018 Retirement Confidence Survey,” Employee Benefit Research Institute, ebri.org, April 24, 2018.Retirement Income Style Awareness Profile (the RISA®)“Managing Post-Retirement Risks: A Guide to Retirement Planning,” Society of Actuaries, soa.org, 2011.“Saving for Retirement Is Easy Enough—Spending It Is More Complicated,” by Robert Powell, marketwatch.com, March 26, 2022.AnnuitiesMoshe Milevsky“Retirement Spending and Biological Age,” by M.A. Milevsky, H. Huang, and T.S. Salisbury, moshemilevsky.com, Sept. 20, 2017.“Retirement Income for Life: 4-Box Strategy,” by Robert Powell, marketwatch.com, Nov. 8, 2012.Social Security“How to Claim Social Security at the Right Time,” by Robert Powell, marketwatch.com, Aug. 28, 2021.“Do the Math. Here's Why You Shouldn't Claim Social Security at Age 62,” by Robert Powell, usatoday.com, Aug. 9, 2019.“Who Does Social Security Provide Benefits To? It's Not Just the Elderly Who Qualify,” by Robert Powell, usatoday.com, Jan. 10, 2023.Long-Term Care“Planning for Unexpected Health Care Costs in Retirement,” by Sudipto Banerjee, troweprice.com, March 2022.“A New Way to Calculate Retirement Health Care Costs,” by Sudipto Banerjee, troweprice.com, February 2020.“Cumulative Out-of-Pocket Health Care Expenses After the Age of 70,” by Sudipto Banerjee, ebri.org, April 3, 2018.“Are Healthcare Costs in Retirement Overwhelming?” by Robert Powell, fa-mag.com, Nov. 1, 2022.“Planning for Health Care Costs in Retirement,” Vanguard Research and Mercer Health & Benefits, vanguard.com, June 2021.OtherElder Planning Specialist Program

It's important to save for the future, but also not miss our on life experiences. We discuss keys to wealth building, while balancing short- and long-term goals, in our latest episode of Making Cents of Money. Special thanks to Donovan Sanchez from UIUC's College of Agricultural and Consumer Economics for joining us! Additional Resources: Previous Making Cents of Money episodes: • Episode 12 – Preparing for Retirement: https://soundcloud.com/idfpr/episode-12-preparing-for-retirement?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-12-preparing-for-retirement • Episode 25 – Choosing a Financial Professional: https://soundcloud.com/idfpr/episode-25-choosing-a-financial-professional?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing • Episode 33 – Establishing a Vision for Your Life: https://soundcloud.com/idfpr/episode-33-establishing-a-vision-for-your-life?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing Get Savvy Webinars (Recorded & Upcoming): • Conscious Consumerism: https://youtu.be/W_w2KyodAfA • Investing Basics: https://youtu.be/OuslkX86bGI • Steps to Investing: https://youtu.be/3AYXsYQup-4 • Investing Risks & Rewards (upcoming). Register at https://go.uillinois.edu/getsavvywebinars Retiree Surveys & Wealth Building Stats Sources: • Pew (2021). Pew Retirement Savings Survey of Near and Recent Retirees. https://www.pewtrusts.org/-/media/assets/2021/10/topline-results_near-and-recent-retirees.pdf • Bearden, B. (2022). “Retiree Reflections,” EBRI Issue Brief, no. 561. (Employee Benefit Research Institute., June 16, 2022). https://www.ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_561_retrefl-16june22.pdf?sfvrsn=347a382f_8 • Lucas, L. (2021). No. 522-Why Do People Spend the Way They Do in Retirement? Findings From EBRI's Spending in Retirement Survey. https://www.ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_522_spendinretsurv-14jan21.pdf?sfvrsn=a9b73a2f_4 • Killingsworth, M. A. (2021). Experienced well-being rises with income, even above $75,000 per year. Proceedings of the National Academy of Sciences of the United States of America, 118(4). https://doi.org/10.1073/pnas.2016976118

You want to save more, but don't think you make enough. But is earning more money really the answer? You might be surprised to hear that how much you save doesn't have much to do with your salary. And there's data to back that up. A study by the Employee Benefit Research Institute and J.P. Morgan sheds light on people's saving habits, and why some folks are successful at it while others aren't. It defined three different levels of savers. THREE DIFFERENT LEVELS OF SAVERS What they called low savers managed to put away about 2 to 3% of their salary. The next category, middle savers, banked 5-6% of their income. And high savers were consistently saving about 9% of their salary. So, middle savers put away about 3% more than low savers, and high savers, 3% more than middle savers. Now, those are savings rates, not income rates. In fact, they have nothing to do with income. The research showed clearly that people, often with identical incomes, saved at different rates and not necessarily more than folks earning less. Simply put, there's no link between income and saving. WHAT DOES THIS DATA MEAN? This helps explain what financial author Ron Blue describes as a consumptive lifestyle. That's when folks who earn more spend more. Instead of banking all or part of a raise, they tend to increase their lifestyle and spending. It may also explain why savings rates actually went up during the COVID shutdowns. As people saw their income reduced or even just threatened, they cut back on spending to save more. Of course, the Bible says we should do this all the time because we never know what the future may bring. In Proverbs 6 we find, Go to the ant, O sluggard consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest. The message there is that saving isn't complicated you just can't be lazy about it. It's easy to let your spending creep up as you earn more money. It takes discipline to prevent that from happening. BREAK THE GRIP OF A CONSUMPTION LIFESTYLE If you've fallen victim to the consumptive lifestyle, try this: pledge to bank any type of future increase you receive, whether it's a raise, a tax refund, or even a gift card. Go ahead and use the gift card on budgeted purchases but move an equivalent amount into savings. And in the meantime, how do you move from being a low saver to a middle saver? Or middle to high saver? The research showed that you can get the most bang for your buck by concentrating on three key areas. 1. Higher savers tended to focus their saving efforts on housing. That includes a mortgage or rent, taxes, utilities, and home furnishings. Look for ways to save there. 2. See how you can cut spending on food, both eating out and groceries. 3. And finally, trim the cost of transportation, which includes vehicle purchases, fuel, and maintenance. Constantly looking for ways to cut costs in those categories could move you into the next higher bracket of savers, and that 3% increase will have a huge impact over time. The research showed that retirement account balances of middle savers were twice as large as those of low savers. The researchers also posed this question to respondents: Would you rather save $150 a month, $35 a week, or $5 a day? Four times as many people chose to save $5 a day rather than $150 a month even though it's the same amount. And that was consistent across the various income ranges. The bottom line is that psychologically, it seems easier to give up something that costs $5 a day. Keep that in mind when you're looking for ways to cut spending. It's helpful to write down every penny you spend for at least a month. Three would be better. As you do that, look for small, repeat purchases that you can live without. You'll probably find that saving $5 a day is pretty easy, just don't tell yourself that you're actually saving $150 a month. And if you need help with this, why not download the FaithFi app? It can help you set up your budget in three different ways, depending on your management style. It will also track your spending and alert you when you go over in a category. You can download it at FaithFI.com or wherever you get your apps. Increasing your savings even by just a little will make a big difference in the long run.. On today's program, Rob also answers listener questions: ● Is closing unused credit cards a good idea? ● How do you determine when/if it's wise to surrender an annuity? ● Is supporting Christian political candidates and causes an appropriate way to tithe? ● Is it wise to purchase stocks from an employer at a discount? ● What is the best way to use a lump sum of money? Remember, you can call in to ask your questions most days at (800) 525-7000 or email them to askrob@faithfi.com. Also, visit our website at faithfi.com where you can connect with a FaithFi Coach, join the FaithFi Community, and even download the free FaithFi app. To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29

