TRA MAKES NEWS HAPPEN

  • American Retirement Expectations Vary by Ethnicity and Culture
    August 20, 2019 - It seems that expectations about retirement are not the same for Americans of every background. In fact, they can vary widely depending upon ethnicity and culture. When asked whether or not they had calculated how much they would need to retire, about half of the respondents to a recent survey said yes. But breaking the responses down by culture and ethnicity, differences emerged. On the... Continue
  • Plan Sponsors Ask…
    August 13, 2019 - Q: Our 401(k) plan is relatively small. Do we need to be concerned about fiduciary issues and lawsuits? It seems like there are bigger fish to fry! A: If your plan does not hold much money in assets, you are correct that ERISA enforcement agencies have bigger fish to fry. However, that does not mean you won’t find yourself in the frying pan. All it... Continue
  • Where They Stand, Where They Are Headed: Can You Help Employees Save (or Save More)?
    August 6, 2019 - How realistic are employees about the true state of their retirement savings? While many among the three primary generations that make up today’s workforce are feeling pretty good about the future, all three may be seeing things a little optimistically. Even if their vision is a little rosy, there are things employers can do that may make a difference in retirement savings for Millennials, Generation... Continue
  • Plan Sponsors Ask…
    July 30, 2019 - Q: We know that emotion plays a role in money, and therefore retirement. What are some ways we can help employees offset less-than-rational emotion and thus make better decisions about their retirements? A: Behavioral economics have been the subject of much benefits of beginning payments at (or after) full retirement age. Second, consider including education about annuities in your pre-retirement sessions. These can help overcome... Continue
  • Financial Literacy: Employees Who Know More Save More
    July 23, 2019 - Financial wellness is important for individuals and their employers, in part because of the role it may play in retirement. Individuals benefit when they are financially healthy, because it makes them more prepared to retire on time and with enough money. Companies benefit, too, because along with the potential for better-controlled benefit- and other employment-related costs, on-time retirements make room for promotions, new hires, and... Continue
  • Plan Sponsors Ask…
    July 16, 2019 - Q: In reviewing employment data at our company, we were surprised to find the average time our employees stay with us to be about six years. Considering that many employees who leave us take a lump sum distribution from their 401(k) accounts, it made us wonder what we can do to help more transient employees prepare for the future. A: First, congratulations. Your average tenure is... Continue
  • 7 Mistakes People Make When Choosing a Financial Advisor
    July 9, 2019 - Choosing a financial advisor is a big decision. Being aware of these seven common blunders when choosing an advisor can help you find peace of mind, and avoid years of stress. 1. Hiring an Advisor Who Is Not a Fiduciary By definition, a fiduciary is an individual who is ethically bound to act in another person’s best interest. This obligation eliminates conflict of interest concerns and... Continue
  • 10 Tips for Better Retirement Savings Behavior
    July 2, 2019 - by John Sullivan, Editor-In-Chief – 401k Specialist Here are 10 tips based on the principles of behavioral finance for helping workers achieve a secure retirement, according to The International Foundation of Employee Benefit Plans: No. 1—Stress what could be gained or lost “You get on base, we win. You don’t, we lose. And I hate losing, Chavy. I hate it. I hate losing more than I... Continue
  • Plan Sponsors Ask…
    June 25, 2019 - Q: When moving our office, we came across some old retirement plan records. That sparked a conversation about what we need to keep with regard to our 401(k) plan. Can you provide any guidance? A: Just as you do with your personal income tax documents, you need to maintain records related to the plan. This is for a couple of reasons, one of which is... Continue
  • Three Reasons Why Baby Boomers Are In (Serious) Retirement Trouble
    June 18, 2019 - by John Sullivan – 401k Specialist A new survey reports the disturbing finding that almost half of Baby Boomers, a demographic of 78 million people, have nothing saved for retirement. As a result, the Insured Retirement Institute (IRI) understatedly says, retirement anxiety is growing, and many are postponing retirement. Even worse, many Boomers are underestimating the amount of annual retirement income they may need and hold unrealistic expectations of the... Continue

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