Employees forfeit approximately three billion dollars in Flexible Savings Account (FSA) contributions each year. According to the Employee Benefit Research Institute, 40% of employees give up some portion of their FSA contributions, losing approximately $300 to $400 dollars. For many employees, the FSA spending deadline is December 31st. If you still have money left in your FSA and are faced with a year-end deadline, now is the time to spend your FSA dollars.Notes:1. First aid items.2. Pain relievers.3. Sunscreen.4. Allergy relief medication.5. Medical devices.Resources:More Than Money Facebook Group | Join here: https://www.facebook.com/groups/721493032051073Christian Financial Counselor Program | Learn more here: https://www.christianfinancialhealth.com/certificateEpisode Sponsor:Most churches struggle to get people to give. SecureGive has created a system that helps churches increase giving so their ministry is funded to reach their community. SecureGive helps churches increase giving in 3 ways: software that makes giving easy, a custom growth strategy, and ongoing stewardship resources. They stand out by offering a real ministry partnership, the most cost-effective solution with the lowest processing rates, and the most comprehensive giving platform available. Use the code 'RAINER20' to get 20% off your first year! Learn more here: https://www.securegive.com/

Managing our finances is one of those things we all need to do, but we rarely are taught. While we all do the best we can, there are times when our lack of education can land us in challenging situations. Today's guest, Edzin Cortez, was in a great deal of debt before he sought help from a Financial Coach. He was recently featured on a panel at the Employee Benefit Research Institute symposium in Washington DC where he spoke about how achieving financial wellness has increased his bandwidth, both at work and in his personal life. In this episode, he joins us with his Financial Coach Linda Robertson to share his story. Tuning in you'll hear about the situation he found himself in, what prompted him to seek financial coaching, and how it has radically changed his life. He also talks about how he has managed to work his way out of debt while still being able to enjoy a vacation in Hawaii and adopt a dog. If you, like Edzin, want to live a little bit more carefree and increase your bandwidth, don't miss this episode! Key points from this episode:Edzin Cortez's background and what prompted him to reach out to the financial coaching line.The homework Linda gave Edzin to research the amount of debt he was in.Where Edzin is today in terms of his finances. Edzin's recent vacation and how he planned for this responsibly.How Edzin thought through the financial responsibilities of getting a dog. The importance of planning for some fun while still staying within the parameters of your budget.How things feel differently now for Edzin.How Linda and Edzin's conversations have changed over time. How achieving financial wellness has increased Edzin's bandwidth both personally and professionally. Linda's thoughts on the first step for anyone considering financial coaching.Quotes from this episode:“I've become way more responsible and what Linda [my financial coach] has done for me is cultivate that confidence and given me a couple of steps to think about before just impulse buying.” — Edzin Cortez [08:47]“I had a budget, I had saved up money, but it was the weirdest thing to go on a real vacation and not stress out about every single dollar being spent.” — Edzin Cortez [13:50]“To have paid off the credit card debt and the private loans just created so much more space, bandwidth, capacity, and it freed a bunch of my mental strain. It allowed me to really focus in on work, the relationships, becoming a people manager and leader on the team, and turning the page to becoming a proactive problem-solver.” — Edzin Cortez [18:40]“To have this benefit [of financial coaching] has led to a better quality of life, personally and professionally.” — Edzin Cortez [19:24]“Just come as you are, bring your true self, be open to answering all the questions your financial coach is going to ask you because some of it is going to be personal.” — Linda Robertson [20:11]Links mentioned in this episode:Julie Everett, CFP® on LinkedInLinda Robertson, CFP® on LinkedIn Employee Benefit Research InstituteFinancial Finesse

The relationship between employees and employers is constantly shifting and the COVID-19 crisis has amplified some of the changes of recent years. According to new research by the Employee Benefit Research Institute and Greenwald Research, employees increasingly feel that their employers are not making enough effort in caring for workforce wellness needs.  Dr. Paul Fronstin is Director of Health Benefits Research at the Employee Benefit Research Institute, where he also oversees the Center for Research on Health Benefits Innovation. As part of our #MoneyMonday series, he joined the podcast to discuss the results of the EBRI/Greenwald 2022 Workplace Wellness Survey.

The Employee Benefit Research Institute's 2022 Retirement Confidence Survey found unmarried women workers and retirees have lower retirement confidence than their married counterparts and are more likely to have lower incomes and assets. In a recent issue brief headlined “The Perfect Storm — Factors Contributing to Lower Retirement Confidence Among Women Who Are Not Married” our guest today unpacks the data on women's retirement confidence. Craig Copeland is Director of Wealth Benefits Research at the Employee Benefit Research Institute. As part of our #MoneyMonday series, he joined the podcast to discuss the survey, its findings and how women are set up for retirement.   *** Follow GovExec on Twitter! https://twitter.com/govexec  

This week on Make It Last Victor & Mark kick off the show by discussing interest rates and market volatility. A new study published by the Employee Benefit Research Institute found that retirees who felt...

In this session I go over median household income, debt and wealth gap by ethnicity. I also dive into finances and budgeting. Sources Statista Research Department. 2021. “Median household income in the United States in 2020, by race or ethnic group.” Statista. https://www.statista.com/statistics/233324/median-household-income-in-the-united-states-by-race-or-ethnic-group/ Employee Benefit Research Institute. 2021. “How Is Debt Different by Race and Ethnicity?” EBRI. https://www.ebri.org/docs/default-source/fast-facts/ff-375-debtbyrace-7jan21.pdf?sfvrsn=39bf3a2f_4 The Federal Reserve. 2020. “Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances.” Federal Reserve. https://www.federalreserve.gov/econres/notes/feds-notes/disparities-in-wealth-by-race-and-ethnicity-in-the-2019-survey-of-consumer-finances-20200928.htm

Segment 1: Lisa Greenwald, CEO of Greenwald Research, joins Ilyce Glink to talk about the Employee Benefit Research Institute‘s 2021 Workplace Wellness Survey. Segment 2: Chicago Inno‘s Senior Editor Jim Dallke tells Ilyce about the latest in startup innovation including a community of artists, investors and collectors forming in Chicago around the rise of NFTs, quantum momentum […]

What's the difference between having a “comfortable” retirement and a “struggling” retirement? A new survey from the Employee Benefit Research Institute identified four key factors:Having guaranteed incomeHaving little debtHaving a clear spend-down strategyHaving access to a financial plannerHow much does each factor play...well, a factor?

We're entering an important season ahead for many employers and individuals and that is Open Enrollment season. This year — more than ever — is going to be different as both employers and employees reassess their usage of benefits as a result of COVID-19. To help support employers who might be wondering about the “new landscape” when it comes to health benefits, in this episode Bill and Heather are joined by Paul Fronstin, director of the health research program at the Employee Benefit Research Institute. Data referenced includes research from the following sources:·       Voya Financial survey conducted through Ipsos on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S. (featuring 294 who are currently working and benefits-eligible). Research was conducted Dec. 17-18, 2020.·       AARP, “5 Medicare Myths Set Straight” (2021). ·       EBRI “2020 Workplace Wellness Survey Funders' Presentation,” July 2020. Bill Harmon is a registered representative of Voya Financial Partners, LLC (member SIPC). Paul Fronstin and the Employee Benefit Research Institute (EBRI) are not affiliated with the Voya® family of companies. CN1751450_0822

Some recent research points to key factors that may be the leading reasons why people have a satisfying retirement. In this show we review and discuss this research from the Employee Benefit Research Institute's Retirement Security Research Center (even more exciting than it sounds)! What should you do now to assist in having a satisfying retirement?

Some recent research points to key factors that may be the leading reasons why people have a satisfying retirement. In this show we review and discuss this research from the Employee Benefit Research Institute's Retirement Security Research Center (even more exciting than it sounds)! What should you do now to assist in having a satisfying retirement?

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 If I just made a little more money, I could probablysavemore too? Have you ever thought that? You might be surprised to learn that how much you save doesn't have much to do with your salary. That's one of the key findings from some recent studies on people's saving habits and why some folks are successful at it and others, well, not so much. We'll talk about that on today's MoneyWise. Studies by the Employee Benefit Research Institute and J.P. Morgan first defined three different types or levels of savers. What they called low savers managed to put away about 2% to 3% of their salary. The next category, middle savers, banked 5% to 6% of their income. Finally, high savers were consistently saving about 9% of their salary. You'll notice that middle savers put away about 3% more than low savers and high savers 3% more than middle savers. It mightseemlogical but it's still a misconception that low-income people save less on a percentage basis than those earning more money. But the research clearly showed that people, often with identical incomes, saved at different rates and not necessarilymorethan folks earning less. There's no link between income and saving. This helps explain what financial author Ron Blue describes as a consumptive lifestylethe more you earn, the more you spend. Instead of banking all or at least part of a raise, you tend to just increase your lifestyle and your spending. Saving isn't difficult, you just can't be lazy about it. It's easy to let your spending creep up as you earn more money. It takes discipline to prevent that. So, try this. Pledge to save any type of future increase you receive, whether it's a raise, a tax refund or even a gift card. Use the gift card onbudgetedpurchases but move the equivalent amount into savings. How do you move from being a low saver to a middle saver or middle to high saver? The research showed that you can get the most bang for your buck by concentrating on three key areas. (1) Higher savers tended to focus their saving efforts onhousing. That includes a mortgage or rent, taxes, utilities and home furnishing. (2) The next saving priority was food, both eating out and groceries. (3) Finally, transportation, which includes vehicle purchases, fuel and maintenance. What would you rather do, save $150 a month, $35 a week, or $5 a day? The researchers found that four times as many people chose to save $5 a day rather than $150 a month even though it's the same amount (this was consistent across the various income ranges). Psychologically, it seems easier to give up something that costs $5 a day. Keep that in mind when you're looking for ways to cut spending. It's helpful to write down every penny you spend for at least a month, but three would be better.As you do that, look for small, repeat purchases that you can do without. You'll discover that saving $5 a day is easy. Here are a few of questions we answered from our callers on today's program: I have a friend who is looking to open a 401K to help her in retirement. She is 61 and single. Is it too late for her to do this? I have money set aside in a retirement account and an emergency fund. A friend has recommended that I apply for a HELOC in case of emergency. What is your opinion on this? We have paid off our home and have 160K in savings. Where is the best place to invest this money? I am eligible for full social security. I am planning on retiring at age 64, but should I wait until 67 to retire to get more? Ask your questions at (800) 525-7000 or email them toQuestions@MoneyWise.org. Remember, you can call or email us 24/7.Visit us online at MoneyWise.org where you can listen to past programs, connect with a MoneyWise Coach, and download free resources like the MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediato join the latest discussion!Remember that it's your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

Episode 200! I can't believe I've made it to this landmark episode. Thank you all for joining me on this journey and I hope you'll join me for the next 200. I enjoy looking back and reminiscing on previous episodes, but I don't have to go too far back to find my most recent favorite. Episode 199 is one of my most recent favorites. In it, I interviewed world-renowned Disney expert, Lou Mongello, to discuss multigenerational Disney trips. Check it out if taking the grandkids to Disney is on your bucket list.  In this episode, we're covering two retirement headlines. The first is from Investment News and it describes how some leading retirement experts question whether advisors should rethink their assumptions about retirement spending when creating financial plans. The 2nd retirement headline is from HumbleDollar.com titled Secret Sauce. This article describes the aspects of work that we want to hang onto, those that we might not, and it outlines six steps to design a successful and ideal retirement. Outline of This Episode [2:22] How we should rethink our assumptions about retirement spending [9:30] How to plan your retirement withdrawal rate [11:20] To have a successful retirement, you need to have an understanding of work People in retirement live differently Mary Beth Franklin recently wrote an article for Investment News about retirement spending. She sourced a study completed by the Employee Benefit Research Institute (EBRI) which analyzed the spending of 2000 retirees. The study found diversity in the way people live in retirement based on financial status, retirement goals, demographics, and spending habits. Mary Beth's article focuses on the results for those that were classified as affluent and comfortable retirees. Not many affluent retirees plan to spend their savings In the article, affluent retirees were defined as those with financial assets exceeding $320,000 and an annual income of $100,000 or more. Most of them were also mortgage-free with zero debt. Their most common sources of income were defined as employer benefit plans, Social Security, and personal savings. They reported that they feel they have saved enough for retirement and only 1 in 3 plans to spend all or a significant portion of their savings.  Comfortable retirees may spend only a small portion of their assets Comfortable retirees had mid-levels of financial assets between $99,000 and $320,000 and an annual retirement income of less than $100,000 a year. Many still had a mortgage and other debts. Most of these people cited workplace retirement savings and Social Security as their major sources of income. Almost 75% of these comfortable retirees said that their retirement savings are sufficient or more than meet their needs, however, more than half of them plan to grow, maintain, or spend only a small portion of their assets.  Why are affluent and comfortable retirees hesitant to spend their retirement savings? The study found that the Baby Boomer generation wishes to retain assets rather than spending them down. So the question is, why don't these retirees wish to spend their retirement savings? This may be due to the fact that their Social Security income or pension provides enough to meet their expenses, but it could also be due to an inability to switch gears from accumulation to decumulation. Another reason may be that many retirees don't know how to determine a sustainable withdrawal rate that considers future uncertainties, and this lack of knowledge makes them wary to spend their nest eggs.  I think the key to confidently spending and living off your savings is to understand how much it costs for you to live for a year in retirement. Listen in to hear how you can learn how to calculate your spending so that you can determine your sustainable withdrawal rate in retirement.  Resources & People Mentioned Retirement Repair Shop with Mary Beth Franklin Investment News article Secret Sauce from HumbleDollar.com Employee Benefit Research Institute study Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

Host Justin and special guest Craig Copeland from EBRI dive into how factors like race, gender and socioeconomic status can impact a person's ability to save for retirement. Check out the work from our friends at the Employee Benefit Research Institute at www.ebri.org

Should you roll over your old 4101k into an IRA? Or should you just leave it where it is? What are the advantages and disadvantages? What should you watch out for? If you've recently left an employer, you may be questioning what you should do. So in this episode of Retirement Made Easy, I'll shed some light on the subject. Hopefully, you can take this information and make a better decision for your retirement. You will want to hear this episode if you are interested in... [4:00] Should you roll over your old 4101k? [7:06] Option #1: Leave your 401k where it is [10:48] Option #2: Roll your 401k over to an IRA Rolling over a 401k The Employee Benefit Research Institute conducted a study in 2018 that found that 41% of 14.8 million people cashed out their 401k and paid the taxes and penalties that applied when they left their job. In most cases, you have a 10% early withdrawal penalty and federal and state taxes. It's painful to hear that 41% of people cashed out their 401k's. I think you should leave it where it is—or roll it over into an IRA. Let's dissect those two options. Option #1: Leave your 401k where it is Many 401ks are cost-effective and your fees might be lower if you leave it at your former employer. If low fees are important to you, that might be an advantage. But the #1 reason I'd leave it? If I was separating from my old employer after between age 55 and 59 ½. A special rule dictates that you can leave those funds and withdraw them without a 10% early withdrawal penalty.  So if you retired at age 58, you could take distributions from your 401k without being penalized. If this same person rolled over the 401k into a self-directed IRA, the penalty would apply. Once you reach 59 ½, the 10% penalty to withdraw from an IRA no longer applies. Lastly, if you have a loan from your 401k, you only get 60 days to pay it off when you leave your employer. And, you can't roll it into an IRA without paying it off first.  Option #2: Roll your 401k over to an IRA The #1 reason to rollover your 401k is because it gives you more control. You can invest it however you want, whereas most 401ks have a list that you must choose from. Having a wide investment selection is a huge advantage. Secondly, it gives you the ability to work with a financial advisor. If you have a question about your 401k, you dial an 800-number and talk to someone who knows nothing about you and your retirement goals. You don't get a personal touch.  The next advantage of a rollover is the ability to consolidate your accounts. Many people have an old 401k, an IRA, and it equals too much going on. It's hard to make sure they're all invested properly. But if you roll over your 401k into an IRA, you can consolidate your accounts.  You can also bring a Roth IRA into the picture. Not many 401ks offer a Roth 401k. Having that available can be valuable. Lastly, with many 401ks, they only allow you to list a single primary beneficiary. You can't list contingent beneficiaries—but a rollover IRA allows you to.  Having choices is the most important thing that I can think of. If a bagel shop has 29 different varieties, I can find something I like. If they only have three options, I might have to settle for something I don't want. You want a portfolio that's aligned with your goals. Which one of these options does that for you? Resources & People Mentioned Employee Benefit Research Institute  Connect With Gregg Gonzalez Email at: Gregg@RetireSTL.com  Podcast: https://RetirementMadeEasyPodcast.com Website: https://StLouisFinancialAdvisor.com Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made EasyOn Apple Podcasts, Spotify, Google Podcasts

According to the Employee Benefit Research Institute 2021 Retirement Confidence Survey, more than half of workers and a third of retirees said that debt was a major problem in their household. Too much debt can negatively impact your credit score, which banks and other lenders use to determine whether to approve your credit card or loan request and how much interest you’ll pay. That’s why it’s important to check on your creditworthiness on a regular basis. You’re entitled to receive one free credit report per year from each of the three main credit reporting agencies—Equifax, Experian and Transunion. Through April 2022, you can also receive free credit reports every week from these agencies. These reports will include your current FICO credit score, which is based on how much total debt you owe, your on-time payment record, and how long you’ve held different loans and credit cards. Any credit score above 700 is considered to be very good. Your credit score can change on a weekly basis, and the best way to raise it is by reducing your outstanding debt balances and making on-time payments. Another good reason to check your credit reports on a regular basis is to identify any errors that may negatively impact your score or to make sure that identity thieves haven’t opened fraudulent accounts under your name. To prevent future fraud, you can place a credit freeze through all three credit reporting agencies. This will prevent criminals from being able to open credit cards or loans using your stolen personal information, and you can “unfreeze” at any time. To help your children begin to establish their credit history without falling into a debt quagmire, encourage them to apply for a credit card with a low credit limit or one that’s secured by a deposit. And if you’re planning to co-sign a loan for a child or a relative, make sure you monitor their payments, since their delinquency will negatively impact your credit score.  

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 If I just made a little more money, I could probablysavemore too? Have you ever thought that? You might be surprised to learn that how much you save doesn’t have much to do with your salary. That’s one of the key findings from some recent studies on people’s saving habits and why some folks are successful at it and others, well, not so much. We’ll talk about that on today’s MoneyWise. Studies by the Employee Benefit Research Institute and J.P. Morgan first defined three different types or levels of savers. What they called low savers managed to put away about 2% to 3% of their salary. The next category, middle savers, banked 5% to 6% of their income. Finally, high savers were consistently saving about 9% of their salary. You’ll notice that middle savers put away about 3% more than low savers and high savers 3% more than middle savers. It mightseemlogical but it’s still a misconception that low-income people save less on a percentage basis than those earning more money. But the research clearly showed that people, often with identical incomes, saved at different rates and not necessarilymorethan folks earning less. There’s no link between income and saving. This helps explain what financial author Ron Blue describes as a consumptive lifestylethe more you earn, the more you spend. Instead of banking all or at least part of a raise, you tend to just increase your lifestyle and your spending. Saving isn’t difficult, you just can’t be lazy about it. It’s easy to let your spending creep up as you earn more money. It takes discipline to prevent that. So, try this. Pledge to save any type of future increase you receive, whether it’s a raise, a tax refund or even a gift card. Use the gift card onbudgetedpurchases but move the equivalent amount into savings. How do you move from being a low saver to a middle saver or middle to high saver? The research showed that you can get the most bang for your buck by concentrating on three key areas. (1) Higher savers tended to focus their saving efforts onhousing. That includes a mortgage or rent, taxes, utilities and home furnishing. (2) The next saving priority was food, both eating out and groceries. (3) Finally, transportation, which includes vehicle purchases, fuel and maintenance. What would you rather do, save $150 a month, $35 a week, or $5 a day? The researchers found that four times as many people chose to save $5 a day rather than $150 a month even though it’s the same amount (this was consistent across the various income ranges). Psychologically, it seems easier to give up something that costs $5 a day. Keep that in mind when you’re looking for ways to cut spending. It’s helpful to write down every penny you spend for at least a month, but three would be better.As you do that, look for small, repeat purchases that you can do without. You’ll discover that saving $5 a day is easy. On today’s program we also answer your questions: Regarding paying off my mortgage, should I use an ear-marked $5,000 towards the principle or just make extra payments? I received a gift of $28,000. How should I invest this? I want to help out my son and sell my home to my him way below market value. Will this be treated as a gift to the IRS? Will I need a real estate attorney? What are some alternatives to the 401(k)? I’ve been hearing some negative things about them. Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

Wisdom From WarrenWhen it comes to preparing for a market pull back or the next recession, Warren Buffett said, “Predicting rain doesn’t count, building an ark does.” So, do we need to begin designing our ark?To Spend Or Not To SpendMost of us love to spend money. But an Employee Benefit Research Institute survey of people who’ve already retired found: (57%) of them don’t want to spend all of their savings. Some don’t want to spend ANY of their money for fear of running out. How do we help give people permission to spend and enjoy their retirement?Did The Pandemic = Your Retirement?Think about the last year: We weren’t able to go on vacation, or eat at our favorite restaurants, or even visit the grandkids. Being forced to stay home, day after day. The web site Humble Dollar says this might be a look at your retirement if you don’t have enough income to enjoy your life. Is this your situation?

In the first two episodes of this series, we examined the history of the employer-based retirement system. But how is it working out today? The success of the creation and implementation of the employer-based 401(k) and other defined contribution retirement plans is seen not only in its exponential growth in all measurable metrics but also in the fact that it has succeeded in helping millions of Americans retire well. That said, the system, as it's designed and operating today, is far from perfect, stranding some without access to the tools of a comfortable retirement and discouraging attempts at innovation. In this episode, host Josh Cohen asks respected industry leaders to grade the system on four crucial factors of success: Access, Adequacy, Alignment, and Innovation.  Featured Guests: • Lori Lucas, President & CEO of the Employee Benefit Research Institute (EBRI) • Lew Minsky, President & CEO of the Defined Contribution Institutional Investment Association (DCIIA)   Key Takeaways: [:34] How is the retirement system doing today? To answer this question, your host Josh Cohen recruited some of his long-time friends, who happen to be industry experts.   [2:27] Lori Lucas is the President and CEO of the Employee Benefit Research Institute (EBRI). She shares what they do and how she came to be in this position.   [5:04] Lew Minsky is the President and Chief Executive Officer of the Defined Contribution Institutional Investment Association (DCIIA). He talks about getting bit by the public policy bug and his journey to co-founding the DCIIA.   [8:27] With the help of our experts we're going to be grading the system according to 4 aspects, red pens out everyone.   [9:24] Grade 1: Access. Lori weighs in with the ERBI research on 401k's and grades according to organization size. Lew adds a caveat before handing out easy grades here.   [13:29] Grade 2: Adequacy. Lew feels adequacy scores higher than access if one important condition is met, however Lori's enthusiasm wavers.   [18:00] Grade 3: Alignment. This relates to the sponsor entity's interest being aligned with the successful retirement of employees. Lori's grade is linked to the importance of promoting overall employee financial wellness. Lew offers that theory and practice diverge on this front and that there is an elephant in the room...   [24:20] Grade 4: Innovation. DCIIA has been hosting an annual excellence and innovation award, Lew mentions that efforts will need to continue. Both Lew and Lori speak to the elephant of litigation coming back into the room.   [27:48] Lori and Lew weigh in on the podcast name: The Accidental Plan Sponsor!   [29:30] Josh offers a summary of the system, thanks Lew and Lori for their contribution to this episode, and opens up the discussion for episode 4 on how certain plan sponsors challenged the status quo and innovated in the retirement savings space.   Thank you for tuning in. If you liked what you heard, please subscribe and leave us a review wherever you listen to your podcasts. Links: The Accidental Plan Sponsor Mentioned in this episode: More about Lori Lucas, President and CEO of the Employee Benefit Research Institute. More about Lew Minsky, President and CEO of the Defined Contribution Institutional Investment Association.

In this episode of Inside the Plan with the 401(k) Brothers, Bill and Andy Bush, advisors at Horizon Financial Group, share some tips envisioning what your retirement might look like, with  best practices based on a recent survey conducted by the Employee Benefit Research Institute.   Episode Highlights:   1:10 - According to a recent survey, many retirees find that retirement does not live up to their expectations. 2:35 - Most retirees hoped to travel more, and obviously the pandemic disrupted their ability to do that. 3:30 - People generally wish they had saved more; only 18% of those surveyed felt that they saved more than they needed. 3:55 - Right now is the only time you have to plan for retirement. 4:45 - Even if you don’t have much to save right now, save something, because the dollars you put away now will have the most time to compound. 4:55 - Despite people wishing they had saved more, over 60% report still being able to maintain the same or a better standard of living as when they were working. 5:40 - Use the retirement savings calculators that come as part of your 401k plan or other retirement savings plan. 6:03 - Six in 10 respondents wanted to only spend a small portion of their assets, none of their assets, or grow their assets. 7:36 - The biggest reason given for this in the survey is to make sure they have enough for unforeseen costs later in retirement. 7:53 - Those big hits often come, but that’s why you also pay premiums for various insurance policies. 8:30 - HSAs are a good thing to look into for future health-related emergencies. 8:37 - You should also look into having some sort of liquid retirement fund. 8:52 - 64% of survey respondents agreed that saving as much as they could for retirement made them feel happy and fulfilled. 9:19 - Saving for retirement creates a lifelong habit of spending less than you earn. 9:59 - Priorities can change during retirement. 10:40 - You have to prepare for the fact that you could have something happen pre-retirement that impact your plan, like a pandemic. 11:07 - 8 in 10 respondents scored their retirement satisfaction as above average. 12:00 - Delineate what you want vs what you need in retirement. 12:39 - It’s fairly common for people to feel they’ve lost a sense of identity once they retire, so you have to be careful of depression. 13:45 - Remember that you’re retiring to something else, to another purpose, not from one purpose to nothing. 14:12 - Some of the things you can control are your savings rate and how that money is invested. 14:50 - You have some control over your longevity if you regularly see your doctor and take care of your health. 15:55 - You have no control over market returns and taxation and social security policies. 16:31 - You also control your attitude and approach, so shoot for the positive, realistic view of where you’re headed.   3 Key Points:   If you aren’t currently putting any money away for retirement, start now; if you are, increase the amount. There are options besides a 401k for putting money aside for unforeseen circumstances. Focus on the things you can control.   Tweetable Quotes: "When I run into folks that have retired, most of them say I'm busier now than I ever was. Which is good, because they're actually experiencing and living life to the fullest, which is what they should do." "I don’t think you’re ever carelessly going to be able to spend in retirement, but comfortably, you’ve got to do the work ahead of time." "Let’s say you retire at 67, by the time you’re 90, those priorities inside retirement are going to be changing." "I’m retiring to another purpose. I’m not retiring from something to nothing, I’m retiring to something."   Resources Mentioned:   Horizon Financial Group: https://www.horizonfg.com/ Email Horizon Financial Group: info@horizonfg.com Email Bill Bush: bbush@horizonfg.com Email Andy Bush: abush@horizonfg.com Inside the Plan Podcast: https://www.horizonfg.com/resources/podcasts

This week on Solve It, Katherine Roy, Chief Retirement Strategist, discusses new retirement research findings from a collaboration with the Employee Benefit Research Institute.

This week, a panel of outstanding journalists joins me on the podcast to talk about how retirement has changed during the decade now ending. The topic has been on my mind lately, as I published a story in The New York Times last weekend examining the changes we’ve seen since 2010, when the economy was just beginning to recover from the financial crash and Great Recession. Joining me are three colleagues on the aging beat:Judy Graham, who writes the Navigating Aging column for Kaiser Health News. Judy was was a senior health correspondent for many years at the Chicago Tribune, and has written for the New York Times, Washington Post and Los Angeles Times, among many other publications.Chris Farrell, senior economics contributor at Marketplace, American Public Media’s nationally syndicated public radio business and economic program. Chris also is an economics commentator for Minnesota Public Radio. His most recent book is Purpose and a Paycheck: Finding Meaning, Money, and Happiness is the Second Half of Life.Richard Eisenberg, Managing Editor of Next Avenue, the public media site for people 50+, where he is also editor of its Money & Policy and Work & Purpose channels. Previously, Rich was Executive Editor of Money magazine, Front Page Finance Editor at Yahoo! and Special Projects Editor/Money Editor at Good Housekeeping. He is the author of the books How to Avoid a Midlife Financial Crisis and The Money Book of Personal Finance.Reporting and writing the Times article prompted some reflection. I began to cover retirement just before the recession, and my first book, The Hard Times Guide to Retirement Security (2010) was published in the depths of the downturn. Those first few years on the beat, my reporting was very focused on the wreckage - the unemployment rate was high, the stock market was coming back and millions of workers were worried that their retirement plans were ruined.How are we doing now? It’s a very mixed bag. The Times story considers the state of retirement security from the standpoint of saving and investing, health insurance, employment, housing and Social Security. The key finding: Retirement in America has become a tale of two very different realities in the decade now drawing to a close.In 2010, the economy was just beginning to recover from the worst recession and financial crisis in recent memory. The unemployment rate was high, the stock market was coming back and millions of workers were worried that their retirement plans were ruined.Since then, a robust economic rebound has put some Americans back on solid footing for retirement, but progress has been uneven. Despite the gains made in employment, wage growth has only recently begun to recover — and remained flat for older workers. Retirement wealth has accumulated almost exclusively among higher-income households, while middle- and lower-income households have only held steady or lost ground, Federal Reserve data shows.Trends in Social Security and Medicare also are troubling. The value of Social Security benefits — measured by the share of pre-retirement income they replace — is falling, and the cost of Medicare is rising.Some of the most striking data comes from the Employee Benefit Research Institute, which has developed a model that simulates the percentage of households likely to have adequate resources to meet retirement expenses. The model considers household savings, home equity and income from Social Security and pensions.The model shows that the highest-income households have seen their odds of a successful retirement improve sharply during this decade, and they have very high odds of success. Middle-income households, meanwhile, have seen some gains, but still have only 50-50 odds of success. And the lowest-income households have seen their retirement prospects diminish sharply.This chart depicts the odds for boomers age 55-64 - the color bars represent different income quartiles (blue is lowest, yellow is highest). In 2019, the highest income households have a 93% chance of a successful retirement - up substantially since 2010, while the lowest had odds of just 11% - down substantially over that period. This chart depicts the same divergent trend among GenXers:A few things that I had hoped to discuss in the article wound up on the cutting room floor for space reasons, so I’ll mention them briefly here:Consumer protection: The crash gave birth to the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, which called for sweeping reforms to financial regulation — including financial advice on retirement.Dodd-Frank included language encouraging the Securities and Exchange Commission to adopt a uniform standard of fiduciary responsibility for brokers and advisers.“That was the point when it seemed possible we’d soon have a strong standard of conduct across the broad range of investment advice for retail investors to be protected in retirement plans,” said Barbara Roper, director of investor protection for the Consumer Federation of America.It wasn’t to be.When the S.E.C. failed to act promptly, the Obama-era Department of Labor adopted its own fiduciary rule governing retirement accounts. That rule died in 2018 when courts sided with opponents in the financial services and insurance industries, ruling that the department had overstepped its authority. The Securities and Exchange Commission completed work this year on its so-called Regulation Best Interest, which defines standards for brokers who sell investment products and explains the duties of investment advisers who provide financial guidance. Many critics regard the S.E.C. regulation as too weak, relying too heavily on disclosure to clients of any conflicts of interest.“One of the things that has really taken people by surprise in the S.E.C. rule is the degree to which they have adopted the weakest possible interpretation of the obligations investment advisers have as fiduciaries,” Ms. Roper said.Shifting Social Security politics: The political debate about how to solve Social Security’s long-range financial shortfall shifted significantly during the decade.In 2010, the bipartisan Bowles-Simpson presidential commission recommended changes that included further increases in the retirement age, a less generous cost-of-living adjustment and means testing for high-income workers.In 2019, Democrats’ plans are built around higher taxes and expanded benefits — and President Trump campaigned in 2016 promising to oppose benefit cuts.“The shift in the Democratic Party has been dramatic,” says Nancy Altman, president of Social Security Works, an advocacy group. “In contrast, the Republicans haven’t changed. They still want cuts and they still want to avoid accountability for those cuts.”Subscribe now!This is a listener-supported project, so please consider subscribing. The podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcasts, plus my series of retirement guides on key challenges in retirement. Each guide is paired with a podcast interview with an expert on the topic; the series already covers Social Security claiming and the transition to Medicare, and how to hire a financial planner. The most recent looks at the critical decision between Original Medicare and Medicare Advantage. You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts, Spotify or Stitcher, I hope you’ll leave a review and comment to let me know what you think. This is a public episode. Get access to private episodes at retirementrevised.substack.com/subscribe

Paul Fronstin, Director of the Health Research Program at Employee Benefit Research Institute, discusses the latest on how consumers are using HSA’s, the effectiveness of use and the notion of HSA have’s and have not’s.References from the conversation:Do Accumulating HSA Balances Affect Use of Health Care Services and Spending?To read the full show notes and transcript visit us at illuminatehrpodcast.comThis episode brought to you by Lumity, visit lumity.com to learn moreSupport the show (https://www.patreon.com/illuminatehr)

Where do you see yourself 30 to 40 years from now? Hopefully, you are living your retirement dream. Me personally, I plan to be retired, traveling the world and serving the community even more than before retirement while living in a paid off house without any debt. As we all dream, we need to understand one simple truth. That is, our dreams will only become a reality if we act today and work hard right now. The Employee Benefit Research Institute recently reported that approximately 1 in 4 workers say they have less than $1,000 saved for retirement. That is unacceptable. Why term life insurance? For show notes click here. I would really appreciate it if you could take a moment to rate, subscribe and review this podcast. Also, make sure you click here to join the Habesha Finance Facebook group. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/habeshafinance/message

Surveys show that many Americans worry that healthcare costs will consumer a large portion of their resources. One reason is that we are exposed to a steady stream of news headlines with daunting forecasts of what you will need to spend over the course of your entire retirement. Fidelity Investments, for example, estimates that a 65-year old couple retiring in 2019 can expect to spend $285,000 on health care and medical expenses throughout retirement. The Employee Benefit Research Institute found that a 65-year-old couple could need nearly $400,000 to meet lifetime expenses in a worst-case scenario.But these forecasts can be misleading, since you won’t be spending these big sums all at once. And much of your healthcare spending can be managed very well - because it can be predicted and covered by health insurance. The more important questions: What are the outsize risks that could upset your retirement plan? And, what can you do to mitigate those risks?This week, I’m releasing my new guide to the cost of healthcare in retirement. As always, the guide is paired with a podcast interview with a top expert on the topic. For this one, my guest is Steve Vernon. Steve is an actuary by background, and he worked for years as a consultant to large corporate retirement plans before starting his own consumer retirement education firm. He also is a research scholar at the Stanford Center on Longevity, and writes a column for CBS MoneyWatch. Steve’s latest book is called Retirement Game-Changers. In it, he focuses on helping older workers navigate the critical decisions they need to make as they transition from employment to retirement. And the book provides very thoughtful insights on how to think about health care in retirement.Click on the player icon at the top of this page to listen to our conversation. And download your copy of the guide here.Subscribe during the Spring Sale!This podcast is part of the newsletter I distribute to subscribers to the RetirementRevised.com newsletter. It’s a listener-supported endeavor, and I hope you’ll consider subscribing. Along with the podcast, you’ll get access to the series of retirement guides that I’m publishing right now - brief, downloadable resources to help you understand challenges like optimizing Social Security benefits, transitioning to Medicare from other types of insurance and how to hire a financial adviser. Each guide is paired with a podcast interview with a top expert in the field. Right now, you can take advantage of the Spring sale - half off your first year. Check it out using the “subscribe now” link at the bottom of this page, or visit the website for more details.If you’re listening on Apple Podcasts or Stitcher, please leave a review and comment to let me know what you think. You’ll be helping me get more visibility for the show. If you like what you see here, I hope you’ll consider subscribing, too. This is a public episode. Get access to private episodes at retirementrevised.substack.com/subscribe

After saving up your whole life, is it finally the right time to retire? It's a complex decision with a lot of variables. In this episode, Mark Riepe examines how affective forecasting and optimism bias could hinder you from making the best decision. Mark talks with Robert Aruldoss, a senior research analyst for financial planning at the Schwab Center for Financial Research, about how much savings you should have, when you should sign up for Medicare, when you should take Social Security, and other factors influencing your decision of when to retire. You can read more about the rising costs of health expenses in retirement from the Employee Benefit Research Institute. Working longer and delaying retirement can be a powerful strategy. Read more about the benefits in this study. Subscribe to Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts. Important Disclosures: The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Investing involves risk including loss of principal. Past performance is no guarantee of future results. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0519-9YBN)

After saving up your whole life, is it finally the right time to retire? It’s a complex decision with a lot of variables. In this episode, Mark Riepe examines how affective forecasting and optimism bias could hinder you from making the best decision. Mark talks with Robert Aruldoss, a senior research analyst for financial planning at the Schwab Center for Financial Research, about how much savings you should have, when you should sign up for Medicare, when you should take Social Security, and other factors influencing your decision of when to retire. You can read more about the rising costs of health expenses in retirement from the Employee Benefit Research Institute. Working longer and delaying retirement can be a powerful strategy. Read more about the benefits in this study. Subscribe to Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts. Important Disclosures: The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Investing involves risk including loss of principal. Past performance is no guarantee of future results. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0519-9YBN)

The Employee Benefit Research Institute (or “EBRI”) describes itself as the place “where the world turns for facts on employee benefits.” Founded in 1978, celebrating its 40th anniversary this year, EBRI is considered the gold standard for authoritative data and research on these critical, complex issues. Today, EBRI is led by Lori Lucas, who took over just four months ago, at a societally auspicious time for the valuation and understanding of fact. As president and CEO, Lori is responsible for leading EBRI in its mission to provide unbiased, fact-based research and data on retirement, health care, and other benefits that provide financial security for American workers. In this episode, she speaks with host Jason Hammersla about the importance of empiricism, the future of the “employee” in employee benefits and why EBRI membership is more than just good karma.

With the continued focus on fees in workplace retirement plans I thought it might be good to pivot the conversation and tackle some of the realities around the what actually goes into running a successful and compliant plan.  To add some muscle to the conversation I have Ed Murphy, President of Empower Retirement.  Ed and his team are responsible for over 30,000 of thousands of retirement plans and over 8 million participants.  Our conversation ranges from what it takes to keep the proverbial trains running on time, why scale is important in retirement services, how they predict where the puck is going to allocate discretionary spending, and much more.  I learned a lot during our conversation and hopefully this will provide you with some helpful perspective when you face the inevitable questions about your retirement plan fees.     Before we get started, we have some exciting new episodes in store where tackle where 401(k) fits in your open enrollment strategy, is financial wellness working, trends in target date funds, input on employer attitudes about retirement plans and much more.  However, we definitely want your feedback on other topics to pursue. When you have a suggestion for a guest or topic please just shoot us an email to feedback@401kfridays.com.  We will take it from there.     Guest Bio Edmund (Ed) Murphy provides leadership and strategic direction for Empower Retirement’s 5,000 associates.1 He directs all defined contribution, defined benefit, institutional and IRA markets. He also oversees all sales, marketing and global operations. Ed brings 30 years of broad industry experience to his role. Before his 2014 appointment as President of Empower, he had served as Managing Director of the Defined Contribution and Investment Only business at Putnam Investments since 2009. He joined the firm’s operating committee in 2011. Previously, Ed held executive leadership roles for 17 years at Fidelity Investments in its institutional, private equity and retail businesses. He also served as President and CEO of Veritude, LLC, as well as a board member of BostonCoach, Advisor Technology Services, Seaport Hotel, World Trade Center and several other Fidelity-owned businesses. Earlier, he spent six years at Merrill Lynch. Ed has written articles on retirement-related matters and has testified in Washington, D.C., before the House Committee on Ways and Means. He has also testified before the Department of Labor, the Treasury Department and the IRS. He speaks on topics ranging from investment advice to lifetime income solutions for retirees. Ed is a board member of the Employee Benefit Research Institute, Cristo Rey School, Boston College Wall Street Council and the New England Council. He holds a bachelor’s degree from Boston College. Ed is a graduate of the General Manager Program at Harvard Business School. 401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over one hundred prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!

According to studies conducted by Employee Benefit Research Institute and Greenwald & Amp, Only 45% of workers 45 and older expect to retire at 65 or younger, compared to 62% in 2004. With the length of time people are planning on contributing to the workforce, how can you make sure you are able to find work as long as you would like or need to? We have assembled a panel of top experts together to discuss "Finding Work After 50" on this episode of Entrepreneur Connect brought to you by The Lansing Regional Chamber of Commerce.

According to studies conducted by Employee Benefit Research Institute and Greenwald & Amp, Only 45% of workers 45 and older expect to retire at 65 or younger, compared to 62% in 2004. With the length of time people are planning on contributing to the workforce, how can you make sure you are able to find work as long as you would like or need to? We have assembled a panel of top experts together to discuss "Finding Work After 50" on this episode of Entrepreneur Connect brought to you by The Lansing Regional Chamber of Commerce.

Last year, a survey from the non-profit Employee Benefit Research Institute showed 60 percent of working-age survey respondents reported having less than $25,000 saved. The numbers are similar among retirees surveyed: 58 percent have less than $25,000 on hand, and 29 percent have less than $1,000 saved. The topic of saving for retirement certainly isn’t a new one - I remember hearing about it back when I was 20 years old - and that was more than a quarter century ago (I’ll let you do the math on my age). So I have to ask: What is the cause of so many retirement accounts being so low? The stock market Inflation Financial Education in schools I would say it's a little of all of the above, but for the most part the responsibility of financial education falls on the shoulders of us - the individual. I have to thank you for taking it upon yourselves to dial in to our show and listen to the stories of success, failure, and just plain wisdom that comes from life experiences. I’d like you to meet Coach Jim. He is a hard worker, brilliant man, the most gentle caring person you will ever meet - yet the function and purpose of a 401(k) plan wasn’t explained to him when he went to work for a big company many years ago. Whose fault was it that Jim and his wife didn’t understand the benefits - and proper use - of the 401k? It was theirs. But they also took the responsibility to solve the problem by learning how money really works, hunkering down and doing the hard work, and controlling the money from the beginning to spend. Awesome! If you’d like to learn about various investment options available to you as an individual, give our office a call. Allow us to look over your company’s benefits plan and teach you about the benefits of a 401k or Roth IRA or pension plan. Visit our group, Coach Connections, and click on “Free Consultation” to be paired up with one of our expert coaches at http://FinancialWellnessShow.com/Coaches You have more time than you think. It’s never too late to start.

According to a study from the Employee Benefit Research Institute, 28 percent of Americans have no confidence they will have enough money to retire comfortably -- the highest figure in the study's 23-year history. 41 percent do say they are at least somewhat confident. How confident are you? Until recently most of our attention has focused on accumulating assets for retirement; now as baby boomers retire, there is a lot more emphasis on managing money IN retirement to make it last. How much do you need for your retirement? Can you rely on the stock market to safely leverage your savings? How will recent changes in health care and other laws affect your retirement? What if you are self-employed or relying on a pension?

The NY TImes has reported that 75% of Americans have less than $30,000 saved in their retirement accounts. Hewitt Associates says that 4 out of 5 American workers haven’t saved enough for all of their financial needs in retirement. A recent survey from the Employee Benefit Research Institute found that only 42% of Americans have tried to calculate the amount … Read more about this episode...

According to the Employee Benefit Research Institute, only 42% of Americans have tried to calculate how much money they will need to save for retirement. Most of us have no idea what our retirement number that we need to save during our working life even is. It could be $1 million, $2 million, even much more. To make matters worse, … Read more about this episode...